Stocks fell on news that Chinese exports, surprisingly, dipped 10% last month, while imports slumped 1.9%, renewing concerns about the strength of the world’s second largest economy.
On the back of the China data, the S&P 500 lost 0.31% while the Dow Jones Industrial Average dropped 0.25%. The Nasdaq Composite finished lower by 0.49%.
CSX Corporation (CSX)
Railroad operator CSX Corporation jumped 3.1% after reporting third-quarter earnings that beat analysts’ estimates. CSX earned 48 cents per share during the third quarter, ahead of the 45 cents analysts were expecting.
CSX posted revenue of $2.71 billion, slightly ahead of the $2.68 billion analysts expected. Coal volumes continued sliding, while CSX reported a 10% drop in operating income to $841 million.
“Coal revenues plunged 20% year over year to $467 million due to a 21% reduction in volumes owing to soft global coal demand and declining fuel prices,” reports Zacks.
Ocular Therapeutix Inc (OCUL)
Shares of Ocular Therapeutix Inc surged 14.4% on more than 22 times the average daily volume after the company said it is partnering with Regeneron Pharmaceuticals Inc (NASDAQ:REGN) on a $10 million drug development deal.
OCUL and Regeneron are working on the latter’s treatment, known as Eylea, for eye disease. OCUL said, if successful, the treatment could reduce the need for injections.
“Under the option and licensing agreement, Ocular could qualify for up to $305 million in milestone and royalty payments and retains some development rights for the sustained-release platform,” according to MarketWatch.
Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA)
Shares of Ulta Salon, Cosmetics & Fragrance, Inc. gained 11.4% on more than quadruple the usual volume after the company raised its third-quarter guidance.
ULTA said it expects a third-quarter sales increase of 14%-15%, up from a previous growth estimate of 11%-13%. ULTA forecast full year sales growth of 12%-14% after previously expecting growth of 11%-13%.
Shares of ULTA neared their record high again today as the company hosted an analyst day.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.