Mid-Afternoon Market Update: Under Armour Drops On Earnings Miss; Jaguar Animal Health Shares Climb
Toward the end of trading Tuesday, the Dow traded down 0.92 percent to 19,788.07 while the NASDAQ declined 0.57 percent to 5,581.63. The S&P also fell, dropping 0.53 percent to 2,268.88.
Leading and Lagging Sectors
Utilities shares rose by 1.17 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Cia Energetica de Minas Gerais CEMIG-ADR (NYSE: CIG ), and Empresa Distribuidora y Cmrz Nrt SA(ADR) (NYSE: EDN ).
In trading on Tuesday, industrial shares slipped by 0.88 percent. Meanwhile, top losers in the sector included Roadrunner Transportation Systems Inc (NYSE: RRTS ), down 33 percent, and United Parcel Service, Inc. (NYSE: UPS ), down 7 percent.
Mastercard Inc (NYSE: MA ) reported better-than-expected earnings for its fourth quarter, while revenue missed estimates.
Mastercard reported Q4 adjusted earnings of $0.86 per share on revenue of $2.76 billion. Analysts were expecting earnings of $0.85 per share on revenue of $2.79 billion.
Equities Trading UP
DryShips Inc. (NASDAQ: DRYS ) shares shot up 116 percent to $5.32. DryShips announced ahead of Tuesday's market open that it has successfully completed a $200 million common stock offering at a price of $3.08 per share and the net proceeds to the company will be $198.0 million.
Shares of Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA ) got a boost, shooting up 24 percent to $18.70 after the company reported the District Court decision to invalidate Teva's patents in COPAXONE litigation.
Jaguar Animal Health Inc (NASDAQ: JAGX ) shares were also up, gaining 57 percent to $0.832 after announcement of deal with Lilly subsidiary.
Equities Trading DOWN
Dimension Therapeutics Inc (NASDAQ: DMTX ) shares dropped 49 percent to $2.18 after the company reported interim topline results from ongoing Phase 1/2 clinical program for DTX101.
Shares of Tenax Therapeutics Inc (NASDAQ: TENX ) were down around 74 percent to $0.507 after the company reported top-line results from its Phase 3 LEVO-CTS trial in cardiac surgery. The company disclosed that the trial did not achieve primary endpoints. However, the study met two secondary endpoints.
Under Armour Inc (NYSE: UAA ) was down, falling around 26 percent to $21.44 after the company reported downbeat results for its fourth quarter and issued a weak revenue forecast for 2017.
In commodity news, oil traded up 0.23 percent to $52.75 while gold traded up 1.49 percent to $1,213.80.
Silver traded up 2.23 percent Tuesday to $17.54, while copper rose 2.62 percent to $2.72.
European shares closed lower today. The eurozone's STOXX 600 declined 0.67 percent, the Spanish Ibex Index fell 0.49 percent, while Italy's FTSE MIB Index declined 0.90 percent. Meanwhile the German DAX dropped 1.25 percent, and the French CAC 40 slipped 0.75 percent while U.K. shares fell 0.27 percent.
The Federal Open Market Committee begins two-day policy meeting today.
The employment cost index increased 0.5 percent for the fourth quarter, versus economists' expectations for a 0.6 percent growth.
The S&P Corelogic Case-Shiller home price index gained 5.3 percent year-over-year for November.
The Chicago PMI declined to 50.3 for January, versus a previous reading of 53.9.
The Conference Board's consumer confidence index dropped to a reading of 111.8 in January, rom 113.3 in December. Economists projected a reading of 112.9.
Data on farm prices for January will be released at 3:00 p.m. ET.
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