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US SMALL/MIDCAPS-Stocks decline, Super Micro outlook disappoints
NEW YORK |
NEW YORK Oct 9 (Reuters) - Small- and mid-capitalization stocks fell o n Tuesday, with shares of Super Micro Computer Inc dropping after it gave a disappointing revenue outlook.
Shares of Super Micro Computer were down 11.7 percent at $9.39 after it said revenue for its first quarter will be at the lower end of its forecast. It also said lower prices for hard disk drives hurt its net profit.
Investors have been bracing for earnings disappointments following a slew of warnings from companies about their third-quarter results.
Third-quarter results for S&P 500 companies begin after the bell with a report from aluminum company Alcoa
Among other big decliners, shares of Penn Virginia Corp tumbled 16.1 percent to $5.48 after the oil and gas producer offered 12 million shares of its common stock and $50 million of depositary shares representing convertible preferred equity.
The S&P MidCap 400 index was down 0.9 percent while the S&P SmallCap 600 index was down 1.2 percent. In comparison, the benchmark S&P 500 was down 0.9 percent.
Other companies that saw big losses on Tuesday included Sotheby's Holdings, whose shares were down 4.5 percent at $30.42. The company said it sold HK$2 billion ($258 million) worth of Asian and Chinese artwork and luxury goods in its autumn sales in Hong Kong, down 37 percent from the same period last year as the market consolidates on a weaker China economy.
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