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Chinese Premier Li Keqiang expressed his anger by criticizing financial and economic officials in China for allowing its stock market to plunge in a meeting with officials on July 4. China took another step to curb the stock market’s volatility on Monday by implementing new short-sell rules. Under these new rules, short-sellers must “wait at least one day to cover their positions and pay back loans used to buy shares,” according to The Wall Street Journal.
China’s largest brokerage firm, Citic Securities, announced on Tuesday that it will be halting short selling so that its system could “adjust to new regulations that require investors who borrowed shares to wait one day to repay the loan,” according to CNN Money. The Shanghai Composite increased 3.69 percent and the smaller Shenzhen Stock Exchange Composite added another 4.77 percent on Tuesday.
The Athens Stock Exchange declined 1.22 percent on Tuesday, after dwindling nearly 16 percent on Monday.
Dublin-based Shire PLC (NASDAQ: SHPG) made an unsolicited ~$30.6 billion bid for biopharmaceutical company Baxalta Inc (NYSE: BXLT). The offer came just more than a month after Baxalta spun off from Baxter International Inc (NYSE: BAX). Baxter still owns 24 percent of the stock.
The Dow Jones Industrial Index and the S&P 500 remained fairly stagnant, the NASDAQ Composite declined 0.20 percent, the US Dollar Index dwindled 0.30 percent, and crude oil WTI rebounded 2.1 percent in Tuesday’s midday session.
Winners
LendingTree Inc (NASDAQ: TREE) skyrocketed 40 percent after the online loan marketplace operator reported second-quarter earnings of $0.63 per share, up from $).39 last year; analysts expected earnings of $0.33 per share.
IPC Healthcare Inc (NASDAQ: IPCM) soared 37 percent after the national acute hospitalist was to be acquired by TeamHealth Holdings Inc (NYSE: TMH) for a deal totaling to $1.6 billion.
eLong, Inc. (NASDAQ: LONG) spiked 21 percent after the Chinese provider of mobile and online hotel reservations received a non-binding “going-private” offer for $18 per share ADS.
Rudolph Technologies Inc (NYSE: RTEC) was lifted 18 percent after the company reported better-than-expected earnings.
ABIOMED Inc (NASDAQ: ABMD) was up 15 percent after the medical devices provider reported earnings of $8.9 million, up from a loss reported last year; revenues rose to $73.4 million versus analyst’s expectations of $67 million.
Losers
AAC Holdings (NYSE: AAC) dwindled 36 percent after the provider of inpatient substance abuse treatment services’ president was indicted for murder.
TriNet Group Inc (NYSE: TNET) declined 33 percent after the human resources solutions provider missed on earnings. The company reported earnings of $0.14 per share for Q2 versus analyst expectations of $0.27 per share. Revenues came in at $122.01 million versus the projected $137.55 million.
I.D. Systems, Inc. (NASDAQ: IDSY) fell 26 percent after the tech company reported Q2 sales of $9.9 million. Analysts expected sales of $12.8 million.
TriMas Corporation (NASDAQ: TRS) was down 17 percent after the manufacturer of engineered and applied products reported Q2 earnings of $0.30 per share, off by expected $0.31 per share. It also reported sales of $224.9 million versus analyst projections of $232.25 million.
Posted-In: News Intraday Update Movers
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Benzinga Market Summary (BZSUM), (BXLT) – Mid-Day Market …
