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Mid-Afternoon Market Update: Markets Turn Red as Dole Offer Sends Shares Soaring

By: Benzinga
Posted: 6/11/2013 3:20:00 PM
Referenced Stocks: CI;DOLE;LULU;NAV;QCOR

Toward the end of trading Tuesday, the Dow traded down 0.37 percent to 15,181.32 while the NASDAQ dropped 0.61 percent to 3,452.43. The S&P also fell, declining 0.57 percent to 1,633.68.

Top Headline Lululemon Athletica (NASDAQ: LULU ) announced the resignation of its Chief Executive Christine Day. The company also posted upbeat quarterly results.

Lululemon's first-quarter earnings rose to $47.3 million, or $0.32 per share, from $46.6 million, or $0.32 per share, in the year-ago quarter.

Its revenue gained 21% to $345.8 million from 285.7 million. However, analysts were expecting earnings of $0.30 per share on revenue of $341.4 million.

Equities Trading UP Dole Food Company (NYSE: DOLE ) shot up 22.10 percent to $12.45 on CEO bid $12 per share for the outstanding stock.

Shares of Catamaran (NASDAQ: CTRX ) got a boost, shooting up 10.52 percent to $53.75 after Cigna (NYSE: CI ) entered into a 10-year agreement with Catamaran.

Questcor Pharmaceuticals (NASDAQ: QCOR ) was also up, gaining 17.62 percent to $43.18 after the company acquired rights to develop Synacthen®.

Equities Trading DOWN Lululemon Athletica (NASDAQ: LULU ) was down, falling 16.95 percent to $68.33 after the company announced the resignation of its Chief Executive Christine Day.

Shares of Navistar International (NYSE: NAV ) were down 8.48 percent to $31.40 after the company reported its second quarter results following the close Monday.

GenMark Diagnostics (NASDAQ: GNMK ) was down as well, falling 18.04 percent to $12.40 after news that Natural Molecular, a major competitor, had launched a competing product.

Commodities In commodity news, oil traded down 0.56 percent to $95.23, while gold traded down 0.63 percent to $1,377.10.

Silver traded down 0.68 percent Tuesday to $21.78, while copper fell 1.34 percent to $3.19.

Eurozone European shares were lower today. The Spanish Ibex Index fell 2.03 percent and the Italian FTSE MIB Index dropped 2.01 percent. Meanwhile, the German DAX dipped 1.41 percent and the French CAC 40 fell 1.27 percent while U.K. shares tumbled 1.42 percent.

Economics The NFIB small-business optimism index surged 2.3 points to 94.4 in May.

The ICSC/Goldman Sachs Retail Chain Store Sales Index fell 2.7% in the latest week ended Saturday versus the prior week.

The Johnson Redbook Retail Sales Index increased 0.5% in the first two weeks of May versus April.

US wholesale inventories rose 0.20% to $504.8 billion in April, versus a revised 0.3% gain in March.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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