Mid-Afternoon Market Update: Dow Slides Over 100 Points; Sprint Shares Climb Following Q1 Results

Toward the end of trading Monday, the Dow traded down 0.58 percent to 18,463.84 while the NASDAQ declined 0.20 percent to 5,090.09. The S&P also fell, dropping 0.48 percent to 2,164.59.

Leading and Lagging Sectors

On Monday, cyclical consumer goods & services shares climbed by 0.17 percent. Top gainers in the sector included Buffalo Wild Wings BWLD and McClatchy Co MNI.

In trading on Monday, energy shares fell by 2.09 percent. Meanwhile, top losers in the sector included Unit Corporation UNT, down 10 percent, and Helix Energy Solutions Group Inc HLX, down 10 percent.

Top Headline

Verizon Communications Inc. VZ confirmed Friday's reports that it will acquire some of Yahoo! Inc. YHOO’s assets.

Verizon said in a press release it has reached an agreement to acquire Yahoo's operating business for approximately $4.83 billion in cash.

Equities Trading UP

NeoPhotonics Corp NPTN shares shot up 17 percent to $13.06. Needham upgraded NeoPhotonics from Buy to Strong Buy.

Shares of Sprint Corp S got a boost, shooting up 28 percent to $5.88 after the company released its Q1 results. Sprint reported EBITDA of $2.5 billion and revenue of $8 billion.

Silicom Ltd. SILC shares were also up, gaining 15 percent to $36.01 as the company reported posted upbeat results for its second quarter.

Equities Trading DOWN

Tobira Therapeutics Inc TBRA shares dropped 60 percent to $4.45 as the company reported that its Phase 2b clinical trial of cenicriviroc missed its primary endpoint.

Shares of Santander Consumer USA Holdings Inc SC were down 9 percent to $10.74 after the company reported that it will delay the release of Q2 financial results, earlier scheduled for July 27, 2016.

Chembio Diagnostics Inc CEMI was down, falling around 15 percent to $7.15. Chembio Diagnostics reported an offering of $10 million common shares. The company also reported preliminary Q2 revenue of $3.2 million to $3.3 million and net loss of $8.3 million to $8.5 million.

Commodities

In commodity news, oil traded down 2.51 percent to $43.08 while gold traded down 0.53 percent to $1,324.50.

Silver traded down 0.35 percent Monday to $19.62, while copper fell 0.56 percent to $2.22.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.18 percent, the Spanish Ibex Index slipped 0.28 percent, while Italy’s FTSE MIB Index dropped 0.52 percent. Meanwhile the German DAX rose 0.50 percent, and the French CAC 40 rose 0.16 percent, while U.K. shares fell 0.30 percent.

Economics

The Dallas Fed manufacturing business index rose to -1.3 in July, versus a prior reading of -18.30. However, economists were expecting a reading of -10.00.