The market has taken a turn lower heading into midday trading. If the S&P finishes negative today, it would break its 8 day green streak. Some stocks in the news today include Tesla Motors and Johnson & Johnson.
Tesla Motors (NASDAQ:TSLA) saw its shares dip sharply today after a Goldman Sachs analyst said the company’s shares are priced near what they would consider its most bullish scenario. Patrick Archambault said his bullish scenario sees Tesla selling 200,000 vehicles and getting a 3.5% global share in the luxury auto market. Should this scenario happen, Goldman believes the stock would have an implied stock price of $113.
Tesla shares opened at more than $126 this morning, but quickly fell to around $115. Tesla shares have soared more than 250% this year with much of its rally coming in the past four months.
Johnson and Johnson (NYSE:JNJ) shares are slightly higher today after the company reported earnings above expectations. Strong sales of its prescription drugs and medical devices helped lift its full year guidance.
Here’s some other stocks following the market lower in midday trading.
Joe’s Jeans Inc. (NASDAQ:JOEZ) are down more than 20% today at $1.46. Joez shares are down a fifth today after the company reported its second quarter net income dipped 17%. Net income for the second quarter was $0.02 per share. Analysts were expecting $0.03 per share.
Revenue also missed estimates at $28.6 million, Analysts were expecting revenue closer to $32 million.
Joe’s Jeans also announced it was buying Hudson, a jeans company, for $97.6 million in cash. CEO Marc Crossman said the Hudson deal will double the company’s business and allow them to expand its international and e-commerce business.
ThermoGenesis Corp. (NASDAQ:KOOL) is down 16% in midday trading at $1.24. ThermoGenesis announced today it will combine with TotipotentRx to from a new company. ThermoGenesis will issue 12.5 million shares to TotipotentRx. The shares will be worth about $18.6 million.
Both company boards approved of the deal, but is still subject to shareholder approval. The proposed deal will also need to be approved by government regulators.
ThermoGenesis CEO Matthew Plavan will remain CEO of the new company and TotipotentRX CEO Kenneth Harris will become president.
Heidrick & Struggles International Inc. (NASDAQ:HSII) is down 16% today at $14.97. The company announced yesterday that the company’s CEO, L. Kevin Kelly, will resign. They also announced the company will be pursuing a standalone strategy after it stopped looking for strategic alternatives.
Heidrick & Struggles also announced they expect guidance for the second quarter to be in the upper ranges of its previous guidance of $110-120 million.
Addus HomeCare Corporation (NASDAQ:ADUS) is down more than 14% today at $19.82. Addus shares are lower today after the stock received a downgrade from Robert W. Baird. Analysts at Robert W. Baird downgraded the stock to neutral from outperform.
The company will report their latest earnings on August 1.
Liquidity Services, Inc. (NASDAQ:LQDT) is down 9% in midday trading at $29.40. Shares are pushing lower after the company lowered its guidance. Liquidity Services now expects third quarter adjusted earnings per share to be between $0.43 and $0.45. It had previously guided $0.49 to $0.54. Analysts had been expecting EPS to be at $0.51.
The company also expects to lower its full year guidance as a result of the lower third quarter guidance. Analysts were quick to react to the guidance cut. Stifel downgraded shares of Liquidity Services to hold from buy.
The ExOne Company (NASDAQ:XONE) is down 10% today at $57.70. ExOne shares were downgraded to hold from buy at BB&T Capital Markets.