by Kyle Woodley | March 20, 2012 5:13 pm
[1]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[2], -3.3%) and its U.K.-based rival Rio Tinto (NYSE:RIO[3], -3.5%). Aluminum maker Alcoa (NYSE:AA[4]) 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[5]) jumped 14%, Yingli Green (NYSE:YGE[6]) was up 12% and Trina Solar (NYSE:TSL[7]) gained almost 8%.
Software company Adobe (NASDAQ:ADBE[8]) 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[9]) gained about 6% Tuesday amid this week’s filing of papers for a secondary offering[10], 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[11]), which released expectedly lower fourth-quarter earnings. However, a strong full-year forecast had investors trumping up TIF shares by 6.7%.
Kyle Woodley[18] is the assistant editor of InvestorPlace.com[19]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[20].
Source URL: https://investorplace.com/2012/03/china-hits-markets-materials-tuesdays-ip-market-recap/
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