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Following the market opening Monday, the Dow traded down 0.02 percent to 18,540.28 while the NASDAQ declined 0.12 percent to 5,214.99. The S&P also fell, dropping 0.05 percent to 2,181.69.
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Leading and Lagging Sectors
Monday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Pacific Drilling SA (NYSE: PACD) and Tidewater Inc. (NYSE: TDW).
In trading on Monday, healthcare shares fell by 0.63 percent. Meanwhile, top losers in the sector included Dynavax Technologies Corporation (NASDAQ: DVAX), down 7 percent, and BioScrip Inc (NASDAQ: BIOS), down 5 percent.
Top Headline
Tyson Foods, Inc. (NYSE: TSN) announced better-than-expected earnings for the third quarter.
The company reported net income of $485 million for the three-month period April — June, sharply higher than $343 million in the preceding year period. Similarly, EPS also surged from $0.83 to $1.25, while adjusted EPS climbed from $0.80 to $1.21 in the third quarter. The Street estimate was $1.06 a share.
However, sales revenue dipped from $10.07 billion to $9.4 billion in the same quarter last year. But, it was better than the analysts' predictions of $9.33 billion.
Equities Trading UP
Mattress Firm Holding Corp (NASDAQ: MFRM) shares shot up 115 percent to $63.70 as Steinhoff International Holdings NV announced plans to buy Mattress Firm for $3.8 billion, including debt.
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Shares of Image Sensing Systems, Inc. (NASDAQ: ISNS) got a boost, shooting up 121 percent to $5.35 following Q2 earnings report. Image Sensing Systems posted quarterly earnings of $0.24 per share on revenue of $4.7 million on Friday.
MEI Pharma Inc (NASDAQ: MEIP) shares were also up, gaining 29 percent to $2.08. Helsinn and MEI Pharma reported a strategic deal for the development and commercialization of Pracinostat for the treatment of AML and other hematologic diseases.
Equities Trading DOWN
Check Cap Ltd (NASDAQ: CHEK) shares dropped 24 percent to $2.31 after the company reported a $5.9 million financing.
Shares of Digital Ally, Inc. (NASDAQ: DGLY) were down 15 percent to $4.85. Digital Ally reported a Q2 adjusted loss of $0.45 per share on revenue of $4.4 million.
Dean Foods Co (NYSE: DF) was down, falling around 8 percent to $17.31 after the company reported weaker-than-expected quarterly earnings.
Commodities
In commodity news, oil traded up 2.03 percent to $42.65 while gold traded down 0.36 percent to $1,339.60.
Silver traded down 0.21 percent Monday to $19.78, while copper rose 0.93 percent to $2.17.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.03 percent, the Spanish Ibex Index rose 0.41 percent, while Italy’s FTSE MIB Index gained 0.58 percent. Meanwhile the German DAX rose 0.62 percent, and the French CAC 40 gained 0.13 percent, while U.K. shares rose 0.02 percent.
Economics
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.