Midway through trading Monday, the Dow traded down 1 percent to 25,265.81 while the NASDAQ declined 0.57 percent to 7,200.05.
The S&P also fell, dropping 0.82 percent to 2,739.50.
Leading and Lagging Sectors
On Monday, the basic materials shares gained by 0.24 percent. Meanwhile, top gainers in the sector included Haynes
International, Inc. (NASDAQ: HAYN), up 10 percent, and
McEwen Mining Inc (NYSE: MUX), up 5 percent.
In trading on Monday, healthcare shares tumbled 1.46 percent. Meanwhile, top losers in the sector included Corcept
Therapeutics Incorporated (NASDAQ: CORT), down 25
percent, and Accuray Incorporated (NASDAQ: ARAY) down
8 percent.
Top Headline
Bristol-Myers Squibb Co (NYSE: BMY) reported
better-than-expected earnings for its fourth quarter.
The company said it earned 68 cents per share in the fourth quarter on revenue of $5.45 billion, while Wall Street analysts were
expecting the company to earn 67 cents per share on revenue of $5.35 billion.
Bristol-Myers Squibb expects FY 2018 adjusted earnings of $3.15 to $3.30 per share, versus analysts’ estimates of $3.23 per
share. The company also disclosed that its Phase 3 CheckMate -227 study met its co-primary endpoint of progression-free survival
with Opdivo and Yervoy.
Equities Trading UP
TOP SHIPS Inc (NASDAQ: TOPS) shares shot up 51
percent to $0.310 following FY17 results announced late Friday. The company posted net loss of $13.4 million on sales of $39.363
million.
Shares of Enphase Energy Inc (NASDAQ: ENPH) got a
boost, shooting up 13 percent to $2.34 after the company announced a $20 million private placement.
Second Sight Medical Products Inc (NASDAQ: EYES)
shares were also up, gaining 19 percent to $2.45. Second Sight disclosed that it implanted 30 Argus II Retinal Prosthesis Systems
in the fourth quarter.
Equities Trading DOWN
Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) shares
dropped 42 percent to $0.598 after the company announced that EGP-473 did not meet co-primary endpoints.
Shares of SSLJ.Com Ltd (NASDAQ: SSLJ) were down 28
percent to $3.60. SSLJ.com reported commencement of trading on The NASDAQ Capital Market under the ticker symbol "SSLJ." SSLJ.Com
priced IPO at $5 per share.
Cenveo, Inc. (NASDAQ: CVO) was down, falling around
22 percent to $0.369 after dropping Friday upon announcement of Chapter 11 Bankruptcy.
Commodities
In commodity news, oil traded down 0.81 percent to $64.92 while gold traded up 0.19 percent to $1,339.80.
Silver traded up 0.39 percent Monday to $16.775, while copper rose 1.33 percent to $3.23.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 declined 1.56 percent, the Spanish Ibex Index fell 1.44 percent,
while Italy’s FTSE MIB Index dipped 1.64 percent. Meanwhile the German DAX dropped 0.76 percent, and the French CAC 40 fell 1.48
percent while U.K. shares fell 1.46 percent.
Economics
U.S. Markit services PMI dropped to 53.30 for January, versus a prior reading of 53.7. Economists were expecting a reading of
53.50.
The ISM non-manufacturing index rose to 59.90 in January, versus previous reading of 56. Economists projected a reading of
56.50.
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