Mid-Morning Market Update: Markets Open Lower, Tyson Posts Upbeat Profit
Following the market opening Monday, the Dow traded down 0.34 percent to 15,604.52 while the NASDAQ declined 0.07 percent to 3,686.92. The S&P also fell, dropping 0.20 percent to 1,706.23.
Tyson Foods (NYSE: TSN) reported a rise in its third-quarter profit. Tyson's quarterly profit surged to $249 million, or $0.68 per share, from $76 million, or $0.21 per share, in the year-ago period. Its adjusted net income climbed to $0.68 per share from $0.50 per share. Its revenue surged to $8.7 billion from $8.3 billion. However, analysts were projecting earnings of $0.60 per share on revenue of $8.66 billion.
Equities Trading UP
Tyson Foods (NYSE: TSN) shot up 4.24 percent to $29.72 after the company reported a rise in its third-quarter profit. Shares of Canadian Solar (NASDAQ: CSIQ) got a boost, shooting up 6.74 percent to $15.06 after the company announced its plans to sell five utility-scale solar power plants worth over $277 million to Concord Green Energy. Revlon (NYSE: REV) was also up, gaining 4.11 percent to $25.51 after the company announced its plans to buy Colomer Group for around $660 million.
Equities Trading DOWN
Shares of HSBC Holdings plc (NYSE: HBC) were down 4.80 percent to $55.19 after the company reported a 23 percent rise in its net profit for the first half of the year. The E. W. Scripps Company (NYSE: SSP) shares tumbled 11.32 percent to $14.80 after the company reported a 41 percent drop in its second-quarter earnings. Fossil (NASDAQ: FOSL) was down, falling 3.04 percent to $110.85 after Barclays downgraded the stock from Equal-Weight to Underweight.
In commodity news, oil traded down 1.11 percent to $105.75, while gold traded down 0.37 percent to $1,305.60. Silver traded down 1.11 percent Monday to $19.69, while copper fell 0.35 percent to $3.16.
European shares were mostly lower today. Spain's services sector continued to recover as the Services PMI rose to 48.5 from 47.8 in June. The Spanish Ibex Index dropped 0.03 percent and the Italian FTSE MIB Index declined 0.14 percent. Meanwhile, the German DAX fell 0.21 percent and the French CAC 40 climbed 0.05 percent while U.K. shares fell 0.45 percent.
The ISM non-manufacturing index surged to 56.00 in July, versus a prior reading of 52.20. However, economists were expecting a reading of 53.10. The Treasury is set to auction 3- and 6-month bills. Richard Fisher of the Dallas Fed is set to speak. The Investor Movement Index for July will be released at 12:30 p.m. ET.
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