Market Overview

Mid-Morning Market Update: Markets Open Higher; Citigroup Profit Beats Street View

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Following the market opening Monday, the Dow traded up 0.73 percent to 17,067.78 while the NASDAQ gained 0.54 percent to 4,439.17. The S&P also rose, gaining 0.51 percent to 1,977.56.

Leading and Lagging Sectors

Telecommunications services shares jumped around 1.03 percent in today’s trading. Top gainers in the sector included NQ Mobile (NYSE: NQ), China Unicom (Hong Kong) (NYSE: CHU), and Portugal Telecom, SGPS S.A. (NYSE: PT).

In trading on Monday, utilities shares rose by just 0.18 percent. Top losers in the sector included The AES (NYSE: AES), down 1 percent, and Pampa Energia SA (NYSE: PAM), off 1.4 percent.

Top Headline

Citigroup (NYSE: C) reported better-than-expected second-quarter results.

Citigroup’s quarterly net profit fell to $181 million, or $0.03 per share, versus a year-ago profit of $4.18 billion, or $1.34 per share. Its adjusted net profit came in at $3.9 billion, or $1.24 per share. Its revenue slipped 6% to $19.3 billion from $20.48 billion. Excluding CVA/DVA, revenue fell 3% to $19.4 billion. However, analysts were estimating earnings of $1.06 per share on revenue of $18.92 billion.

The bank also announced its plans to pay $7 billion to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group.

Equities Trading UP

Exelixis (NASDAQ: EXEL) shares shot up 6.77 percent to $3.55 after the company announced positive phase 3 data for coBRIM.

Shares of Kandi Technolgies Group (NASDAQ: KNDI) got a boost, shooting up 12.68 percent to $16.59 on report of a 238% rise in EV sales.

URS (NYSE: URS) shares were also up, gaining 8.04 percent to $56.20 after Aecom Technology (NYSE: ACM) announced its plans to buy URS for $4 billion in cash and stock.

Equities Trading DOWN

Shares of Harmonic (NASDAQ: HLIT) were down 12.55 percent to $6.24 after the company lowered its Q2 forecast and issued a weak Q3 guidance.

Riverbed Technology (NASDAQ: RVBD) shares tumbled 6.14 percent to $19.10 after the company lowered its Q2 revenue forecast.

GT Advanced Technologies (NASDAQ: GTAT) was down, falling 5.89 percent to $15.11. The decline in the stock may be attributed to cautious comments by CLSA.

Commodities

In commodity news, oil traded down 0.02 percent to $100.81, while gold traded down 1.79 percent to $1,313.50.

Silver traded down 1.92 percent Monday to $21.05, while copper fell 0.29 percent to $3.26.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.66 percent, the Spanish Ibex Index surged 0.09 percent, while Italy’s FTSE MIB Index dropped 0.35 percent. Meanwhile, the German DAX rose 0.85 percent and the French CAC 40 climbed 0.65 percent while UK shares gained 0.81 percent.

Economics

The Treasury is set to auction 3-and 6-month bills.

Posted-In: Earnings News Guidance Eurozone Financing Futures Commodities Top Stories

 

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