Dow Turns Lower; EchoStar Shares Plunge

U.S. stocks turned lower toward the end of trading, with the Dow Jones falling around 50 points on Monday

The Dow traded down 0.16% to 34,007.81 while the NASDAQ fell 0.08% to 13,467.42. The S&P 500 also fell, dropping, 0.13% to 4,352.49.

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Leading and Lagging Sectors

Health care shares jumped by 0.7% on Monday.

In trading on Monday, real estate shares fell by 1.7%.

Top Headline

Kosmos Energy Ltd KOS reported better-than-expected earnings for its third quarter on Monday.

Kosmos Energy reported third-quarter (Q3) 2023 revenue of $526.5 million, beating the consensus of $457.4 million. Adjusted EPS of 26 cents, surpassing the consensus of $0.21.

For FY23, the company now expects capital expenditure of ~$800 million (vs. $700 million - $750 million earlier) and production of ~63,000 boe per day (vs. 65,000 - 69,000 boe per day prior).

Equities Trading UP

Carbon Revolution Public Limited CREV shares shot up 204% to $89.00 after gaining 100% on Friday. The company’s stock began trading on Friday following merger with Twin Ridge Capital Acquisition Corp.

Shares of Bluegreen Vacations Holding Corporation BVH got a boost, shooting 106% to $73.00 after the company announced it would be acquired by Hilton Grand Vacations at $75 per share.

Digital Brands Group, Inc. DBGI shares were also up, gaining 22% to $5.35 after the company announced a review of strategic alternatives.

Equities Trading DOWN

MoonLake Immunotherapeutics MLTX shares dropped 24% to $39.06 after the company announced results of its phase 2 study treating active Psoriatic Arthritis.

Shares of DISH Network Corporation DISH were down 22% to $4.2701 after the company reported third-quarter results. On Nov. 3, 2023, W. Erik Carlson notified DISH that he intends to resign as the CEO effective Nov. 12, 2023.

EchoStar Corporation SATS was down, falling 21% to $12.14 after the company reported worse-than-expected third-quarter sales.

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Commodities

In commodity news, oil traded up 1.5% to $81.69 while gold traded down 0.4% at $1,990.70.

Silver traded down 0.3% to $23.215 on Monday while copper rose 1% to $3.7165.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.16%, London’s FTSE 100 rose 0.01% while Spain’s IBEX 35 Index fell 0.56% The German DAX fell 0.35% French CAC 40 fell 0.48%, while Italy’s FTSE MIB Index fell 0.29%.

Factory orders in Germany increased 0.2% month-over-month in September compared to a revised 1.9% increase in August. The HCOB Spain Composite PMI edged lower to 50 in October from 50.1 in the earlier month.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.37%, Hong Kong’s Hang Seng Index gaining 1.71% and China’s Shanghai Composite Index gaining 0.91%. India’s S&P BSE Sensex, meanwhile, rose around 0.7%.

The au Jibun Bank Japan services PMI fell to 51.6 in October versus a final reading of 53.8 in September, while composite PMI slipped to 50.5 from a final level of 52.1 in September.

Economics

There were no major US economic releases Monday.

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