Markets Drop on Global Economic Growth Concerns – Latest Updates on ADM, MYL, PFE and S
New York, New York – May 4th, 2016 – Markets fell Tuesday, erasing the previous day’s gains, on growing concerns of slowing global economic growth. The Dow Jones Industrial Average declined 0.78 percent to close at 17,750.91, while the S&P 500 Index fell 0.87 percent to close at 2,063.37. “Our clients are very edgy, they’re nervous. The market drops like a rock into mid-February and then rallies from there, two very quick moves in a short time,” said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute.
The Caixin magazine's purchasing managers' index for China's manufacturing sector fell to 49.4 in April from 49.7 in March. The reading signaled contraction for the 14th consecutive month. Additionally, The European Commission forecasted the 19-country Eurozone’s economy to grow by 1.6 percent in 2016, down from its previous forecast of 1.7 percent.
Here are Tuesday’s Stocks to Watch:
Archer Daniels Midland Company (NYSE: ADM) shares declined 2.88 percent to close at $39.10 a share Tuesday. The stock traded between $39.03 and $40.65 on volume of 5.17 million shares traded. The company reported adjusted earnings per share of $0.42 for the first quarter of 2016, down from $0.78 in the year ago quarter. Shares of Archer Daniels Midland have gained approximately 7.0 percent year-to-date and are up roughly 7.0 percent in the past month.
Find out more about Archer Daniels Midland including full access to the equity report at:
Mylan NV (NASDAQ: MYL) shares gained 2.29 percent to close at $43.69 a share Tuesday. The stock traded between $41.85 and $44.56 on volume of 11.91 million shares traded. The company reported total revenues were $2.19 billion for the first quarter of 2016, an increase of 17.0 percent when compared to revenues of $1.87 billion a year ago. Shares of Mylan have fallen approximately 19.0 percent year-to-date and are down roughly 8.0 percent in the past month.
Find out more about Mylan including full access to the equity report at:
Pfizer Inc. (NYSE: PFE) shares increased 2.77 percent to close at $33.71 a share Tuesday. The stock traded between $33.25 and $33.97 on volume of 71.35 million shares traded. The company reported earnings were $4.16 billion, $0.67 per share, for the first quarter of 2016, up from $3.20 billion, or $0.51 per share, a year ago. Shares of Pfizer have gained approximately 4.0 percent year-to-date and are up roughly 12.0 percent in the past month.
Find out more about Pfizer including full access to the equity report at:
Sprint Corp. (NYSE: S) shares gained 5.30 percent to close at $3.67 a share Tuesday. The stock traded between $3.37 and $3.69 on volume of 36.39 million shares traded. The company reported revenues were $8.07 billion for the fourth quarter of fiscal 2015, down from $8.28 billion a year, but above Wall Street’s expectations of $8.02 billion. Shares of Sprint have gained approximately 18.0 percent year-to-date and are up roughly 3.0 percent in the past month.
Find out more about Sprint including full access to the equity report at:
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