Mid-Morning Market Update: Markets Open Lower; Hasbro Beats Q4 Estimates

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Following the market opening Monday, the Dow traded down 1.54 percent to 15,956.10 while the NASDAQ dropped 2.05 percent to 4,273.84. The S&P also fell, dropping 1.55 percent to 1,850.90.
Leading and Lagging Sectors
On Monday, basic materials shares fell by just 0.7 percent. Meanwhile, top gainers in the sector included
Kinross Gold Corporation (USA) KGC
, up 9 percent, and
Yamana Gold Inc. (USA)AUY
up 8 percent. In trading on Monday, energy shares tumbled by 2.68 percent. Meanwhile, top losers in the sector included
Chesapeake Energy CorporationCHK
, down 35 percent, and
Williams Companies Inc WMB
, down 35 percent.
Top Headline
Hasbro, Inc.
HAS
reported stronger-than-expected results for its fourth quarter. Hasbro earned $1.39 per share in the quarter on revenue of $1.47 billion. Wall Street analysts were expecting the company to earn $1.30 per share on revenue of $1.37 billion.
Equities Trading UP Apollo Education Group Inc APOL
shares shot up 26 percent to $8.75 after the company confirmed it will be taken private in a transaction which values the company at $1.1 billion. Apollo Education reported that it has agreed to sell itself to a consortium of investors for $9.50 per share in cash for both its Class A and Class B shares. The consortium of investors includes The Vistria Group, funds affiliated with
Apollo Global Management LLC
APO
and Najafi Companies. Shares of
Sientra IncSIEN
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got a boost, shooting up 16 percent to $9.99 after the company reported that all of its medical devices will return to the U.S. market from March 1st, 2016.
Kinross Gold Corporation (USA)KGC
shares were also up, gaining 9 percent to $2.51. BMO Capital upgraded Kinross Gold from Market Perform to Outperform.
Equities Trading DOWN CTI BioPharma CorpCTIC
shares dropped 64 percent to $0.405 after the company disclosed that it has received a written communication from the U.S. Food and Drug Administration. According to CTI BioPharma, the FDA said in its letter that it has placed a partial clinical hold on the clinical studies being conducted by BioPharma under its Investigational New Drug application for pacritinib. Shares of
BioCryst Pharmaceuticals, Inc.BCRX
were down 65 percent to $2.14 following announcement of failed avoralstat trial results.
Energy Transfer Equity LPETE
was down, falling around 30 percent to $4.87. Baird downgraded Energy Transfer Equity from Outperform to Neutral.
Commodities
In commodity news, oil traded down 2.53 percent to $30.11, while gold traded up 2.23 percent to $1,183.50. Silver traded up 2.11 percent Monday to $15.09, while copper fell 0.57 percent to $2.09.
Eurozone
European shares were lower today. The eurozone's STOXX 600 fell 2.49 percent, the Spanish Ibex Index fell 2.96 percent, while Italy's FTSE MIB Index declined 2.65 percent. Meanwhile, the German DAX fell 2.70 percent, and the French CAC 40 slipped 2.61 percent, while U.K. shares fell 1.97 percent.
Economics
There were no major US economic releases Monday.
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Posted In: EarningsNewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Morning Market Update
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