Ahead of a new earnings season that Wall Street analysts expect to show weak corporate growth, US equities fell in mid-Tuesday trading.
Overall, Wall Street sees a 2.8% year-to-year growth in quarterly earnings, according to Thomson Reuters data, but the figure represents a sharp downward revision from October estimates.
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.48% to 3,084.04 points on trading volume of 805.98 million as of 12:21 p.m. EST.
(NASDAQ:PERI) shot up 28.25% to $12.12. The Israeli maker of email and social-networking products provided a robust 2013 forecast, saying that it expects sales for 2013 to exceed $110 million, surpassing analysts’ estimates. The stock will likely end the day with its highest closing price since it started trading in 2006.
The Medicines Company
(NASDAQ:MDCO) surged 11.15% to $28.70 after announcing positive results for the phase III trial of its treatment for patients undergoing percutaneous coronary intervention. Cell Therapeutics
(NASDAQ:CTIC) also jumped 20.69% to $1.57.
After a positive presentation at the JPMorgan Healthcare Conference in San Francisco, Celgene
(NASDAQ:CELG) received stock upgrades from Piper Jaffray and RBC Capital Markets, and thus advanced 4.23% to $89.36. Earlier, the stock hit an all-time high of $89.88.
After jumping 80% yesterday, Peregrine Pharmaceuticals
(NASDAQ:PPHM) gave back some of those gains, sliding 2.88% to $2.36.
(NASDAQ:APOL) also fell 3.08% to $20.84. The for-profit education group will post its quarterly earnings after the closing bell.
(NASDAQ:AAPL), meanwhile, wavered between mild gains and losses all day in a struggle for direction. The stock was up 0.06% to $524.22 as of 12.22 p.m. EST. Earlier, it was reported that the company would produce low-cost iPhones for emerging markets in the second half of 2013.
No positions in stocks mentioned.
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