Markets plunge as China's factory output contracts

|
Continued contraction of China's factory output sent the markets tumbling during the midday with the Dow plunging 114 points to 17,617. Nasdaq dropped 34 points to 5,112.

On the upside

Citigroup initiated coverage of Calithera Biosciences (Nasdaq: CALA) with a Buy rating.

Marketo (Nasdaq: MKTO) reported a smaller than expected loss for the second quarter as revenue soared and the company forecast current quarter and full year earning ahead of estimates.
 
LogMeIn (Nasdaq: LOGM) reported higher second quarter earnings and revenue that topped analyst estimates and forecast current quarter and full year results above expectations.
 
On the downside

RBC Capital Markets downgraded United Rentals (NYSE: URI) from a Top Pick to an Outperform rating and cut its price target from $110 to $94.

Biogen (Nasdaq: BIIB) reported higher second quarter earnings and revenue but the cut its full year earnings outlook on slowing sales of its multiple sclerosis drug Tecfidera.

Second quarter earnings and revenue rose for Constant Contact (Nasdaq: CTCT) but the company forecast current quarter results below expectations.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 fell 14 points to 2087. Bitcoin gained $11 to $286.

About this Entry

This page contains a single entry by published on July 24, 2015 10:31 AM.

Lower open as Greek talks delayed was the previous entry in this blog.

Concerns about Chinese economy sink stocks is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12