Mid-Morning Market Update: Markets Open Higher; UTi Worldwide Reports Q4 Loss
Following the market opening Monday, the Dow traded up 0.88 percent to 16,466.61 while the NASDAQ surged 1.22 percent to 4,206.58. The S&P also rose, gaining 0.78 percent to 1,872.17.
Leading and Lagging Sectors
Monday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from Nordion (NYSE: NDZ) and Pacira Pharmaceuticals (NASDAQ: PCRX). Utilities sector rose by just 0.19 percent in the US market today.
UTi Worldwide (NASDAQ: UTIW) reported a wider-than-expected fourth-quarter loss. UTi Worldwide posted a quarterly net loss of $50.7 million, or $0.48 per share, versus a year-ago loss of $142.8 million, or $1.38 per share.
Excluding items, UTi lost $0.15 per share. Its revenue slipped 2.1% to $1.08 billion. However, analysts were estimating a loss of $0.11 per share on revenue of $1.09 billion.
Equities Trading UP
Nordion (NYSE: NDZ) shares shot up 11.19 percent to $11.58 after the company agreed to be acquired by Sterigenics for $11.75 per share.
Shares of Halozyme Therapeutics (NASDAQ: HALO) got a boost, shooting up 6.11 percent to $12.85 after the company reported that Consistent 1 trial Of Hylenex(R) recombinant has met primary endpoint.
ING Groep NV (NYSE: ING) was also up, gaining 4.11 percent to $14.28 after the company announced its plans to resume paying dividends in 2015.
Equities Trading DOWN
Shares of GenCorp (NYSE: GY) were down 5.16 percent to $17.64 after the company reported Q1 results. GenCorp reported a Q1 loss of $0.03 per share.
BlackBerry (NASDAQ: BBRY) shares tumbled 5.23 percent to $7.97 after falling 7.07% on Friday. Analysts at Credit Suisse downgraded BlackBerry from neutral to underperform and lowered the target price from $7 to $6.
In commodity news, oil traded down 0.07 percent to $101.60, while gold traded down 0.16 percent to $1,292.20. Silver traded up 0.23 percent Monday to $19.84, while copper fell 0.48 percent to $3.03.
European shares were higher today. The Spanish Ibex Index rose 1.27 percent, while Italy's FTSE MIB Index gained 1.53 percent. Meanwhile, the German DAX surged 0.25 percent and the French CAC 40 climbed 0.26 percent while U.K. shares gained 0.70 percent.
US Chicago PMI fell to 55.90 in March, versus a prior reading of 59.80. However, economists were expecting a reading of 59.00.
The Treasury is set to auction 3-and 6-month bills.
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