Mid-Day Market Update: Dow Climbs Over 200 Points; NXT-ID Shares Gain Following Agreement with Discovery Financial Services

Midway through trading Monday, the Dow traded up 0.88 percent to 25,533.69 while the NASDAQ climbed 0.66 percent to7,385.44. The S&P also rose, gaining 0.58 percent to 2,763.35.

Leading and Lagging Sectors

On Monday, the technology shares climbed 0.62 percent. Meanwhile, top gainers in the sector included Pixelworks, Inc. PXLW, up 8 percent, and Inphi Corporation IPHI, up 7 percent.

In trading on Monday, utilities shares fell 0.12 percent. Meanwhile, top losers in the sector included OGE Energy Corp. OGE, down 2 percent, and Northwest Natural Gas Co NWN down 3 percent.

Top Headline

Dean Foods Co DF reported downbeat results for its fourth quarter.

The company said it earned $0.25 per share in the fourth quarter on revenue of $1.93 billion versus expectations of $0.26 per share on revenue of $1.96 billion.

Dean Foods expects FY 2018 adjusted earnings of $0.55 to $0.80 per share, versus analysts’ estimates of $0.80 per share.

Equities Trading UP

NXT-ID Inc NXTD shares shot up 31 percent to $2.86 after announcing a payment partnership between subsidiary Fitpay and Discover Financial Services DFS. The network services agreement will allow Discover Digital Exchange users to make retail transactions through Internet of Things devices linked to the FitPay Payment Platform.

Shares of R1 RCM Inc RCM got a boost, shooting up 19 percent to $6.13 as the company disclosed that it has won a contract from Ascension adding $2.5 billion of net patient revenue. R1 also announced plans to acquire Intermedix for $460 million.

Comstock Resources Inc CRK shares were also up, gaining 10 percent to $8.10 after the company reported results for its fourth quarter.

Equities Trading DOWN

Telaria Inc TLRA shares dropped 20 percent to $4.05 after the company reported downbeat Q4 results.

Shares of IRIDEX Corporation IRIX were down 23 percent to $5.60. IRIDEX issued a voluntary recall of TruFocus LIO Premiere™ laser indirect ophthalmoscope.
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MiMedx Group Inc MDXG was down, falling around 18 percent to $6.43. MiMedx is said to be under U.S. probe over sales and distribution practices, Bloomberg reported. Lake Street downgraded MiMedx from Buy to Hold.

Commodities

In commodity news, oil traded down 0.09 percent to $63.49 while gold traded up 0.29 percent to $1,334.20.

Silver traded up 0.34 percent Monday to $16.605, while copper fell 0.34 percent to $3.222.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.29 percent, the Spanish Ibex Index rose 0.33 percent, while Italy’s FTSE MIB Index fell 0.17 percent. Meanwhile the German DAX gained 0.08 percent, and the French CAC 40 rose 0.27 percent while U.K. shares rose 0.60 percent.

Economics

The Chicago Fed National Activity Index dropped to a reading of 0.12 in January, compared to a reading of 0.14 in December.

New-home sales declined 7.8 % in January at an annual rate of 593,000, according to the Commerce Department. Economists were expecting a 655,000 rate.

The Dallas Fed manufacturing business index gained to 37.20 in February, versus prior reading of 33.40. Economists expected a reading of 30.00.