Mid-Afternoon Market Update: Dow Jumps Over 200 Points; SolarCity Shares Tumble

Toward the end of trading Tuesday, the Dow traded up 1.19 percent to 17,916.81 while the NASDAQ climbed 1.15 percent to 4,805.03. The S&P also rose, gaining 1.17 percent to 2,082.71. Leading and Lagging Sectors On Tuesday, the basic materials sector proved to be a source of strength for the market. Top gainers in the sector included Eldorado Gold Corp (USA) EGO, DRDGOLD Ltd. (ADR) DRD, and LSB Industries, Inc. LXU. In trading on Tuesday, utilities shares rose by just 0.3 percent. Meanwhile, top losers in the sector included Pure Cycle Corporation PCYO, down 2 percent, and American States Water Co AWR, down 2 percent. Top Headline Allergan plc AGN reported adjusted earnings of $3.04 a share, compared to $2.65 a share in the previous year quarter. This was $0.03 a share higher than the estimations of $3.01 a share. The company's adjusted top line grew 48.1 percent to $3.9 billion from $2.56 billion in the same quarter last year. Analysts predicted the company to generate revenue of $3.95 billion. Allergan's board has authorized a fresh share buyback program of a maximum of $10 billion of its common stock. Equities Trading UP ChemoCentryx Inc CCXI shares shot up 42 percent to $2.98 following announcement of license agreement for CCX168. ChemoCentryx posted a Q1 loss of $0.34 per share. Shares of Crocs, Inc. CROX got a boost, shooting up 32 percent to $10.22 after the company reported stronger-than-expected quarterly results. Sodastream International Ltd SODA shares were also up, gaining 23 percent to $18.18 as the company reported better-than-expected Q1 results. Equities Trading DOWN NewLink Genetics Corp NLNK shares dropped 33 percent to $11.05 following announcement of failed pancreatic cancer trial. Shares of SolarCity Corp SCTY were down 23 percent to $17.41 as the company reported a wider-than-expected loss for its first quarter and issued a weak outlook for its current quarter. MannKind Corporation MNKD was down, falling around 29 percent to $0.941. MannKind reported a Q1 loss of $0.06 per share and priced registered direct public offering of 48.54 million common stock and warrants at a combined purchase price of $1.03 per share. Commodities In commodity news, oil traded up 2.95 percent to $44.72 while gold traded up 0.30 percent to $1,270.40. Silver traded up 0.50 percent Tuesday to $17.18, while copper fell 0.31 percent to $2.10. Eurozone European shares closed higher today. The eurozone's STOXX 600 surged 0.91 percent, the Spanish Ibex Index climbed 1.32 percent, while Italy's FTSE MIB Index rose 1.41 percent. Meanwhile, the German DAX gained 0.65 percent, and the French CAC 40 gained 0.36 percent while U.K. shares rose 0.68 percent. Economics U.S. wholesale inventories rose 0.10 percent for March, versus economists' expectations for a 0.10 percent growth.