Afternoon Market Update (LCC, UAL, LFL, GOL, RY, CYTK)

US Airline stocks fell, with the NYSE Arca Airline Index (XAL) losing about 0.48%. The two decliners in the list included US Airways LCC and United Continental Holdings UAL. The only gainers in the list were Lan Airlines LFL and Gol Linhas Aereas GOL. Moody's Investors Service downgraded deposit rating of Royal Bank of Canada RY from “Aa1” to “Aaa.” Moody's also lowered its unsupported bank financial strength rating to “B” from “B+.” The outlook on the rating is stable. Peter Nerby, a Moody's senior vice president said, "Shareholders and bank managers are attracted to the growth potential of capital markets businesses, but these businesses can expose bank bondholders to hidden tail risks." Shares of Cytokinetics Inc CYTK dipped about 20.8% after the company reported Phase II data of CK-2017357 in patients with ALS. The NYSE Arca Pharmaceutical Index (DRG) gained about 0.37%, while the NYSE Arca Biotechnology Index (BTK) fell about 0.55%. Read more from Benzinga's Markets.