Mid-Day Market Update: Dow Down Over 400 Points; Movado Shares Surge On Upbeat Q3 Results
|Midway through trading Tuesday, the Dow traded down 1.71 percent to 25,384.92 while the NASDAQ declined 2.02 percent to 7,290.96. The S&P also rose, gaining 1.74 percent to 2,741.78.
Leading and Lagging Sectors
On Tuesday, the utilities shares climbed 0.7 percent. Meanwhile, top gainers in the sector included Genie Energy Ltd. GNE 3.14% up 4 percent, and Companhia de Saneamento Basico SBS 0.14% up 2 percent.
In trading on Tuesday, financial shares fell 3.2 percent.
Top Headline
Dollar General Corp. DG 7.87% posted in-line earnings for its third quarter, while sales exceeded views. However, the company lowered its full-year forecast.
Dollar General reported quarterly earnings of $1.26 per share on revenue of $6.4 billion. However, analysts expected earnings of $1.26 per share on sales of $6.38 billion.
Dollar General now expects FY18 earnings of $5.85 to $6.05 per share, versus prior forecast of $5.95 to $6.15 per share.
Equities Trading UP
Safe-T Group Ltd SFET 17.06% shares got a boost, shooting up 23 percent to $6.72 after announcing $292,000 of new contracts, including a contract with the Israeli government.
Shares of Movado Group, Inc. MOV 12.59% shot up 13 percent to $41.71 after reporting better-than-expected Q3 results.
Novelion Therapeutics Inc. NVLN 35.37% shares were also up, gaining 34 percent to $1.3166 after a shareholder, Healthcare Value Capital, send a letter to the company outlining its expectations that the company should explore potential sale.
Equities Trading DOWN
Barnes & Noble Education, Inc. BNED 26.64% shares dropped 29 percent to $4.61 following Q2 results.
Shares of Aphria Inc. APHA 16.03% were down 21 percent to $4.78. Aphria responded Tuesday to criticism from a pair of short sellers that sent the stock tumbling 23 percent Monday.
Christopher & Banks Corporation CBK 21.25% was down, falling around 21 percent to $0.3799 after the company missed Q3 EPS and revenue estimates.
Commodities
In commodity news, oil traded up 0.02 percent to $52.96 while gold traded up 0.38 percent to $1,244.30.
Silver traded up 0.94 percent Tuesday to $14.635, while copper fell 1.23 percent to $2.7745.
European shares were lower today. The eurozone’s STOXX 600 fell 0.76 percent, the Spanish Ibex Index dropped 1.28 percent, while Italy’s FTSE MIB Index dipped 1.37 percent. Meanwhile the German DAX declined 1.14 percent, and the French CAC 40 slipped 0.82 percent while U.K. shares fell 0.56 percent.
Economics
The Johnson Redbook Retail Sales Index rose 0.8 percent during November.
The Treasury will auction 52-week bills at 1:00 p.m. ET.
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