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Tuesday, May 28, 2024
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Midday Stock Roundup

Stock indices were down sharply at midday on foreign concerns and lower energy stock prices from a decline in the cost of oil.

The S&P 500 fell 1.57% to 1,938.01, the Dow Jones Industrial Average 1.58% to 16,724.95 and the Nasdaq fell 1.56% to 4,398.51.

The yield on a 10-year Treasury bond was flat at 2.33%.

The price of gold was up 1.55% to 1,224.70.

TECHNOLOGY

Irvine-based software maker Kofax Ltd. is down 20.4% to $6.19 and a market cap of $541.8 million on lower full-year 2015 guidance and an analyst downgrade. It said it expects adjusted revenue of $317 million to $331 million, 7.5% lower than previous forecasts of $343 million to $351 million and below an analysts’ consensus estimate of $338 million. Minneapolis-based Craig-Hallum Capital Group lowered the company’s rating from “buy” to “hold” and cut its price target from $10 to $7.

APPAREL

Huntington Beach-based action sports apparel manufacturer Quiksilver Inc. is up 5.6% to $1.65 and a market cap of $281.7 million after shareholder Consac LLC in Los Angeles said the company should be sold, citing its 2014 losses to date, poor performance by the company’s core brands and an 80% stock price drop over the last 12 months. Consac owns about 2 million of Quiksilver’s 171 million shares.

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