Mid-Morning Market Update: Markets Open Higher; Teva Tops Q4 Estimates

Following the market opening Monday, the Dow traded up 0.50 percent to 20,371.05 while the NASDAQ gained 0.48 percent to 5,761.38. The S&P also rose, gaining 0.42 percent to 2,325.74.

Leading and Lagging Sectors

Basic materials shares climbed by 1.15 percent in trading on Monday. Meanwhile, top gainers in the sector included Vale SA (ADR) VALE, and Intrepid Potash, Inc. IPI.

In trading on Monday, telecommunications services shares fell by 0.42 percent. Meanwhile, top losers in the sector included NQ Mobile Inc (ADR) NQ, down 3 percent, and J2 Global Inc JCOM, down 3 percent.

Top Headline

Teva Pharmaceutical Industries Ltd (ADR) TEVA reported better-than-expected results for its fourth quarter, driven by the acquisition of Actavis Generics business. The company also reaffirmed its 2017 outlook, which also came in above consensus expectations.

Teva posted Q4 earnings of $1.38 per share on revenue of $6.49 billion. Analysts were expecting earnings of $1.35 per share on revenue of $6.25 billion.

Equities Trading UP

Zosano Pharma Corp ZSAN shares shot up 74 percent to $2.09 after the company disclosed that M207 has achieved both co-primary endpoints in ZOTRIP pivotal efficacy migrane trial.

Shares of Chemours Co CC got a boost, shooting up 15 percent to $32.34 as DuPont reached a global $670.7 million settlement of multi-district PFOA litigation.

Trio-Tech International TRT shares were also up, gaining 15 percent to $4.41. On Friday, Trio-Tech reported Q2 earnings of $0.09 per share on revenue of $9.1 million.

Equities Trading DOWN

Hain Celestial Group Inc HAIN shares dropped 13 percent to $33.70 after the company announced a SEC subpoena seeking documents related to delayed filing.

Shares of Nexvet Biopharma plc NVET were down around 18 percent to $2.75. On Friday, Nexvet reported a Q2 net loss of $5.4 million, versus a year-ago loss of $5.7 million.

Knoll Inc KNL was down, falling around 10 percent to $24.43. Knoll Inc. on Friday posted Q4 earnings of $21.4 million on revenue of $292.9 million.

Commodities

In commodity news, oil traded down 1.28 percent to $53.17 while gold traded down 0.79 percent to $1,226.10.

Silver traded down 0.24 percent Monday to $17.89, while copper rose 0.83 percent to $2.79.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 0.81 percent, the Spanish Ibex Index rose 1.12 percent, while Italy’s FTSE MIB Index surged 1.15 percent. Meanwhile the German DAX climbed 1.16 percent, and the French CAC 40 rose 1.49 percent while U.K. shares rose 0.49 percent.

Economics

On the economics calendar Monday, there is no important data due out.