Concerns grow about the timetable for President Trumps promised tax cuts for corporations
JC Penney top of the tree on the NYSE
Dow Jones down 40 at 23,422
S&P 500 down 2 at 2,582
Stocks trimmed their losses in the afternoon session but still ended the week on a losing note.
The Dow Jones average closed at 23,422, down 40 points while the broader-based S&P 500 finished a couple of points lower at 2,582.
Mid-session: Stocks consolidate at lower levels
Having opened lower, stocks largely marked time thereafter on what has been a subdued Veterans' Day.
The Dow Jones was down 57 at 23,404 and the S&P was off 5.5 points at 2,579.
Teligent Inc (NASDAQ:TLGT), a New Jersey-based specialty generic pharmaceutical company, was wanted after it received approval of its abbreviated new drug application (ANDA) from the US Food and Drug Administration (FDA) of Betamethasone Dipropionate Ointment USP (Augmented), 0.05%.
The shares were up by around a sixth at US$3.65.
Elsewhere on Nasdaq, Neovasc Inc (NASDAQ:NVCN) lost a quarter of its value at US$1.08 after it announced an underwritten issue of shares to raise US$37.49mln.
Open: Stocks tumble on concerns over delays to corporate tax rate cuts
Stocks opened in the red after it was revealed consumer sentiment has taken a dent.
The University of Michigan consumer sentiment index fell to 97.8 in November from 100.7 in October, well below the 100.7 economists had been expecting.
The Dow Jones, which yesterday suffered a triple-digit decline, was in the wars again, tumbling 54 points to 23,407, with investors perturbed that the cuts in corporate tax rates promised by President Trump might take longer to deliver than originally expected.
The S&P 500 index, which shed 10 points to close at 2,585 yesterday, was down 6 at 2,578.
On the New York Stock Exchange department stores group J C Penney was enjoying a rare spell at the top of the leader-board after better-than-expected third quarter results.
It is not that long since the retailer issued a profit warning, so in that context a 1.7% year-on-increase in same store sales in the third quarter was a big boost; the company has been closing down under-performing stores and getting shot of slow-shifting stock.
The shares were up 16% at US3.21.
Going the other way was Intrexon Corporation (NYSE:XON), the synthetic biology specialist.
The shares slipped 15% to US$13.55 after the company posted a third quarter loss of US$40.84mln, versus a loss of US$30.43mln the year before.
Pre-market
Traders were in for a Penney – J C Penney Company Inc (NYSE:JCP) to be precise- after the retailer issued less-than-terrible results.
The retailer, which is struggling to come to terms with the change in shopping habits – especially the switch to online shopping, reported a 1.8% year-on-year decline in sales to US$2.81bn in the third quarter.
The loss per share of 33 cents was better than the 43 cents a share loss for which analysts were braced.
Like-for-like sales were up 1.7% year-on-year, comfortably topping the 0.5% increase expected by the market.
The shares shot up 18% to US$3.24 after the department stores operator said it had had a bit of a clear-out of slow-moving stock.
"While these actions had a negative short-term impact on profitability in the third quarter, we firmly believe it was the right decision for the company as we [make the] transition into the fourth quarter and fiscal 2018," said Marvin Ellison, the retailer's chief executive.
Under fire credit checking giant Equifax Inc (NYSE:EFX) nudged a tad higher in pre-market deals despite it reporting a 27% drop in quarterly profits.
Revenue growth was also lower in the most recent three months, as the firm grappled with the fallout from a major data breach.
Sportswear retailer Finish Line Inc (NASDAZQ:FINL) picked up a knock, as stockbroker Cowen downgraded it to “under-perform” from “market perform”.
The broker believes Finish Line strategy of significantly undercutting rivals Nike and Under Armour is not sustainable.
Shares were off around 12%.