Market Overview

End-of-Day Market Summary for October 31, 2011

This is your Benzinga news summary and traders' summary for Monday, October 31, 2011, covering headlines from Monday's trading session.

Today at market close, the Dow Jones Index traded down about 276.10 points or 2.26%, the S&P 500 traded 2.47% lower, the Nasdaq Composite Index traded down 1.93%, and the U.S. dollar trades slightly higher near the $76.70 level.

Earlier today, Wedbush upgraded Lamar Advertising (NASDAQ: LAMR) to Outperform and JP Morgan upgraded Arkansas Best (NASDAQ: ABFS) to Neutral. View all of today's upgrades here.

Morgan Keegan downgraded Boardwalk Pipeline (NYSE: BWP) to Market Perform and UBS downgraded Home Properties (NYSE: AIV) to Sell. View all of today's downgrades here.

Overseas, European markets ended their trading session lower. Britain's FTSE 100 decreased by 2.77%, Germany's DAX lost 3.23% and France's CAC 40 declined by 3.16% on the session. Asian stocks ended their session lower as well. China's Shanghai Index lost 0.21%, Japan's Nikkei 225 slid by 0.69%, and the Hang Seng index decreased by 0.77%.

On the economic calendar, the Chicago Purchasing Manager number came in at 58.4 versus an estimate of 59; the Dallas Fed Manufacturing Activity number came in at 2.3 versus an estimate of -5. On the commodity front, gold and silver futures traded slightly lower today, with gold trading about 1.63% lower today. Energy futures are mixed, with crude oil down over 0.7% near the $92.60 level and gasoline futures are trading lower by about 0.5%. Natural Gas futures are higher by about 0.3% and copper futures are trading over 2.6% lower.

On the earnings front this morning, Humana Reports (NYSE: HUM) Q3 EPS $2.54 vs $2.02 Est; Revenues $9.30 vs $9.25B Est; Anadarko Petroleum Corp (NYSE: APC) Reports Q3 EPS $0.66 vs $0.68 Est; Revenues $3.20B vs $3.27B Est; Allstate (NYSE: ALL) Reports Q3 EPS $0.16 vs $0.13 Est; Revenues $8.24B vd $6.74B Est.

In corporate news, Boyd Gaming Corp (NYSE: BYD) announced that it has signed a 15 year agreement with bwin.party digital entertainment plc. The terms are undisclosed, but Boyd plans on using bwin.party's platform to offer online poker to its clients.

Giga-tronics Incorporated (NASDAQ: GIGA) announced that it has signed a securities purchase agreement for $2.2 million by Alara Capital Partners. The strategic buyer will acquire about a 16.6% stake.

MetLife (NYSE: MET) announced that Steven A. Kandarian will be the new chairman of the board. Kandarian succeeds Robert Henrikson, and will begin the position on January 1, 2012.

Today's movers include:

Sify Technologies (NASDAQ: SIFY) +30.49% after reporting earnings on Friday.

Momenta Pharmaceuticals (NASDAQ: MNTA) on positive preliminary injuction against makers a generic Lovenox.

VirnetX holding (NYSE: VHC) +10.57% after being initiated with Buy and $50 PT at a mid-tier analyst firm.

NPS Pharmaceuticals (NASDAQ: NPSP) -32.73% after reporting deaths in an experimental drug trial.

Integra LifeSciences (NASDAQ: IART) -16.53% after reporting Q3 earnings and FY2011 guidance.

Changyou.com (NASDAQ: CYOU) -13.17% despite positive Q3 results.

This concludes your news summary for October 31, 2011.

Posted-In: News Broad U.S. Equity ETFs Upgrades Downgrades Contracts Events Global Econ #s Best of Benzinga

 

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