Mid-Afternoon Market Update: NASDAQ Down Over 100 Points; Invitae Shares Fall Following Announcement Of $50M Common Stock Offering

Shutterstock photo

Toward the end of trading Tuesday, the Dow traded down 0.05 percent to 24,190.25 while the NASDAQ declined 1.61 percent to 7,104.02. The S&P also fell, dropping 0.5 percent to 2,645.40.

Leading and Lagging Sectors

Tuesday afternoon, the telecommunication services shares gained 1.13 percent. Meanwhile, top gainers in the sector included China Unicom (Hong Kong) Limited (NYSE: CHU ), up 5 percent, and Cellcom Israel Ltd. (NYSE: CEL ), up 4 percent.

In trading on Tuesday, information technology shares fell 0.61 percent.

Top Headline

McCormick & Company, Incorporated (NYSE: MKC ) reported stronger-than-expected earnings for its first quarter and raised its FY18 earnings guidance.

McCormick reported adjusted earnings of $1.00 per share on revenue of $1.24 billion. However, analysts were expecting earnings of $0.91 per share on sales of $1.24 billion.

McCormick now expects FY18 adjusted earnings of $4.85 to $4.95 per share, versus earlier forecast of $4.80 to $4.90 per share.

Equities Trading UP

Astrotech Corporation (NASDAQ: ASTC ) shares shot up 32 percent to $2.66 as the company disclosed that its new explosives trace detector, the TRACER 1000, has been accepted into the Transportation Security Administration's Air Cargo Screening Technology Qualification Test program..

Shares of InspireMD, Inc. (NYSE: NSPR ) got a boost, shooting up 29 percent to $2.6249 after the company disclosed that it has received regulatory approval for both CGuard EPS and MGuard Prime in Peru.

Sears Hometown and Outlet Stores, Inc. (NASDAQ: SHOS ) shares were also up, gaining 30 percent to $2.7308.

Equities Trading DOWN

Longfin Corp. (NASDAQ: LFIN ) shares dropped 32 percent to $40.595 after FTSE Russell release showed that the co. failed to meet minimum 5% free float requirement as of February 14 cut off date and will be removed from the Russell Indexes on March 28 after the close.

Shares of RXi Pharmaceuticals Corporation (NASDAQ: RXII ) were down 18 percent to $3.3266 after the company reported Q4 results and recent corporate highlights. RXi Pharma posted aQ4 loss of $0.84 per share on sales of $15,000.

Invitae Corporation (NYSE: NVTA ) was down, falling around 13 percent to $6.105 after reporting a $50-million common stock offering.


In commodity news, oil traded down 0.09 percent to $65.49 while gold traded down 0.83 percent to $1,349.60.

Silver traded down 0.92 percent Tuesday to $16.53, while copper rose 1.01 percent to $3.00.


European shares closed higher today. The eurozone's STOXX 600 gained 1.21 percent, the Spanish Ibex Index climbed 0.99 percent, while Italy's FTSE MIB Index jumped 0.90 percent. Meanwhile the German DAX rose 1.56 percent, and the French CAC 40 gained 0.98 percent while U.K. shares rose 1.62 percent.


The Johnson Redbook Retail Sales Index rose 0.1 percent during the first three weeks of March versus February.

The S&P Corelogic Case-Shiller home price index increased 6.4 percent year-over-year for January.

The Conference Board's Consumer Confidence Index fell to 127.7 in March, versus a revised 130 in February. Economists projected a reading of 131.0.

The Richmond Fed Manufacturing Index declined to 15.00 for March, versus previous reading of 28.00. However, economists were expecting a reading of 23.00.

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Symbols: ASTC , CEL , CHU , MKC

More from Benzinga




Market Analysis, FinTech

Research Brokers before you trade

Want to trade FX?