Market Overview

Mid-Morning Market Update: Markets Open Higher; Helen of Troy Beats Q1 Expectations

Share:

Following the market opening Monday, the Dow traded up 0.81 percent to 24,655.30 while the NASDAQ climbed 0.63 percent to 7,737.10. The S&P also rose, gaining 0.55 percent to 2,775.12.

Leading and Lagging Sectors

Monday morning, the financial shares climbed 1.1 percent. Meanwhile, top gainers in the sector included Chemung Financial Corporation (NASDAQ: CHMG) up 5 percent, and Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG) up 4 percent.

In trading on Monday, telecommunication services shares fell 1 percent.

Top Headline

Helen of Troy Limited (NASDAQ: HELE) reported better-than-expected Q1 results and raised its FY19 earnings guidance.

Helen of Troy posted Q1 earnings of $1.87 per share on revenue of $354.679 million. However, analysts expected earnings of $1.43 per share on sales of $334.9 million.

Helen Of Troy now expects FY2019 earnings of $7.45 to $7.70 per share, versus earlier forecast of $7.30 to $7.55 per share.

Equities Trading UP

MabVax Therapeutics Holdings, Inc. (NASDAQ: MBVX) shares shot up 271 percent to $2.19 after the company and Boehringer Ingelheim signed asset purchase and license agreements for antibody development program targeting multiple solid tumor cancers.

Shares of Benitec Biopharma Limited (NASDAQ: BNTC) got a boost, shooting up 83 percent to $4.10 after the company reported a global licensing agreement for BB-301 for the treatment of oculopharyngeal muscular dystrophy and broad platform collaboration with Axovant.

Staffing 360 Solutions, Inc. (NASDAQ: STAF) shares were also up, gaining 96 percent to $2.68 after the company reported an acquisition of recruitment firm Clement May Limited.

Equities Trading DOWN

CTI BioPharma Corp. (NASDAQ: CTIC) shares dropped 12 percent to $4.585 after the company disclosed that its Phase 3 trial evaluating PIXUVRI did not meet its primary endpoint of improvement in progression-free survival.

Shares of Dova Pharmaceuticals, Inc. (NASDAQ: DOVA) were down 13 percent to $25.50.

Adesto Technologies Corporation (NASDAQ: IOTS) was down, falling around 18 percent to $6.975 after reporting a $40 million offering.

Commodities

In commodity news, oil traded up 0.28 percent to $74.01 while gold traded up 0.68 percent to $1,264.40.

Silver traded up 0.88 percent Monday to $16.21, while copper rose 1.19 to $2.8575.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.45 percent, the Spanish Ibex Index rose 0.32 percent, while Italy’s FTSE MIB Index rose 0.30 percent. Meanwhile the German DAX gained 0.10 percent, and the French CAC 40 climbed 0.25 percent while U.K. shares rose 0.29 percent.

Economics

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

The TD Ameritrade Investor Movement Index for June is schedule for release at 12:30 p.m. ET.

Data on consumer credit for May will be released at 3:00 p.m. ET.

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

 

Related Articles (CHMG + BNTC)

View Comments and Join the Discussion!

PreMarket Prep for July 9: Monday's 'Buy The Dip' Market; David Breuhan On Trade Tariffs

A Multifactor ETF For Globetrotting Investors