Market Overview

Mid-Day Market Update: Markets Fluctuate; Edwards Group Shares Surge On Acquisition News

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Midway through trading Monday, the Dow traded down 0.12 percent to 15,063.46 while the NASDAQ surged 0.38 percent to 3,616.62. The S&P also fell, dropping 0.11 percent to 1,654.07.

Top Headline
Saks (NYSE: SKS) reported a wider second-quarter loss.

Saks posted a quarterly loss of $19.6 million, or $0.13 per share, versus a year-ago loss of $12.3 million, or $0.08 per share. Excluding one-time items, it lost $0.10 per share. However, analysts were expecting a loss of $0.08 per share.

Its revenue rose 1% to $707.8 million from $704.1 million, versus analysts' estimates of $732.3 million. Its same-store sales increased 1.5%.

Equities Trading UP
Edwards Group (NASDAQ: EVAC) shot up 18.22 percent to $9.99 after the company agreed to be acquired by Atlas Copco Group for $10.50 per share.

Shares of Pandora Media (NYSE: P) got a boost, shooting up 6.74 percent to $21.71 after Needham lifted the price target on the stock from $20.00 to $25.00.

Cellcom Israel (NYSE: CEL) was also up, gaining 3.48 percent to $11.52 after the company reported Q2 results and named Ron Shvili as its Chief Technology Officer.

Equities Trading DOWN
Shares of Cobalt International Energy (NYSE: CIE) were down 13.31 percent to $25.46 after the company provided an operational update on its deepwater drilling operations in West Africa and the Gulf of Mexico.

Trulia (NYSE: TRLA) shares tumbled 3.90 percent to $44.30 after analysts at RBC Capital downgraded the stock from Outperform to Sector Perform.

B2Gold (NYSE: BTG) was down, falling 8.33 percent to $3.03 after the company announced private offering of US$225 million of convertible senior subordinated notes.

Commodities
In commodity news, oil traded down 0.50 percent to $106.92, while gold traded down 0.56 percent to $1,363.30.

Silver traded down 0.97 percent Monday to $23.15, while copper fell 0.71 percent to $3.34.

Eurozone
European shares were lower today. The Spanish Ibex Index tumbled 1.97 percent, while Italy's FTSE MIB Index dropped 2.46%. Meanwhile, the German DAX declined 0.29 percent and the French CAC 40 dipped 0.97 percent while U.K. shares fell 0.51 percent.

Economics
There were no major economic releases Monday morning.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s

 

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