Market Overview

Mid-Morning Market Update: Markets Open Higher; Sears Board Explores Sale Of Assets

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Following the market opening Monday, the Dow traded up 0.37 percent to 24,922.82 while the NASDAQ climbed 0.52 percent to 7,440.97. The S&P also rose, gaining 0.34 percent to 2,737.05.

Leading and Lagging Sectors

Monday morning, the energy shares rose 0.86 percent. Meanwhile, top gainers in the sector included Renewable Energy Group, Inc. (NASDAQ: REGI), up 10 percent, and Comstock Resources, Inc. (NYSE: CRK) up 5 percent.

In trading on Monday, real estate shares fell 0.06 percent.

Top Headline

Sears Holdings Corp (NASDAQ: SHLD) announced Monday it was exploring a sale of its Kenmore brand and related assets, its Sears Home Improvement business and its Parts Direct business.

A special committee of the board consisting of independent directors is initiating a formal process to evaluate previously reported interest from ESL Investments, to solicit third-party interest and to explore strategic alternatives.

Equities Trading UP

Myomo, Inc. (NYSE: MYO) shares shot up 18 percent to $3.69 after the company disclosed that its application for Medicare codes received favorable preliminary decision.

Shares of Sears Holdings Corporation (NASDAQ: SHLD) got a boost, shooting up 8 percent to $3.70 after the company announced Monday it was exploring a sale of its Kenmore brand and related assets, its Sears Home Improvement business and its Parts Direct business.

NXP Semiconductors N.V. (NASDAQ: NXPI) shares were also up, gaining 10 percent to $108.89 after Bloomberg reported that the China’s Commerce Ministry has restarted its review of QUALCOMM Incorporated’s (NASDAQ: QCOM) proposed takeover of NXP Semiconductors.

Equities Trading DOWN

Ominto, Inc. (NASDAQ: OMNT) shares dropped 30 percent to $1.85 after the company reported voluntary delisting from the Nasdaq Stock Market.

Shares of Remark Holdings, Inc. (NASDAQ: MARK) were down 16 percent to $5.20. Remark Holdings posted Q1 GAAP loss of $0.43 per share on sales of $16.724 million.

aTyr Pharma, Inc. (NASDAQ: LIFE) was down, falling around 22 percent to $1.80 after the company posted a wider-than-expected Q1 loss.

Commodities

In commodity news, oil traded up 0.14 percent to $70.80 while gold traded down 0.10 percent to $1,319.40.

Silver traded down 0.61 percent Monday to $16.65, while copper fell 0.84 to $3.0855.
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Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.26 percent, the Spanish Ibex Index fell 0.17 percent, while Italy’s FTSE MIB Index tumbled 0.70 percent. Meanwhile the German DAX fell 0.36 percent, and the French CAC 40 declined 0.23 percent while U.K. shares fell 0.20 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

 

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