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US Stocks Deep in the Red on Thursday

U.S. stocks fell on Thursday after President Donald Trump tweeted that the U.S. will be imposing 10% tariffs on $300 billion worth of Chinese imports at the beginning of September. The Dow Jones Industrial Average tumbled 1.05% to 26,583, the S&P 500 index dipped 0.90% to 2,953 and the Nasdaq Composite Index declined 0.79% to 8,111.

Shares of Cigna Corp. (NYSE:CI) lost almost 2% after announcing second-quarter results. The company posted earnings of $4.30 per share on $34.38 billion in revenue, reflecting 199% growth from the prior-year quarter. The company beat earnings estimates by 56 cents and evenue expectations by $1.11 billion.

"As Cigna accelerates our focus on whole person health, our strong second-quarter results reflect the value we deliver to customers and clients, and our consistent execution in a dynamic environment," President and CEO David M. Cordani said.

The medical care ratio - the percentage of premiums paid out for medical services - was 81.6%, higher than the 80.2% analysts had projected.

Looking ahead to full fiscal 2019, the company expects consolidated adjusted income from operations between $6.34 billion and $6.46 billion, or $16.60 to $16.90 per share.

During the quarter ended June 30, John Hussman (TradesPortfolio) sold out of the stock.

Gainers


  • Kellogg Co. (NYSE:K) +9.3%

  • Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) +7.6%

  • CF Industries Holdings Inc. (NYSE:CF) +5.6%

  • AmerisourceBergen Corp. (NYSE:ABC) +5.3%

  • Iron Mountain Inc. (NYSE:IRM) +4.8%

Losers


  • Abiomed Inc. (NASDAQ:ABMD) -26.5%

  • Concho Resources Inc. (NYSE:CXO) -22.2%

  • Best Buy Co Inc. (NYSE:BBY) -10.8%

  • Kohls Corp. (NYSE:KSS) -7.9%

  • Gap Inc. (NYSE:GPS) -7.9%

Global markets

The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 lost 0.03%, France's CAC 40 swelled 0.70%, Germany's Dax gained 0.53% and Spain's IBEX 35 rose 0.75%.

In Asia, Japan's Nikkei 225 advanced 0.09%, India's BSE Sensex retreated1.23%, Hong Kong's Hang Seng lost 0.76% and China's Shanghai Composite fell 0.81%.

Disclosure: The author holds no positions in any stocks mentioned.

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