Market Overview

Mid-Afternoon Market Update: Mellanox Rallies As Market Remains in the Red

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Toward the end of trading Monday, the Dow traded down 0.93 percent to 15,117.28 while the NASDAQ declined 0.42 percent to 3,765.80. The S&P also fell, dropping 0.74 percent to 1,679.64.

Top Headline
Cal-Maine Foods (NASDAQ: CALM) reported a 7% drop 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.

Equities Trading UP
The Active Network (NYSE: ACTV) shot up 25.66 percent to $14.32 after the company agreed to be taken private by Vista Equity Partners for $1.05 billion.

Shares of Brookfield Office Properties (NYSE: BPO) got a boost, shooting up 13.45 percent to $19.02 after Brookfield Property Partners (NYSE: BPY) proposed to acquire Brookfield Office Properties for $19.34 per share.

Mellanox Technologies (NASDAQ: MLNX) was also up, gaining 7.31 percent to $38.48 after the company announced general availability of MetroX solutions.

Equities Trading DOWN
Shares of Arena Pharmaceuticals (NASDAQ: ARNA) were down 9.33 percent to $5.25. Credit Suisse lowered the price target on the stock from $5 to $4.

McEwen Mining (NYSE: MUX) was also down, falling 4.35 percent to $2.42 following a Seeking Alpha article commenting on news of an Argentinian taxation raid on mining companies Johnson Controls (NYSE: JCI) was down, falling 2.31 percent to $41.55.

Analysts at Morgan Stanley downgraded the stock from Overweight to Underweight.

Commodities
In commodity news, oil traded down 0.29 percent to $102.57, while gold traded down 0.72 percent to $1,329.600. Silver traded down 0.37 percent Monday to $21.71, while copper fell 0.18 percent to $3.32.

Eurozone
European shares were lower today. The Spanish Ibex Index dropped 0.63 percent, while Italy's FTSE MIB Index fell 1.31 percent. Meanwhile, the German DAX dropped 0.90 percent and the French CAC 40 fell 1.03 percent while U.K. shares declined 0.85 percent.

Economics
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 Dallas Fed general business activity index rose to 12.80 in September, versus 5.00 in August.

However, economists were projecting a reading of 5.50.

Posted-In: Mid-Afternoon Market UpdateEarnings News Guidance Eurozone Commodities Forex Global Econ #s Economics Hot Intraday Update Markets Movers Tech

 

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