Mid-Afternoon Market Update: Crude Oil Up 2.5%; Henry Schein Shares Fall On Earnings Miss

Toward the end of trading Monday, the Dow traded up 0.02 percent to 23,542.61 while the NASDAQ gained 0.16 percent to 6,775.08. The S&P also rose, gaining 0.07 percent to 2,589.54.

Leading and Lagging Sectors

Monday afternoon, the energy shares climbed by 1.76 percent. Meanwhile, top gainers in the sector included Baytex Energy Corp (USA) BTE, up 10 percent, and Chesapeake Energy Corporation CHK, up 9 percent.

In trading on Monday, telecommunications services shares fell 1.04 percent. Meanwhile, top losers in the sector included Verizon Communications Inc. VZ, down 5 percent, and Sprint Corporation S down 11 percent.

Top Headline

CVS Health Corp CVS reported better-than-expected earnings for its third quarter on Monday.

CVS posted quarterly EPS of $1.50 per share on revenue of $46.2 billion. However, analysts were expecting earnings of $1.49 per share on revenue of $46.17 billion.

CVS now expects FY17 adjusted earnings of $5.87 to $5.91 per share, versus prior forecast of $5.83 to $5.93 per share.

Equities Trading UP

Diana Containerships Inc DCIX shares shot up 139 percent to $26.76 on no news. Diana Containerships shares rallied nearly 700 percent on Friday.

Shares of TherapeuticsMD Inc TXMD got a boost, shooting up 44 percent to $6.26 after the company reported a plan to resubmit the New Drug Application for TX-004HR. TherapeuticsMD reported a Q3 loss of $0.07 per share on revenue of $4.41 million.

TOP SHIPS Inc TOPS shares were also up, gaining 114 percent to $1.54 on no news.

Equities Trading DOWN

Medical Transcription Billing Corp MTBC shares dropped 23 percent to $3.09. MTBC reported a Q3 loss of $0.14 per share on sales of $7.51 million.

Shares of Mesa Laboratories, Inc. MLAB were down 14 percent to $135.80 on weaker-than-expected results for its second quarter.

Henry Schein, Inc. HSIC was down, falling around 10 percent to $70.26 as the company posted downbeat quarterly earnings.

Commodities

In commodity news, oil traded up 2.52 percent to $57.04 while gold traded up 0.85 percent to $1,280.00.

Silver traded up 2.11 percent Monday to $17.19, while copper rose 1.15 percent to $3.1535.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.13 percent, the Spanish Ibex Index fell 0.40 percent, while Italy’s FTSE MIB Index declined 0.05 percent. Meanwhile the German DAX slipped 0.07 percent, and the French CAC 40 dropped 0.19 percent while U.K. shares rose 0.03 percent.

Economics

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