Mid-Afternoon Market Update: Hasbro Surges On Earnings Beat; Aratana Therapeutics Shares Slide

Toward the end of trading Monday, the Dow traded down 0.13 percent to 20,045.49 while the NASDAQ declined 0.17 percent to 5,656.88. The S&P also fell, dropping 0.30 percent to 2,290.60.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.01 percent in trading on Monday.

In trading on Monday, energy shares declined by 0.99 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. ATW, down 13 percent, and Hornbeck Offshore Services, Inc. HOS, down 10 percent.

Top Headline

Tyson Foods, Inc. TSN reported better-than-expected Q1 results and lifted its profit outlook for the year.

Tyson reported Q1 earnings of $1.59 per share on revenue of $9.18 billion. Analysts were expecting earnings of $1.26 per share on revenue of $9.05 billion.

Tyson now expects FY17 earnings of $4.90 to $5.05 per share, versus earlier forecast of $4.70 to $4.85 per share.

Equities Trading UP

Galena Biopharma Inc GALE shares shot up 28 percent to $1.54 after the company reported positive outcome from the Data Safety Monitoring Board on the two NeuVax trials.

Shares of Hasbro, Inc. HAS got a boost, shooting up 15 percent to $94.61 after the company reported stronger-than-expected results for its fourth quarter on Monday.

Cabot Oil & Gas Corporation COG shares were also up, gaining 11 percent to $23.68. JP Morgan upgraded Cabot Oil & Gas from Neutral to Overweight.

Equities Trading DOWN

Aratana Therapeutics Inc PETX shares dropped 19 percent to $6.49. Aratana Therapeutics reported that it projects ENTYCE to be commercially available in late 2017.

Shares of LGI Homes Inc LGIH were down around 12 percent to $27.47. LGI Homes disclosed that 172 homes closed in January 2017, down from 232 home closings in the year-ago period. Wells Fargo downgraded LGI Homes from Market Perform to Underperform.

COMSCORE, Inc. SCOR was down, falling around 26 percent to $23.96 after the company disclosed that it has notified the Nasdaq Hearings Panel that it will be unable to regain compliance with its SEC periodic reporting requirements by the deadline date.

Commodities

In commodity news, oil traded down 1.41 percent to $53.07 while gold traded down 1.05 percent to $1,233.60.

Silver traded up 1.32 percent Monday to $17.71, while copper rose 1.36 percent to $2.65.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.68 percent, the Spanish Ibex Index fell 1.11 percent, while Italy’s FTSE MIB Index dipped 2.21 percent. Meanwhile the German DAX declined 1.22 percent, and the French CAC 40 dropped 1.05 percent while U.K. shares fell 0.09 percent.

Economics

The Fed Labor Market Conditions Index rose to a reading of 1.30 in January, versus a prior reading of -0.30.

Philadelphia Federal Reserve Bank President Patrick T. Harker is set to speak in San Diego, Calif. at 4:30 p.m. ET.