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Hoping to break a three-day losing streak, all three benchmarks were modestly in the green midday Tuesday.
Monday's market slide took the Dow Jones Industrial Average, the S&P 500 Index, and the Nasdaq each down 1%, leaving the trio in negative territory for the year. Sentiment has turned guarded, as investors worry about valuations. The result has been a notable rotation out of "momentum" stocks into value equities.
Today's Hot Stocks List
Alcoa Inc. (NYSE: AA) shares rose nearly 2% to $12.71 in morning trading. The aluminum giant is expected to post earnings per share (EPS) of $0.05 when it reports Q1 earning after the close. Monday, Deutsche Bank boosted its rating on Alcoa to "Hold" from "Sell" and boosted its price target to $10 from $7.20.
Alkermes Plc (Nasdaq: ALKS) soared 8.8% to $45.48 in morning trading after announcing topline results from a clinical trials of aripiprazole lauroxil in patients with schizophrenia. The Dublin-based drug giant will seek U.S. regulatory approval for the once-monthly injectable treatment in Q3 of 2014. If approved, the drug faces stiff competition from similar drugs sold by Otsuka and Lundbeck. But the schizophrenia treatment market is vast and growing. Sales hit more than $11 billion in the United States in 2013 and $20 billion-plus globally.
A. Shulman Inc. (Nasdaq: SHLM) shares jumped more than 5% intraday to $38.20, a 52-week high. The plastic supplier reported Q2 EPS of $0.39 a share, $0.06 ahead of estimates. Revenue came in at $588.51 million, better than the expected $575 million. The Fairlawn, Ohio-based company also guided higher for FY2014, saying its European segment is showing signs of improvement.