Midway through trading Wednesday, the Dow traded down 1.46 percent to 26,044.93 while the NASDAQ declined 2.17 percent to 7,570.38. The S&P also fell, dropping 1.51 percent to 2,836.99.
Leading and Lagging Sectors
On Wednesday, the utilities shares rose 0.4 percent. Meanwhile, top gainers in the sector included National Grid plc NGG 3.59% up 3 percent, and Genie Energy Ltd GNE 2.49% up 3 percent.
In trading on Wednesday, information technology shares fell 2.5 percent.
TransDigm Group Incorporated TDG 1.69% announced plans to buy Esterline Technologies Corporation in a $4 billion transaction. TransDigm will pay $122.50 per share for Esterline.
Equities Trading UP
Neovasc Inc. NVCN 23.77% shares shot up 30 percent to $3.16 after the company disclosed that the U.S. FDA has granted Breakthrough Device designation to the Neovasc Reducer™.
Shares of IDT Corporation IDT 26.28% got a boost, shooting up 31 percent to $6.89 after the company reported Q4 earnings of $0.33 per share, versus a year-ago loss of $0.41 per share. Its adjusted earnings came in at $0.40 per share. Revenue declined to $392.6 million from $395 million.
Esterline Technologies Corporation ESL 29.43% shares were also up, gaining 29 percent to $114.97. TransDigm Group Incorporated TDG 1.69% confirmed Wednesday it entered an agreement to buy aerospace and defense supplier Esterline for a near 40-percent premium. TransDigm reached an agreement to acquire Esterline for $122.50 per share in cash in a deal which values the company at around $4 billion, the companies said in a press release.
Equities Trading DOWN
One Horizon Group Inc OHGI 24.14% shares dropped 23 percent to $0.30 after the company filed for an 8.5 million share offering.
Shares of Trinseo S.A. TSE 17.82% were down 18 percent to $62.76 as the company lowered its guidance for the third quarter.
Sears Holdings Corporation SHLD 31.07% was down, falling around 37 percent to $0.371 after the Wall Street Journal reported the company hired M-III partners to prepare a bankruptcy filing.
In commodity news, oil traded down 2.21 percent to $73.30 while gold traded up 0.08 percent to $1,192.40
Silver traded down 0.66 percent Wednesday to $14.305, while copper fell 0.73 to $2.786.
European shares were lower today. The eurozone’s STOXX 600 declined 1.61 percent, the Spanish Ibex Index fell 1.05 percent, while Italy’s FTSE MIB Index slipped 1.71 percent. Meanwhile the German DAX dropped 2.21 percent, and the French CAC 40 fell 2.11 percent while U.K. shares fell 1.27 percent.
The Producer Price Index rose 0.2 percent for September, versus economists’ expectations for a 0.2 percent gain.
U.S. wholesale inventories rose 0.1 percent for August.
The Treasury will auction 10-year notes at 1:00 p.m. ET.
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