Market Overview

Mid-Afternoon Market Update: Harmonic Drops On Weak Forecast; URS Shares Surge

Related BZSUM
Markets Edge Lower; Tiffany Profit Beats Estimates
#PreMarket Primer: Wednesday, August 27: Israel And Hamas To Resume Peace Talks In Cairo

In the early parts of the final hour of trading Monday, the Dow traded up 0.71 percent to 17,064.15 while the NASDAQ gained 0.66 percent to 4,444.86. The S&P also rose, gaining 0.53 percent to 1,978.03.

Leading and Lagging Sectors

Telecommunications services shares jumped around 1.19 percent in today’s trading. Top gainers in the sector included NQ Mobile (NYSE: NQ), China Unicom (Hong Kong) (NYSE: CHU), and Partner Communications Company (NASDAQ: PTNR).

In trading on Monday, utilities shares fell by 0.31 percent. Top losers in the sector included Exelon (NYSE: EXC), down 2.34 percent, and NRG Energy (NYSE: NRG), off 2.24 percent.

Top Headline

Citigroup (NYSE: C) reported better-than-expected second-quarter results.

Citigroup’s quarterly net profit fell to $181 million, or $0.03 per share, versus a year-ago profit of $4.18 billion, or $1.34 per share. Its adjusted net profit came in at $3.9 billion, or $1.24 per share. Its revenue slipped 6% to $19.3 billion from $20.48 billion. Excluding CVA/DVA, revenue fell 3% to $19.4 billion. However, analysts were estimating earnings of $1.06 per share on revenue of $18.92 billion.

The bank also announced its plans to pay $7 billion to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group.

Equities Trading UP

Exelixis (NASDAQ: EXEL) shares shot up 21.18 percent to $4.03 after the company announced positive phase 3 data for coBRIM.

Shares of Kandi Technolgies Group (NASDAQ: KNDI) got a boost, shooting up 20.24 percent to $17.70 on report of a 238% rise in EV sales.

URS (NYSE: URS) shares were also up, gaining 11.76 percent to $58.14 after Aecom Technology (NYSE: ACM) announced its plans to buy URS for $4 billion in cash and stock.

Equities Trading DOWN

Shares of Harmonic (NASDAQ: HLIT) were down 13.46 percent to $6.18 after the company lowered its Q2 forecast and issued a weak Q3 guidance.

Riverbed Technology (NASDAQ: RVBD) shares tumbled 6.77 percent to $18.97 after the company lowered its Q2 revenue forecast.

GT Advanced Technologies (NASDAQ: GTAT) was down, falling 5.92 percent to $15.10 after cautious comments by CLSA.

Commodities

In commodity news, oil traded down 0.13 percent to $100.70, while gold traded down 2.33 percent to $1,306.30.

Silver traded down 2.47 percent Monday to $20.93, while copper fell 0.50 percent to $3.25.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.94 percent, the Spanish IBEX Index surged 0.64 percent, while Italy’s FTSE MIB Index climbed 0.40 percent. Meanwhile, the German DAX rose 1.21 percent and the French CAC 40 climbed 0.78 percent while UK shares gained 0.99 percent.

Economics

The Treasury is set to auction 3-and 6-month bills.

Posted-In: Eurozone Futures Commodities Top Stories Economics Markets Movers

 

Related Articles (ACM + BZSUM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters