Mid-Day Morning Update: Greece's Stock Market Opens, and Crashes; Auto Sales Boom; Lexicon, ConforMIS, Linn Energy, and More!

After minutes of Greece’s stock market re-opening after a five-week devastating shut-down, the Athex benchmark composite dwindled nearly 20 percent in just a few minutes after the open. The declined illustrates that investors are still worried about Greece even after the bailout negotiations. According to the Wall Street Journal, the Greek Purchasing Managers Index for July fell to a 16-year low, down to 30.20.

Automakers post yet another strong month for car sales; the industry is eyeing a total of 17 million vehicle sales for the year, the most in the past decade. Sales of the General Motors Company GM rose 6.4 percent in the month of July; Fiat Chrysler Automobiles NV FCAU reported an increase of 6.2 percent in sales, the Ford Motor Company F increased sales by 4.9 percent, Nissan Motor Company reported an increase of 7.8 percent, Honda Motor Company increased 7.7 percent, and Toyota Motor Company only increased sales of less than 1 percent from July 2014.

Crude oil slides yet again, down to $45.86 (2.67 percent decrease) for Monday’s session. The Dow Jones Industrial Index declined 0.42 percent, the S&P 500 Index went down 0.11 percent, the NASDAQ Composite increased 0.10 percent, and the US Dollar Index rebounded 0.25 percent in Wednesday’s market session.

Stocks still continued to move past economic data;
Winners:
Global-Tech Advanced Innovations Inc GAI skyrocketed 116 percent after the investment holding company received a preliminary, non-binding offer to “go-private” offer for $8.75 per share.

Lexicon Pharmaceuticals Inc LXRX soared 60 percent after the biopharmaceutical company reported positive, top-line results from its pivotal Phase III Telotristat Etiprate study in cancer patients with Carcinoid Syndrome.

Frontier Communications Corporation NASDAQ: FTR) was lifted 10 percent after the communication company posted Q2 earnings; the company reported earnings of 3 cents per share on sales of $1.37 billion. Analysts expected earnings of 2 cents per share, but were in-line with sales estimates of $1.37 billion.

ConforMIS Inc CFMS was up 11 percent after the medical technology company reported results of multiple studies of its customized knee replacements at the 2015 Pan Pacific International Congress for Joint Reconstruction.

Losers:
Abengoa SA ABGB dwindled 30 percent after the technological solutions company announced a 650 million Euro capital increase to its debt.

Linn Energy LLC LINE sunk 19 percent after the oil and natural gas company reported disappointing earnings last week, and was downgraded by RBC Capital early Monday; the stock was downgraded from Outperform to Sector Perform rating, the price target was cut dramatically from $15 down to $5.

Penn Virginia Corporation PVA was down 17 percent following the drop in oil prices down to $45.86.

Trex Co Inc TREX declined nearly 16 percent after the decking and railing manufacturer reported less-than-expected earnings; the company reported earnings of 58 cents per share on sales of $136.80 million, analysts were expecting earnings of 60 cents per share on sales of $137.54 million.

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Posted In: EarningsNewsDowngradesPrice TargetOfferingsFDALegalEconomicsAnalyst RatingsBiotechnologyEnergyHealth CareOil & Gas Exploration & Production
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