Post Market Update
Stocks that traded actively in U.S. markets on Tuesday include:
Yahoo! Inc. (NASDAQ:YHOO), Dell Inc. (NASDAQ:DELL), PulteGroup, Inc. (NYSE:PHM), Lennar Corporation (NYSE:LEN), Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX), Tesla Motors Inc (NASDAQ:TSLA), Bally Technologies Inc. (NYSE:BYI), SHFL entertainment Inc (NASDAQ:SHFL).
Market Levels:
US: Dow: 15451.80 (-0.21%), S&P 500: 1675.60 (-0.41%), NASDAQ: 3598.50 (-0.25%)
Europe: CAC: 3851.03 (-0.72%), DAX: 8201.05 (-0.41%), FTSE: 6556.35 (-0.45%)
Asia-Pacific: Australia: 4986.00 (0.10%), China: 2065.72 (0.31%), Hong Kong: 21312.38 (0.04%), Japan: 14599.12 (0.64%).
Metals: Gold: 1290.40 (0.54%), Silver: 19.94 (0.48%), Copper: 3.19 (1.34%)
Energy: Crude Oil: 106.00 (-0.30%), Natural Gas: 3.68 (0.08%)
Commodities: Corn: 5.10 (1.44%), Soya Bean: 12.86 (1.78%), Wheat: 6.69 (-0.01%)
Currency: EUR/USD: 1.3163 (0.77%), GBP/USD: 1.5155 (0.36%), USD/JPY: 99.1100 (-0.75%)
10-year US Treasury: 2.532% (-0.005)
U.S. markets fall: Stocks closed modestly lower, with the S&P 500 (INDEXSP:.INX) snapping a eight-day winning streak, following a mixed batch of corporate earnings. Investors were also cautious ahead of Federal Reserve Chairman Ben Bernanke’s semi-annual congressional testimony on Wednesday. On the economic front, industrial production rose 0.3 percent in June following an unchanged reading in May. Economists were expecting a gain of 0.2 percent. The Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 32.41 points, or 0.2%, to 15,451.85, while the S&P 500 (INDEXSP:.INX) fell 6.24 points, or 0.4%, to 1,676.26. The NASDAQ (INDEXNASDAQ:.IXIC) lost 8.99 points, or 0.3%,to 3,598.50.
Stocks in News:
Yahoo! Inc. (NASDAQ:YHOO)
Yahoo! Inc. (NASDAQ:YHOO) posted second quarter earnings excluding items of 35 cents a share, 5 cents above the average analysts’ estimate. Revenue edged 1 percent lower to $1.07 billion, compared to expectations for $1.08 billion. In addition, the internet company projected third quarter adjusted revenue that come in below Street’s expectations, sending shares lower in post market trading.
Dell Inc. (NASDAQ:DELL)
Shares fell in trade following reports that the tech company may delay its July 18 shareholder vote on a $24.4 billion buyout offer from founder Michael Dell and private equity firm Silver Lake, by about a week. A Dell spokesman declined to comment on the reports.
PulteGroup, Inc. (NYSE:PHM), Lennar Corporation (NYSE:LEN)
PulteGroup, Inc. (NYSE:PHM), Lennar Corporation (NYSE:LEN), Hovnanian Enterprises, Inc. (NYSE:HOV), Toll Brothers Inc (NYSE:TOLL) and D.R. Horton, Inc. (NYSE:DHI), all gained in trade after homebuilder confidence jumped in July to its highest level since January 2006. The NAHB/Wells Fargo Housing Market index increased to 57 in July from a revised 51 in June. Analysts had projected the index to remain flat at its originally reported June level of 52.
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX)
Shares of the biopharmaceutical company rallied on Tuesday after attracting acquisition interest from nearly five drug makers, including Amgen, Inc. (NASDAQ:AMGN) and Pfizer Inc. (NYSE:PFE). Onyx put itself up for sale late last month after rejecting an unsolicited buyout offer from Amgen that valued the company at $120 a share, or about $8.7 billion.
Tesla Motors Inc (NASDAQ:TSLA)
The electric carmaker, which joined the Nadsaq 100 index on Monday, suffered its worst one-day drop since January 2012 following a bearish note from a Goldman Sachs analyst. Patrick Archambault said the stock is overvalued and likely worth about $83, well below current levels. Tesla shares have rocketed 250% this year after reporting profits that caught many on Wall Street by surprise.
Bally Technologies Inc. (NYSE:BYI), SHFL entertainment Inc (NASDAQ:SHFL)
Bally Technologies Inc. (NYSE:BYI) has agreed to acquire fellow gambling equipment maker SHFL entertainment Inc (NASDAQ:SHFL) for about $1.3 billion in cash to gain a foothold in the growing casino industry in Asia and Australia. Shareholders of SHFL will receive $23.25 a share, a 24% premium to the stocks closing price on Monday. The deal is expected to close by the second quarter of 2014
