Mid-Morning Market Update: Markets Open Higher; Tyson Foods Earnings Miss Views

Following the market opening Monday, the Dow traded up 0.81 percent to 24,459.18 while the NASDAQ climbed 0.77 percent to 7,264.94. The S&P also rose, gaining 0.55 percent to 2,678.09.

Leading and Lagging Sectors

Monday morning, the energy shares rose 2.24 percent. Meanwhile, top gainers in the sector included Energy XXI Gulf Coast, Inc. EGC, up 12 percent, and EP Energy Corporation EPE up 14 percent.

In trading on Monday, telecommunication services shares fell 0.10 percent.

Top Headline

Tyson Foods, Inc. TSN reported weaker-than-expected results for its fiscal second quarter.

Tyson posted quarterly earnings of $1.271 per share on sales of $9.773 billion. Analysts expected earnings of $1.32 per share on sales of $9.89 billion. Tyson expects FY18 earnings of $6.55 to $6.70 per share.

Equities Trading UP

athenahealth, Inc. ATHN shares shot up 24 percent to $156.17 after Elliott Management confirmed a $160 per share cash offer for athenahealth.

Shares of Evolus, Inc. EOLS got a boost, shooting up 22 percent to $8.91. Evolus named David Moatazedi as new CEO.

Gramercy Property Trust GPT shares were also up, gaining 16 percent to $27.52 after the company agreed to be acquired by Blackstone Group L.P. BX for $27.50 per share.

Equities Trading DOWN

Tower Semiconductor Ltd. TSEM shares dropped 16 percent to $23.04 after reporting downbeat quarterly results.

Shares of DENTSPLY SIRONA Inc. XRAY were down 5 percent to $47.72. DENTSPLY SIRONA reported Q1 adjusted earnings of $0.45 per share on sales of $956.1 million. The company updated its 2018 adjusted earnings guidance to $2.55 to 2.65 per share.

Euro Tech Holdings Company Limited CLWT was down, falling around 7 percent to $3.745 after dropping 30.26 percent on Friday.

Commodities

In commodity news, oil traded up 1.33 percent to $70.65 while gold traded down 0.16 percent to $1,312.60.

Silver traded down 0.24 percent Monday to $16.48, while copper rose 0.41 percent to $3.098.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.32 percent, the Spanish Ibex Index rose 0.29 percent, while Italy’s FTSE MIB Index rose 0.40 percent. Meanwhile the German DAX rose 0.58 percent, and the French CAC 40 gained 0.06 percent while U.K. shares rose 0.86 percent.

Economics

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The TD Ameritrade Investor Movement Index for April is schedule for release at 12:30 p.m. ET.

Tom Barkin is set to speak at 2:00 p.m. ET.

Data on consumer credit for March will be released at 3:00 p.m. ET.

Dallas Fed President Robert Kaplan will speak at 3:30 p.m. ET.

Chicago Fed President Charles Evans is set to speak at 3:30 p.m. ET.