Market Overview

Mid-Morning Market Update: Markets Open Higher; VF Corp To Buy Williamson-Dickie

Share:

Following the market opening Monday, the Dow traded up 0.64 percent to 21,997.64 while the NASDAQ climbed 1.05 percent to 6,322.29. The S&P also rose, gaining 0.87 percent to 2,462.55.

Leading and Lagging Sectors

Monday morning, the technology shares climbed by 1.15 percent. Meanwhile, top gainers in the sector included Quantum Corp (NYSE: QTM), up 7 percent, and MakeMyTrip Limited (NASDAQ: MMYT), up 7 percent.

In trading on Monday, energy shares rose by just 0.2 percent. Meanwhile, top losers in the sector included PrimeEnergy Corporation (NASDAQ: PNRG), down 6 percent, and Nabors Industries Ltd. (NYSE: NBR), down 3 percent.

Top Headline

VF Corp (NYSE: VFC) announced plans to acquire Williamson-Dickie for $820 million in cash and raised its FY17 guidance.

The deal is expected to complete early in the fourth quarter.

Equities Trading UP

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares shot up 38 percent to $6.43. Chardan Capital initiated coverage on Foresight Autonomous with a Buy rating.

Shares of CEL-SCI Corporation (NYSE: CVM) got a boost, shooting up 39 percent to $3.21 as the company disclosed that Phase 3 head & neck cancer trial's clinical hold has been removed by the FDA.

Neff Corp (NYSE: NEFF) shares were also up, gaining 18 percent to $25.70 as the company reported that it has received a $25 per share acquisition offer from a 'strategic bidder.'

Equities Trading DOWN

Sorl Auto Parts, Inc. (NASDAQ: SORL) shares dropped 16 percent to $5.87 after the company reported weak Q2 results.

Shares of Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) were down 20 percent to $5.64 after the company disclosed that its Phase 2 STOP trial did not meet its primary endpoint. However, the company trial did meet some secondary endpoints.

JD.Com Inc(ADR) (NASDAQ: JD) was down, falling around 5 percent to $43.52 after the company posted a wider net loss for the second quarter. The company’s net loss attributable to shareholders widened to 496.4 million yuan ($74.43 million), versus 252.3 million yuan in the year-ago period.

Commodities

In commodity news, oil traded down 0.47 percent to $48.59 while gold traded down 0.43 percent to $1,288.50.

Silver traded down 0.29 percent Monday to $17.02, while copper fell 0.29 percent to $2.9035.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.88 percent, the Spanish Ibex Index rose 1.47 percent, while Italy’s FTSE MIB Index surged 1.23 percent. Meanwhile the German DAX climbed 1.16 percent, and the French CAC 40 gained 0.96 percent while U.K. shares rose 0.47 percent.

Economics

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

Related Articles (CVM + FRSX)

View Comments and Join the Discussion!

Partner Center