Mid-Afternoon Market Update: Markets Recovering; Pandora Falls in Anticipation of Apple's Streaming Radio
Toward the end of trading Monday, the Dow traded up 0.57 percent to 15,201.55, while the NASDAQ fell 0.18 percent to 3,449.44. The S&P was also up, gaining 0.23 percent to 1,634.58.
Cracker Barrel Old Country Store (NASDAQ: CBRL) reported a 30% rise in its fiscal third-quarter earnings.
Cracker Barrel lifted its earnings forecast for the year to $4.75 to $4.85 per share, versus its earlier forecast of $4.60 to $4.80 per share.
Cracker Barrel's quarterly profit surged to $24.6 million, or $1.02 per share, from $19 million, or $0.81 per share, in the year-ago period. The company had earlier expected earnings of $0.90 to $0.95 per share. Its revenue rose 5.2% to $640.4 million, versus analysts' estimates of $631 million.
Equities Trading UP
SodaStream (NASDAQ: SODA) traded up 8.75 percent to $69.39 after Barclays released a report that raised its revenue target on the company, causing traders to get bullish on the name.
Shares MannKind (NASDAQ: MNKD) were also up 12.46 percent to $7.48 after the company completed a Phase 3 clinical study of AFREZZA.
Clovis Oncology (NASDAQ: CLVS) got a boost, shooting up 91.99 percent to $69.61, almost $20 off the highs of the day, after the company's CO-1686 demonstrated encouraging results from ongoing Phase I/II study in EGFR-mutant non-small cell lung cancer.
Equities Trading DOWN
Infinity Pharmaceuticals (NASDAQ: INFI) was down, falling 36.99 percent to $16.98 on Phase 1 data.
Pandora (NYSE: P) was down as well, falling 10.81 percent to $15.18 after Apple (NASDAQ: AAPL) announced a contract to be able to stream audio, foreshadowing the highly anticipated release of its internet radio offering next week at WDC.
Shares of SolarCity (NASDAQ: SCTY) were also down, dropping 9.87 percent to $40.72 as the solar sector as a whole took a hit, while Elon Musk's other company, Tesla (NASDAQ: TSLA) traded down as much as 10 percent.
In commodity news, oil traded up 1.65 percent to $93.49, while gold gained 1.28 percent to $1,410.50.
Silver traded up 2.53 percent Monday to $22.81, while copper rose 0.91 percent to $3.32.
European shares turned lower. The Eurozone Manufacturing PMI rose to 48.3 in May from 47.8 in April on expectations of a flat reading with all major countries reporting better than expected results in the report.
The Spanish Ibex Index fell 0.44 percent and the Italian FTSE MIB Index dropped 0.91 percent. Meanwhile, the German DAX dipped 0.76 percent and the French CAC 40 declined 0.71 percent while U.K. shares tumbled 1.98 percent.
The final reading of Markit's manufacturing PMI rose to 52.3 in May, up from 52.1 in April.
The ISM manufacturing index fell to 49.00 in May, versus a reading of 50.70 in April. However, economists were expecting a reading of 51.00.
Construction spending surged 0.4% to an annual rate of $860.8 billion in April. However, economists were expecting spending to rise 0.90%.
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