The markets headed lower Tuesday on worries about a China slowdown amid news that the country was going to increase its strictly controlled gas prices and is showing signs of declining iron ore demand.
A number of stocks headed lower on the news, including Australian miner BHP Billiton (NYSE:BHP, -3.3%) and its U.K.-based rival Rio Tinto (NYSE:RIO, -3.5%). Aluminum maker Alcoa (NYSE:AA) also was down about 1.5%.
A number of Chinese solar companies were up, however, on news that preliminary U.S. tariffs on Chinese solar panels would be less than expected. Suntech Power (NYSE:STP) jumped 14%, Yingli Green (NYSE:YGE) was up 12% and Trina Solar (NYSE:TSL) gained almost 8%.
Software company Adobe (NASDAQ:ADBE) lost almost 4% on Tuesday after a poor first-quarter earnings report. The company reported earnings of $185 million (37 cents per share), down more than 20% in the year-ago period, and adjusted earnings were down 1 cent per share to 57 cents. However, revenues were up almost 2% to $1.05 billion.
Fashion stock Michael Kors (NYSE:KORS) gained about 6% Tuesday amid this week’s filing of papers for a secondary offering, in which the company plans to raise up to $1.3 billion. The company was joined on the rise by luxury brand Tiffany & Co. (NYSE:TIF), which released expectedly lower fourth-quarter earnings. However, a strong full-year forecast had investors trumping up TIF shares by 6.7%.
- Lions Gate Entertainment (NYSE:LGF): Up 7.2% ($1.03) to $15.28.
- US Airways (NYSE:LCC): Up 6.8% (49 cents) to $15.28.
- Officemax (NYSE:OMX): Up 5.4% (30 cents) to $5.90.
- Frontline (NYSE:FRO): Down 8.7% (72 cents) to $7.56.
- Sandridge Energy (NYSE:SD): Down 4.9% (41 cents) to $7.98.
- Joy Global (NYSE:JOY): Down 4.3% ($3.44) to $75.92.