US STOCKS-Smaller names lose ground on disappointing outlooks
NEW YORK, Sept 15 (Reuters) - Smaller-cap shares were being pressured on Monday, pulled lower by disappointing earnings outlooks from midcaps MDU Resources and Terex Corp , while smallcap GTAT continued its recent move lower.
The S&P MidCap 400 index was trading down 0.6 percent while the S&P SmallCap 600 index was also on the decline, off 1 percent. The smallcap index was tracking for its third decline of at least 1 percent in five sessions. The benchmark S&P 500 index, by comparison, was trading down 0.2 percent.
MDU Resources was 5.2 percent lower to $28.59 as the biggest drag on the midcap index, after cutting its adjusted earnings per share forecast for 2014 to $1.40 to $1.50 per share from the prior view of $1.50 to $1.65 per share, citing challenges with oil production in the Paradox Basin. The current Thomson Reuters estimate stands at $1.59 per share.
The decline would mark the worst performance for the stock since a 5.9 percent drop in August 2011.
Fellow midcap Terex's shares were slumping 5.8 percent to $32.69 after cutting its full-year 2014 view to $2.35 to $2.50 per share from its previous forecast of $2.50 to $2.80 per share, citing weakness in its cranes segment. The current Thomson Reuters estimate stands at $2.54 per share.
On the smallcap front, the recent weakness in GT Advanced Technologies continues with the stock down 5.7 percent to $12.09. Shares have fallen nearly 30 percent since September 8, after Apple Inc said its new iPhone 6 would not use screens made with GT's sapphire glass.
Index snapshot at 11:50 EDT (1550 GMT):
* S&P 500 was falling 5.04 points, or 0.25 percent.
* Nasdaq Comp was losing 51.65 points, or 1.13 percent. Continuación...