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Mid-Afternoon Market Update: Dow Tumbles 1%; Nordstrom Shares Down Following Earnings Miss

May 13, 2016 - 2:33 PM EDT

Toward the end of trading Friday, the Dow traded down 1.02 percent to 17,539.02 while the NASDAQ declined 0.46 percent to 4,715.69. The S&P also fell, dropping 0.86 percent to 2,046.43.

Leading and Lagging Sectors

On Friday, healthcare shares rose by 0.1 percent. Top gainers in the sector included TrovaGene Inc (NASDAQ: TROV), Exelixis, Inc. (NASDAQ: EXEL), and Celldex Therapeutics, Inc. (NASDAQ: CLDX).

In trading on Friday, energy shares fell by 1.4 percent. Meanwhile, top losers in the sector included Bristow Group Inc (NYSE: BRS), down 8 percent, and EV Energy Partners, L.P. (NASDAQ: EVEP), down 7 percent.

Top Headline

J C Penney Company Inc (NYSE: JCP) reported a narrower-than-expected Q1 loss, but missed analysts' sales estimates.

JC Penney reported Q1 adjusted loss of $0.32 per share on revenue of $2.81 billion. However, analysts were expecting a loss of $0.38 per share on revenue of $2.92 billion.

Equities Trading UP

NVIDIA Corporation (NASDAQ: NVDA) shares shot up 14 percent to $40.40 after the company reported upbeat results for the first quarter and issued a strong revenue outlook for the current quarter.

Shares of Evolent Health Inc (NYSE: EVH) got a boost, shooting up 17 percent to $12.58 as the company reported better-than-expected Q1 results.

Concordia Healthcare Corp (NASDAQ: CXRX) shares were also up, gaining 12 percent to $25.84. Concordia Healthcare reported Q1 adjusted earnings of $1.35 per share on sales of $228.535 million.

Equities Trading DOWN

ConforMIS Inc (NASDAQ: CFMS) shares dropped 47 percent to $5.34 as the company lowered its FY16 sales forecast. The company also reported Q1 loss of $0.37 per share on revenue of $20.3 million. JP Morgan downgraded ConforMIS from Overweight to Neutral and lowered the price target from $18.00 to $8.00.

Shares of EXCO Resources Inc (NYSE: XCO) were down 55 percent to $0.779. EXCO Resources reported the formation of a special committee to explore strategic alternatives.

Nordstrom, Inc. (NYSE: JWN) was down, falling around 13 percent to $39.39 as the company reported weaker-than-expected results for its first quarter and lowered its FY16 guidance.

Commodities

In commodity news, oil traded down 1.16 percent to $46.16 while gold traded up 0.20 percent to $1,273.80.

Silver traded up 0.04 percent Friday to $17.11, while copper fell 0.17 percent to $2.07.

Eurozone

European shares were higher today. The eurozone's STOXX 600 rose 0.47 percent, the Spanish Ibex Index rose 0.67 percent, while Italy's FTSE MIB Index gained 0.44 percent. Meanwhile, the German DAX rose 0.92 percent, and the French CAC 40 gained 0.62 percent while U.K. shares rose 0.56 percent.

Economics

U.S. retail sales rose 1.3 percent in April, versus economists' expectations for a 1 percent growth.

U.S. producer prices increased 0.2 percent in April. However, economists were expecting a 0.3 percent increase.

U.S. business inventories rose 0.40 percent for March, versus economists' expectations for a 0.20 percent gain.

The University of Michigan's consumer sentiment index rose to 95.80 in May, versus a prior reading of 89.00. Economists were expecting a reading of 90.00.


Head over to Benzinga to read more

Source: Benzinga (May 13, 2016 - 2:33 PM EDT)




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