Market News: Barrick Gold, Rite Aid, Finisar, Ebix, SandRidge

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Post Market News

Stocks that were active in U.S. trading on Thursday include Barrick Gold Corporation (NYSE:ABX), Rite Aid Corporation (NYSE:RAD), Finisar Corporation (NASDAQ:FNSR), Ebix Inc (NASDAQ:EBIX) and SandRidge Energy Inc. (NYSE:SD).

Market News: Barrick Gold, Rite Aid, Finisar, Ebix, SandRidge

Market Levels

  • U.S.: Dow Jones: 14,762.33 (-2.32%), S&P 500: 1,588.31 (-2.49%), Nasdaq: 3,364.63 (-2.28%)
  • World Markets: Shanghai: 2,084.02 (-2.77%), Nikkei 225: 13,014.58 (-1.74%, Hang Seng Index: 20,382.87 (-2.88%), TSEC: 7,898.91 (-1.35%), FTSE 100: 6,159.51 (-2.98%), EURO STOXX 50: 2,586.45 (-3.63%), BSE Sensex: 18,719.29 (-2.74%)
  • Metals: Gold: $1,286.20 (-6.39%), Silver: $19.82 (-8.32%), Platinum: $1,363.80 (-4.22%)
  • Currency: EUR/USD: 1.3195 (-0.58%), USD/JPY: 97.24 (+0.85%), GBP/USD: 1.5478 (-0.05%), USD/CAD: 1.0393 (+1.04%), USD/CNY: 6.1282 (+0.02%), AUD/USD: 0.9176 (-1.79%)
  • 10 year U.S. Treasury: 2.38% (-0.04), 30 year U.S. Treasury: 3.47% (0.00)

Market & Economy Update

Global stock markets went into a free fall after the Federal Reserve indicated that it may start trimming its stimulus program by the end of this year. The Dow Jones Industrial Average fell 349.86 points to 14,762.33, the S&P 500 Index skidded 40.74 points to 1,588.19, while Nasdaq plunged 78.57 points to 3,364.63.

Stocks In Focus

Barrick Gold Corporation (NYSE:ABX)

Barrick Gold Corporation (NYSE:ABX) and other major gold producers including Newmont Mining tumbled in today’s session. Gold prices plunged to their lowest level since September 2010 after the Federal Reserve chairman Ben Bernanke unveiled plans to cut the monetary easing that will hurt gold’s safe haven status. Toronto-based Barrick Gold also produces copper. Barrick Gold was down 7.83 percent to $16.60 at the end of the trading session.

Rite Aid Corporation (NYSE:RAD)

Rite Aid Corporation (NYSE:RAD) surprisingly posted a first quarter profit. The company earned $89.7 million or 9 cents a share, in line with Wall Street expectations. However, net sales plunged 2.7 percent to $6.29 billion as same store sales fell 2.5 percent for the quarter ending June 1. The drugstore chain also issued a pessimistic guidance for the full year.  Shares fell 7.40 percent to end the session at $2.88.

Finisar Corporation (NASDAQ:FNSR)

The telecom equipment maker’s fourth quarter profits plunged 78 percent due to large acquisition-related charges and write-downs. That overshadowed Finisar’s decent margin and revenue growth. However, earnings came in better than analysts’ expectations, and the company issued better than expected current quarter guidance. Shares soared 8.82 percent to end the session at $15.80.


The financial software maker and an affiliate of Goldman Sachs mutually agreed to terminate their merger plans after regulators opened an investigation into Ebix Inc (NASDAQ:EBIX) over allegations of an international misconduct. Ebix provides e-commerce and software services to banking and insurance companies. Shares fell 44.22 percent to $11 per share.

SandRidge Energy Inc. (NYSE:SD)

SandRidge has finally outed its founder-chairman and CEO Tom Ward. The company has named its current CFO James Bennett has the new chief executive. Tom Ward will take about $90 million in severance packages, the highest ever in the energy industry. SandRidge has been under intense pressure from activist investors to fire Ward. Shares rose initially, but plunged 4.92 percent to $4.83.

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