Post Market News
Stocks that were active in U.S. trading on Tuesday include Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V), GenMark Diagnostics, Inc (NASDAQ:GNMK), Sony Corporation (ADR) (NYSE:SNE) (TYO:6758), Hormel Foods Corporation (NYSE:HRL) and Ship Finance International Limited (NYSE:SFL).
- U.S.: Dow Jones: 15,328.41 (+0.98%), S&P 500: 1,650.20 (+0.68%), Nasdaq: 3,480.16 (+0.81%)
- World Markets: Shanghai: 2,159.29 (+0.14%), Nikkei 225: 13,007.28 (-0.20%), Hang Seng Index: 21,225.88 (0.00%), TSEC: 8,011.02 (+0.23%), FTSE 100: 6,374.21 (+0.69%), EURO STOXX 50: 2,700.93 (-0.07%), BSE Sensex: 19,223.28 (0.00%)
- Metals: Gold: $1,366.90 (-1.17%), Silver: $21.68 (-0.37%), Platinum: $1,440.10 (+0.37%)
- Currency: EUR/USD: 1.3376 (+0.26%), USD/JPY: 95.38 (+0.54%), GBP/USD: 1.5655 (-0.24%), USD/CAD: 1.0203 (+0.06%), USD/CNY: 6.1287 (+0.06%), AUD/USD: 0.9455 (-0.77%)
- 10 year U.S. Treasury: 2.18% (-0.03), 30 year U.S. Treasury: 3.34% (-0.03)
Market & Economy Update
Global stocks rose for a second consecutive day amid growing investor confidence that the Federal Reserve would play down the possibility of pulling back its stimulus program. The Dow Jones Industrial Average surged 118.40 points to 15,298.25, the S&P 500 Index inched up 11.72 points to 1,650.76, while Nasdaq jumped 28 points to 3,480.13.
Stocks In Focus
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) shares jumped as much as 12 percent after a report that Huawei Technologies Co. may be interested in buying the maker of Lumia smartphones. However, Nokia pared gains after Huawei said in an emailed statement that it has no plans to buy Nokia. Shares of Nokia were up 4.61 percent to $3.86 at the end of the trading session.
GenMark Diagnostics, Inc (NASDAQ:GNMK)
The molecular diagnostics company reduced its full year revenue guidance amid uncertainty over its biggest customer. GenMark Diagnostics, Inc (NASDAQ:GNMK) said that emerging pharmacogenomics markets are also facing challenges. The company now expects full year revenue of $30 million, down from the previous estimate of $35 million. Shares plunged 12.76 percent to $9.57.
Sony Corporation (ADR) (NYSE:SNE) (TYO:6758)
Hedge fund manager Dan Loeb has increased his stake in the Japanese electronics giant, putting up further pressure on Sony Corporation (ADR) (NYSE:SNE) (TYO:6758) to launch an IPO for its entertainment business. The company said that it will review Dan Loeb’s proposal, but reiterated that its music and movie business isn’t up for sale. Shares jumped 3.28 percent to close the session at $21.40.
Hormel Foods Corporation (NYSE:HRL)
Hormel Foods Corporation (NYSE:HRL) today lowered its full year earnings guidance due to weak sales of refrigerated retail products, higher input costs and poor results from its pork business operations. Shares were down 3.59 percent to $39.19 at the end of market trading.
Ship Finance International Limited (NYSE:SFL)
Ship Finance International Limited (NYSE:SFL) Finance announced it will sell 8 million shares in an offering. Proceeds from the sale will be used to invest in offshore and shipping sectors. Part of the proceeds will also be used to improve the company’s working capital. As of June 11, Ship Finance has 85.25 million outstanding shares. Shares plunged 5.83 percent to end the session at $16.33.