Market Overview

Mid-Morning Market Update: Markets Mixed; Bank of America Profit Tops Expectations

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Following the market opening Monday, the Dow traded up 0.06 percent to 25,034.96 while the NASDAQ gained 0.01 percent to 7,826.74. However, the S&P fell 0.07 percent to 2,799.34.

Leading and Lagging Sectors

Monday morning, the financial shares climbed 0.85 percent. Meanwhile, top gainers in the sector included Deutsche Bank Aktiengesellschaft (NYSE: DB) up 8 percent, and Golden Bull Limited (NASDAQ: DNJR) up 6 percent.

In trading on Monday, energy shares fell 1.53 percent.

Top Headline

Bank of America Corporation (NYSE: BAC) reported stronger-than-expected earnings for its second quarter.

The bank posted Q2 profit of $0.63 per share and revenue, net of interest expense, of $22.6 billion. However, analysts expected earnings of $0.57 per share on revenue of $22.29 billion.

 

Equities Trading UP

Coda Octopus Group, Inc. (NASDAQ: CODA) shares shot up 75 percent to $6.55 after the company disclosed a Navy Cooperative Research and Development agreement with Naval Surface Warfare Center, Panama City Division for naval real-time 3D imaging head up display diver solution.

Shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) got a boost, shooting up 11 percent to $4.36 in reaction to an encouraging FDA update. The clinical-stage biopharmaceutical company that creates treatments for serious neuropsychiatric conditions said it was granted a Fast Track designation from the FDA for its investigational new drug TNX-102 SL for the treatment of Alzheimer's disease.

Genetic Technologies Limited (NASDAQ: GENE) shares were also up, gaining 79 percent to $1.95 after the molecular diagnostics company that incorporates blockchain technologies said its new breast cancer and colorectal cancer risk assessment tests are on track for release in October. The company also said it expects to have multiple tests available over the next 12 months.

Equities Trading DOWN

Ability Inc. (NASDAQ: ABIL) shares dropped 28 percent to $5.1250. Ability reported receipt of delisting determination from the NASDAQ staff regarding the company’s failure to maintain minimum of $2.5 million in shareholders’ equity.

Shares of ShiftPixy, Inc. (NASDAQ: PIXY) were down 21 percent to $3.64. On Friday, ShiftPixy reported a Q3 loss of $0.06 per share, versus a year-ago loss of $0.11 per share. Its revenue rose 102.6 percent to $9.4 million.

Black Box Corporation (NASDAQ: BBOX) was down, falling around 16 percent to $1.92 following Q4 results. Black Box posted a Q4 loss of $3.37 per share on sales of $194 million.

Commodities

In commodity news, oil traded down 2.41 percent to $69.30 while gold traded up 0.04 percent to $1,241.70.

Silver traded down 0.06 percent Monday to $15.805, while copper fell 0.32 to $2.7665.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.22 percent, the Spanish Ibex Index fell 0.15 percent, while Italy’s FTSE MIB Index fell 0.16 percent. Meanwhile the German DAX gained 0.07 percent, and the French CAC 40 declined 0.28 percent while U.K. shares fell 0.93 percent.

Economics

U.S. retail sales rose 0.5 percent for June, versus economists’ expectations for a 0.5 percent rise.

The Empire State manufacturing index declined 2.4 points to a reading of 22.6 in July.

U.S. business inventories rose 0.4 percent for May.

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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