Market Overview

Mid-Day Market Update: K2M Group Drops On Weak Sales Outlook; Sphere 3D Shares Climb

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Midway through trading Monday, the Dow traded down 0.02 percent to 22,769.05 while the NASDAQ gained 0.01 percent to 6,590.66. The S&P also fell, dropping 0.07 percent to 2,547.57.

Leading and Lagging Sectors

On Monday, the non-cyclical consumer goods & services shares surged 0.48 percent.

In trading on Monday, healthcare shares fell 0.31 percent. Meanwhile, top losers in the sector included Davita Inc (NYSE: DVA), down 8 percent, and Almost Family Inc (NASDAQ: AFAM) down 5 percent.

Top Headline

Axalta Coating Systems Ltd. (NYSE: AXTA) lowered its guidance for 2017.

Axalta now projects 2017 sales to increase 6 percent-7 percent. The company also expects adjusted earnings before interest, taxes, depreciation and amortization of $870 million to $900 million. The company earlier expected sales growth of 7 percent to 8 percent, and EBITDA of $940 million to $970 million.

Equities Trading UP

Cleantech Solutions International Inc (NASDAQ: CLNT) shares shot up 116 percent to $7.16 after the company reported an exclusivity agreement for the potential takeover of Inspirit Studio.

Shares of Sphere 3D Corp. (NASDAQ: ANY) got a boost, shooting up 23 percent to $3.09 after the company disclosed that HVE has been awarded a $1 million contract.

Altimmune Inc (NASDAQ: ALT) shares were also up, gaining 14 percent to $2.58. Piper Jaffray initiated coverage on Altimmune with an Overweight rating and a $6.00 price target.

Equities Trading DOWN

K2M Group Holdings Inc (NASDAQ: KTWO) shares dropped 17 percent to $18.00 after the company issued a weak sales forecast.

Shares of 22nd Century Group Inc (NYSE: XXII) were down 15 percent to $2.90 after the company reported a $54 million private placement.

Tandem Diabetes Care Inc (NASDAQ: TNDM) was down, falling around 18 percent to $0.673. Tandem Diabetes’ board authorized to effect a 1-for-8 reverse stock split.

Commodities

In commodity news, oil traded up 0.30 percent to $49.44 while gold traded up 0.62 percent to $1,282.80.

Silver traded up 0.83 percent Monday to $16.93, while copper fell 0.17 percent to $3.024.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.14 percent, the Spanish Ibex Index rose 0.56 percent, while Italy’s FTSE MIB Index climbed 0.21 percent. Meanwhile the German DAX rose 0.10 percent, and the French CAC 40 slipped 0.07 percent while U.K. shares fell 0.25 percent.

Economics

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

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

 

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