Mid-Day Market Update: Thursday's Market Movers; Feds Meet But No Answer Met, Arch Coal Soaring With Soros

The US stock market tumbled for the third straight day after growth worries manifest investors’ thoughts. The Federal Reserve released just minutes of their July meeting in Wednesday's afternoon session; but offered no clear signal of certainty for rising or stagnant short-term interest rates, further intimidating investors.

Thursday’s market open contained:

• Dow Jones Industrial Index: fell 1.39 percent
• S&P 500: down 1.32 percent
• NASDAQ Composite: sunk 1.79 percent
• US Dollar Index: dwindled 0.33 percent
• Crude Oil WTI: remained stagnant at $40.83 per barrel

A slowing Chinese economy will be critical for the Feds in determining whether to hike the interest rates or not as early as September. China’s Shanghai Stock Exchange Composite Index tumbled an additional 3.42 percent in Thursday’s session, raising concerns about the world’s second largest economy’s growth. Furthermore, the index has plummeted nearly 30 percent since its peak in June, after major investor sell offs became a trend for investors and its central bank devaluing the Yuan.

Initial jobless claims increased 4,000 to a new 277,000 in mid August, remaining at historical lows.

Speciality retailer giant, L Brands Inc LB reported fiscal Q2 earnings of $202.5 million on sales of $2.765 billion; shares increased nearly 3 percent. Medical giant Valeant Pharmaceuticals Intl Inc VRX agreed to acquire Sprout Pharmaceuticals Inc for $1 billion after Sprout won an approval from the FDA to sell Addyi, the first legal drug to boost libido in women.

Thursday’s Winners:
Arch Coal Inc ACI yet again skyrocketed another 35 percent in Thursday’s session after the coal producer seeked a compromise with lenders against a debt swap, which pulls it away from bankruptcy. In recent filings to the SEC, billionaire George Soros reported having bought shares of the coal producer, approximately 553,200 of them.

Nortek Inc NTK was up 21 percent after United Technologies Corporation UTX was reported to be in talks to acquire Nortek.

Dynasil Corporation of America DYSL soared 14 percent after the manufacturer entered into a three-year arrangement to supply high-quality crystal components to a leading global supplier of security inspection equipment.

Keysight Technologies Inc KEYS was up 12 percent after the company reported Q3 earnings of $0.55 per share, 9 cents over analyst expectations on sales of $665 million.

Apricus Biosciences Inc APRI spiked 7 percent after pharmaceutical company reported that it is seeking a global partner for its novel treatment for sexual dysfunction in women, Femprox.

Thursday’s Losers:
Macrocure Ltd MCUR sunk 76 percent after the biotechnology company provided an update for its phase III clinical trial of CureXcell. The study is not expected to meet its primary endpoint.

Amira Nature Foods Ltd ANFI dwindled 38 percent after Deloitte called for an external forensic investigation on the company’s financials.

Stage Stores Inc SSI fell 29 percent after the retailer reported Q2 earnings of $0.22 per share, below analysts expected EPS of $0.34. Stage also reported sales of $380.92 million versus analysts projected $384.63 million.

Jumei International Holding Limited JMEI was down 22 percent despite beating earnings and revenues for Q2;

Rayonier Advanced Materials Inc RYAM fell yet another 12 percent after a contract dispute between Rayonier and Eastman Chemical Company EMN, both companies have gone to court in a dispute over the terms of a major supply agreement.