Post Market Update
Stocks that were active in U.S. trading on Tuesday include Zynga Inc. (NASDAQ:ZNGA), Linn Energy LLC (NASDAQ:LINE), Maximus Inc. (NYSE:MMS), A. Schulman Inc. (NASDAQ:SHLM) and Achillion Pharmaceuticals Inc. (NASDAQ:ACHN).
- U.S.: Dow Jones: 14,919.39 (-0.37%), S&P 500: 1,612.54 (-0.15%), Nasdaq: 3,429. (-0.13%)
- World Markets: Shanghai: 2,006.56 (+0.57%), Nikkei 225: 14,098.74 (+1.78%), Hang Seng Index: 20,658.65 (-0.70%), TSEC: 8,015.86 (-0.25%), FTSE 100: 6,303.94 (-0.06%), EURO STOXX 50: 2,603.20 (-0.74%), BSE Sensex: 19,463.82 (-0.58%)
- Metals: Gold: $1,241.50 (-0.15%), Silver: $19.29 (-0.10%), Platinum: $1,367.50 (-0.02%)
- Currency: EUR/USD: 1.3016 (-0.33%), USD/JPY: 100.59 (+0.87%), GBP/USD: 1.5154 (-0.35%), USD/CAD: 1.0541 (+0.38%), USD/CNY: 6.1330 (0.00%), AUD/USD: 0.9146 (-0.93%)
- 10 year U.S. Treasury: 2.47% (-0.01), 30 year U.S. Treasury: 3.47% (-0.01)
Market & Economy Update
Wall Street stumbled after rising earlier in the session as investors awaited monthly employment report and the beginning of corporate earnings. Shares rose earlier in the session as factory orders beat Wall Street expectations and Fed official William Dudley reiterated that the central bank can prolong its asset purchase program if needed. The Dow Jones Industrial Average slipped 55.57 points to 14,919.39, the S&P 500 Index went down 1.01 points to 1,613.95 while Nasdaq skidded 1.11 points to 3,433.38.
Stocks In Focus
Zynga Inc (NASDAQ:ZNGA)
Zynga founder chairman and CEO Mark Pincus said Monday that he will step down as the CEO of the struggling online game maker. Zynga has hired Don Mattrick, the head of Microsoft’s Xbox unit, to replace Pincus as CEO. Zynga founder will remain the chairman and chief product officer of the company. Shares soared 6.51 percent to end the session at $3.27.
Linn Energy LLC (NASDAQ:LINE)
SEC has started an informal investigation into Linn Energy’s accounting practices, hedging strategies and its proposed merger with Berry Petroleum. Linn Energy told media about the inquiry on Monday. Shares tanked 18.74 percent to close the trading session at $27.05.
Maximus Inc (NYSE:MMS)
The government service provider issued FY14 revenue guidance well above Wall Street expectations. Maximus said that it has won new contracts worth more than $125 million. However, that failed to excite investors. Shares plunged 4.36 percent to end the session at $36.
A. Schulman Inc. (NASDAQ:SHLM)
The plastic supplier’s third quarter profits plunged 69 percent amid poor market conditions in Europe and rising costs in Latin America. Excluding one-time items, earnings came at 50 cents a share on revenues of $549 million. Analysts were expecting 65 cents in earnings and $576 million in revenues. Shares plummeted 4.40 percent to $26.60.
Achillion Pharmaceuticals Inc. (NASDAQ:ACHN)
Achillion said in a statement that USFDA has put a clinical hold on its sovaprevir drug due to safety concerns. Sovaprevir is an oral Hepatitis C drug that regulators said elevated liver enzymes in a clinical study. Shares plunged 25.12 percent to end the session at $6.26.