Market Overview

Mid-Afternoon Market Update: Markets Head into the Green as BlackBerry Shares Remain Pummeled

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Toward the end of trading Monday, the Dow traded up 0.05 percent to 15,623.09 while the NASDAQ gained 0.20 percent to 3,929.54. The S&P also rose, gaining 0.21 percent to 1,765.07.

Top Headline
Kellogg (NYSE: K) reported a 2.5 percent rise in its third-quarter profit and announced its plans to cut its workforce by 7 percent by 2017.

Kellogg's quarterly profit surged to $326 million, or $0.90 per share, versus a year-ago profit of $318 million, or $0.89 per share. Excluding one-time items, it earned $0.95 per share.

Its sales fell 0.1 percent to $3.72 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $3.71 billion.

Equities Trading UP
Extreme Networks (NASDAQ: EXTR) shot up 15.91 percent to $6.23 after the company reported FQ1 results.

Shares of AK Steel Holding (NYSE: AKS) got a boost, shooting up 8.80 percent to $5.005 after Goldman Sachs upgraded the stock from Sell to Buy.

Canadian Solar (NASDAQ: CSIQ) was also up, gaining 10.92 percent to $28.35 after the company raised its third quarter production guidance.

Equities Trading DOWN
Shares of BlackBerry (NASDAQ: BBRY) were down 16.41 percent to $6.49 after the company abandoned its plan to sell itself. The company also announced its plans to replace its Chief Executive Thorsten Heins.

Bridgepoint Education (NYSE: BPI) was down as well, dropping 8.62 percent to $17.92 after Deutsche Bank downgraded the company to a Sell rating while maintaining its $13 price target.

World Acceptance (NASDAQ: WRLD) was down, falling 12.64 percent to $88.65 after the company announced the resignation of its President and Chief Operating Officer Mark C. Roland.

Commodities
In commodity news, oil traded up 0.01 percent to $94.62, while gold traded up 0.11 percent to $1,314.50.

Silver traded down 0.95 percent Monday to $21.68, while copper fell 1.26 percent to $3.25.

Eurozone
European shares were higher today. The Spanish Ibex Index rose 0.36 percent, while Italy's FTSE MIB Index gained 0.76 percent. Meanwhile, the German DAX rose 0.33 percent and the French CAC 40 gained 0.36 percent while U.K. shares rose 0.43 percent.

Economics
US factory orders rose 1.70 percent in September, while August orders declined 0.1 percent.

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

 

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