Mid-Morning Market Update: US Markets Mixed, BlackBerry To Explore Strategic Alternatives
Following the market opening Monday, the Dow traded down 0.09 percent to 15,411.87 while the NASDAQ gained 0.18 percent to 3,666.56. The S&P also fell, dropping 0.13 percent to 1,689.20.
BlackBerry (NASDAQ: BBRY) reported that its board of directors has formed a special committee to explore strategic alternatives, including sales of assets or a possible sale of the company. BlackBerry shares surged 6.25 percent to trade at $10.37.
Equities Trading UP
McEwen Mining (NYSE: MUX) shot up 7.46 percent to $2.16 after the company reported Q2 operational results. Shares of BlackBerry (NASDAQ: BBRY) got a boost, shooting up 6.25 percent to $10.37 after the company reported that it was seeking strategic alternatives. Celldex Therapeutics (NASDAQ: CLDX) was also up, gaining 4.22 percent to $19.75 after the company reported expansion of Phase 2 ReACT study in recurrent Glioblastoma.
Equities Trading DOWN
Shares of Tesla Motors (NASDAQ: TSLA) were down 2.91 percent to $148.55 after Lazard Capital Markets downgraded the stock from Buy to Neutral. Rambus (NASDAQ: RMBS) shares tumbled 3.63 percent to $8.89 after the company announced proposed offering of $100 million aggregate principal amount of its convertible senior notes. Sysco (NYSE: SYY) was down, falling 3.34 percent to $33.84 after the company reported an 8.5% drop in its fourth-quarter profit.
In commodity news, oil traded down 0.68 percent to $105.25, while gold traded up 1.79 percent to $1,335.70. Silver traded up 3.91 percent Monday to $21.21, while copper rose 0.06 percent to $3.31.
European shares were lower as the euro dropped on fears that a new fight was set over a third Greek bailout later this year. The Spanish Ibex Index dropped 0.23 percent and the Italian FTSE MIB Index fell 0.05 percent. Meanwhile, the German DAX dropped 0.21 percent and the French CAC 40 fell 0.34 percent while U.K. shares declined 0.30 percent.
The Treasury is set to auction 3- and 6-month bills. The Treasury monthly budget report for July will be released at 2:00 p.m. ET.
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