Regeneron, Ulta Beauty, Cooper, and More

U.S. equities were lower at midday as the market focused on the future of U.S.-China trade. The Dow Jones Industrial Average, S&P 500, and Nasdaq all lost ground. 

Regeneron Pharmaceuticals (REGN) shares plunged after an experimental drug to treat chronic obstructive pulmonary disease (COPD) in former smokers it developed with Sanofi (SNY) failed to meet a key endpoint in a Phase 3 study. U.S.-listed shares of Sanofi were down as well.

Shares of The Cooper Companies (COO) declined as the maker of contact lenses cut its full-year organic growth outlook and JPMorgan downgraded the stock and lowered its price target on concerns about the firm’s future market performance. Wells Fargo also dropped its price target.

Eastman Chemical (EMN) shares fell when the Department of Energy canceled several contracts, including one for the company’s molecular recycling initiative in Longview, Texas.

Ulta Beauty (ULTA) was the best-performing stock in the S&P 500 after the beauty products retailer beat profit and sales forecasts and raised its outlook on continuing demand for personal care merchandise.

Shares of Palantir Technologies (PLTR) gained on a report the White House has been spending millions on the company’s data-sharing technology.

Costco Wholesale (COST) shares rose after the warehouse store operator posted better-than-expected results as sales increased 8% year-over-year.

Oil and gold futures slid. The yield on the 10-year Treasury note dipped. The U.S. dollar gained on the euro and pound, and was little changed against the yen. Prices for most major cryptocurrencies were lower.