Mid-Day Market Update: Michael Kors Surges On Earnings Beat; Carbylan Therapeutics Shares Slide

Midway through trading Tuesday, the Dow traded down 1.25 percent to 16,243.93 while the NASDAQ dipped 1.09 percent to 4,570.11. The S&P also fell, dropping 1.20 percent to 1,916.15. Leading and Lagging Sectors On Tuesday, utilities shares slipped by just 0.3 percent. Meanwhile, top gainers in the sector included Targa Resources Corp TRGP, up 3 percent, and Chesapeake Utilities Corporation CPK up 3 percent. In trading on Tuesday, energy shares fell by 2.67 percent. Meanwhile, top losers in the sector included Stone Energy Corporation SGY, down 10 percent, and Bristow Group Inc BRS, down 9 percent. Top Headline Alphabet Inc GOOG GOOGL reported stronger-than-expected results for its fourth quarter on Monday. Alphabet reported a huge Q4 earnings beat of $8.67; consensus estimate called for earnings of $8.10 per share. The company also beat on revenue, coming in at $21.34 billion versus $20.76 billion estimates. Equities Trading UP LoJack Corporation LOJN shares shot up 20 percent to $6.41 as CalAmp Corp. CAMP announced plans to acquire LoJack for $6.45 per share in cash, in a deal valued at around $134 million. Shares of Michael Kors Holdings Ltd KORS got a boost, shooting up 23 percent to $49.79 as the company reported stronger-than-expected quarterly earnings. Fabrinet FN shares were also up, gaining 14 percent to $28.56 after the company reported stronger-than-expected quarterly results. Equities Trading DOWN Carbylan Therapeutics Inc CBYL shares dropped 67 percent to $0.810 after the company announced top-line results from a Phase 3 trial, COR1.1. Shares of Integrated Device Technology Inc IDTI were down 24 percent to $19.26. Integrated Device Technology reported in-line earnings for its third quarter. Rent-A-Center Inc RCII was down, falling around 24 percent to $10.07. Rent-A-Center reported upbeat quarterly earnings, but the company's sales missed analysts' estimates. Commodities In commodity news, oil traded down 3.51 percent to $30.51, while gold traded down 0.11 percent to $1,126.80. Silver traded down 0.13 percent Tuesday to $14.33, while copper fell 0.10 percent to $2.05. Eurozone European shares were lower today. The eurozone's STOXX 600 fell 2.12 percent, the Spanish Ibex Index dipped 3.15 percent, while Italy's FTSE MIB Index dropped 3.09 percent. Meanwhile, the German DAX dropped 2 percent, and the French CAC 40 slipped 2.61 percent, while U.K. shares fell 2.41 percent. Economics There were no major US economic releases Tuesday.