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ovenerio
Omar Venerio
Articles (1398) 

Wall Street Lower Monday

Astrotech Corp plummets on financial results for the fourth quarter and fiscal year

U.S. stocks fell on Monday morning on higher fears about the trade war and today´s new round of tariffs between China and the U.S. The Dow Jones Industrial Average traded down 0.6% at 26,587, the S&P 500 index fell 0.54% at 2,913, while the Nasdaq Composite Index retreated by 0.48% at 7,946.

Shares of Astrotech Corp. (NASDAQ:ASTC) plummeted almost 40% on Monday morning after the company posted a net loss per share of $3.26 on $86,000 in revenue, reflecting a 96.1% year-over-year decline.

Thomas B. Pickens III, chairman and CEO of Astrotech, said, “Fiscal 2018 was an excellent year in terms of product endorsement at 1st Detect. We achieved three major milestones toward our goal of securing airports, borders, package distribution centers, and other public venues from explosive threats, as we strive to modernize the explosives trace detector market”.

Gainers

• Edwards Lifesciences Corp. (NYSE:EW)

• EOG Resources Inc. (NYSE:EOG)

• Abbott Laboratories (NYSE:ABT)

• Apache Corp. (NYSE:APA)

• Advanced Micro Devices Inc. (NASDAQ:AMD)

Losers

• Michael Kors Holdings Ltd. (KORS)

• Newell Brands Inc. (NASDAQ:NWL)

• PPG Industries Inc. (NYSE:PPG)

• General Electric Co. (NYSE:GE)

• Delta Air Lines Inc. (NYSE:DAL)

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 gained 1.67%, France's CAC 40 jumped 0.78%, Germany's Dax fell 0.59% and Spain's Ibex 35 slid 0.77%.

In Asia, Japan's Nikkei 225 gained 0.82%, India’s BSE Sensex fell 1.46%, Hong Kong's Hang Seng retreated1.62% and China's Shanghai Composite jumped 2.50%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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