Market Overview

Mid-Afternoon Market Update: Dow Up Over 50 Points; SeaWorld Entertainment Shares Gain Following Q2 Results

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Toward the end of trading Monday, the Dow traded up 0.22 percent to 25,518.95 while the NASDAQ climbed 0.55 percent to 7,854.76 . The S&P also rose, gaining 0.39 percent to 2,851.55 .

Leading and Lagging Sectors

Monday afternoon, the consumer discretionary shares climbed 0.59 percent. Meanwhile, top gainers in the sector included Urban One, Inc. (NASDAQ: UONE) up 21 percent, and SeaWorld Entertainment, Inc. (NYSE: SEAS) up 18 percent.

In trading on Monday, real estate shares fell 0.15 percent.

Top Headline

Tyson Foods, Inc. (NYSE: TSN) reported better-than-expected results for its third quarter, while sales missed estimates.

Earnings came in at $1.50 per share, beating market estimates of $1.40 per share. Sales came in at $10.05 billion, missing estimates of $10.28 billion. Tyson Foods expects FY18 sales of $40 billion to $41 billion.

Equities Trading UP

Technical Communications Corporation (NASDAQ: TCCO) shares shot up 32 percent to $4.95 after the company reported an increase in Q3 EPS and sales year-over-year.

Shares of Cherokee Inc. (NASDAQ: CHKE) got a boost, shooting up 85 percent to $0.8249. Cherokee received a $40 million term loan from Gordon Brothers Finance Company to refinance debt and increase liquidity.

SeaWorld Entertainment, Inc. (NYSE: SEAS) shares were also up, gaining 19 percent to $25.14 after reporting Q2 results. The company reported strong Q2 attendance growth and established a goal of $475 million to $500 million of adjusted EBITDA by 2020.

Equities Trading DOWN

Westmoreland Resource Partners, LP (NYSE: WMLP) shares dropped 51 percent to $2.04 after the company quarterly EPS of $(4.10) and sales of $64.30 million.

Shares of Ovid Therapeutics Inc. (NASDAQ: OVID) were down 34 percent to $6.30 despite the company announcing that its OV101 trial achieved its primary endpoint.

Pain Therapeutics, Inc. (NASDAQ: PTIE) was down, falling around 42 percent to $1.38 after the FDA issued a complete response letter regarding Pain's REMOXY oxycodone. The FDA said the data does not show that the benefits of REMOXY outweigh the risks.

Commodities

In commodity news, oil traded up 1.05 percent to $69.21 while gold traded down 0.47 percent to $1,217.50.

Silver traded down 0.79 percent Monday to $15.34, while copper fell 1.45 to $2.7235.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 dropped 0.13 percent, the Spanish Ibex Index fell 0.18 percent, while Italy’s FTSE MIB Index slipped 0.03 percent. Meanwhile the German DAX declined 0.14 percent, and the French CAC 40 fell 0.03 percent while U.K. shares rose 0.06 percent.

Economics

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

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

 

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