Mid-Morning Market Update: Markets Open Lower; Cal-Maine Q1 Net Profit Declines 7%

Following the

Monday, the Dow traded down 0.88 percent to 15,124.15 while the NASDAQ declined 0.82 percent to 3,750.73. The S&P also fell, dropping 0.75 percent to 1,679.03.

Cal-Maine Foods

reported a

in its fiscal first-quarter earnings. Cal-Maine's quarterly profit fell to $8.8 million, or $0.36 per share, from $9.4 million, or $0.39 per share, in the year-ago period. Its sales rose 17% to $319.5 million, while gross margin shrank to 14.1% from 16.4%. Analysts were expecting a profit of $0.36 per share on revenue of $296.73 million.

The Active Network

shot up 26.10 percent to $14.38 after the company

by Vista Equity Partners for $1.05 billion. Shares of Brookfield Office Properties

got a boost, shooting up 16.49 percent to $19.54 after Brookfield Property Partners

Brookfield Office Properties for $19.34 per share. Telecom Italia S.p.A.

was also up, gaining 3.06 percent to $8.09. JP Morgan upgraded the stock from Underweight to Neutral.

Shares of Arena Pharmaceuticals

were down 6.74 percent to $5.40.

the price target on the stock from $5 to $4. Clovis Oncology

shares tumbled 7.86 percent to $55.83 after the company reported updated results from an ongoing Phase I/II monotherapy study of rucaparib. Johnson Controls

was down, falling 2.94 percent to $41.28. Analysts at

the stock from Overweight to Underweight.

In commodity news,

to $101.28, while gold traded down 1.03 percent to $1,325.40. Silver traded down 1.72 percent Monday to $21.46, while copper fell 0.05 percent to $3.33.

European shares

today. The Spanish Ibex Index dropped 0.91 percent, while Italy's FTSE MIB Index fell 1.66 percent. Meanwhile, the German DAX dropped 1.09 percent and the French CAC 40 fell 1.50 percent while U.K. shares declined 0.76 percent.

The Chicago PMI rose to 55.70 in September, versus a prior reading of 53.00. However, economists were expecting a reading of 54.00. The Treasury is set to auction 3-and 6-month bills.