Market Overview

Mid-Afternoon Market Update: Black Box Falls After Q4 Results; Coda Octopus Shares Surge

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Toward the end of trading Monday, the Dow traded up 0.04 percent to 25,029.02 while the NASDAQ declined 0.18 percent to 7,812.02. The S&P also fell, dropping 0.10 percent to 2,798.43.

Leading and Lagging Sectors

Monday afternoon, the financial shares climbed 1.31 percent. Meanwhile, top gainers in the sector included Deutsche Bank Aktiengesellschaft (NYSE: DB) up 8 percent, and Two River Bancorp (NASDAQ: TRCB) up 6 percent.

In trading on Monday, energy shares fell 1.42 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 64 percent to $6.1301 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 Arconic Inc. (NASDAQ: ARNC) got a boost, shooting up 10 percent to $19.055 in reaction to a new multiyear supply contract with Boeing Co (NYSE: BA). As part of the new agreement, Arconic will supply aluminum sheet and plate for all of Boeing's commercial airplanes.

Genetic Technologies Limited (NASDAQ: GENE) shares were also up, gaining 60 percent to $1.7422 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 $5.09. 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 Innovate Biopharmaceuticals, Inc. (NASDAQ: INNT) were down 57 percent to $10.25.

Black Box Corporation (NASDAQ: BBOX) was down, falling around 16 percent to $1.91 following Q4 results. Black Box posted a Q4 net loss of $51.0 million, versus a year-ago net loss of $1.8 million. Its revenue fell 6.8 percent to $194.0 million.

Commodities

In commodity news, oil traded down 4.10 percent to $68.10 while gold traded down 0.08 percent to $1,240.20.

Silver traded down 0.16 percent Monday to $15.79, while copper fell 0.23 to $2.769.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.25 percent, the Spanish Ibex Index fell 0.18 percent, while Italy’s FTSE MIB Index fell 0.32 percent. Meanwhile the German DAX gained 0.16 percent, and the French CAC 40 declined 0.36 percent while U.K. shares fell 0.80 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.

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

 

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