Market Overview

Mid-Morning Market Update: Markets Mostly Lower; SYSCO Misses Q1 Expectations

Share:

Following the market opening Monday, the Dow traded up 0.14 percent to 25,305.95 while the NASDAQ declined 1.2 percent to 7,269.07. The S&P also fell, dropping 0.07 percent to 2,721.07.

Leading and Lagging Sectors

Monday morning, the energy shares climbed 1.3 percent. Meanwhile, top gainers in the sector included Ultra Petroleum Corp (NASDAQ: UPL) up 11 percent, and Gulfport Energy Corporation (NASDAQ: GPOR) up 10 percent.

In trading on Monday, information technology shares fell 1 percent.

Top Headline

SYSCO Corporation (NYSE: SYY) reported weaker-than-expected results for its fiscal first quarter.

SYSCO reported earnings of $0.91 per share, missing estimates of $0.92. Sales totaled $15.2 billion, which missed estimates of $15.4 billion
.

 

Equities Trading UP

Inuvo Inc (NYSE: INUV) shares shot up 102 percent to $0.85 following news that it will be acquired at $2.22 per share in cash and stock by ConversionPoint Technologies.

Shares of Datawatch Corporation (NASDAQ: DWCH) got a boost, shooting up 35 percent to $13.06 after Altair Engineering Inc (NASDAQ: ALTR) announced plans to acquire the company for $13.10 per share in cash.

Aytu BioScience, Inc. (NASDAQ: AYTU) shares were also up, gaining 15 percent to $1.31 after the company acquired the exclusive license for a cough and cold treatment from Tris Pharma.

Equities Trading DOWN

Clearside Biomedical, Inc. (NASDAQ: CLSD) shares dropped 60 percent to $2.25 after the company disclosed that its SAPPHIRE Phase 3 combination therapy in retinal vein occlusion did not meet its primary endpoint.

Shares of CohBar, Inc. (NASDAQ: CWBR) were down 40 percent to $2.58. CohBar temporarily suspended CB4211 Phase 1 clinical trial after unexpected injection site reactions.

Welbilt, Inc. (NYSE: WBT) was down, falling around 18 percent to $15.85 following Q3 earnings miss.

Commodities

In commodity news, oil traded up 0.54 percent to $63.48 while gold traded down 0.24 percent to $1,230.30.

Silver traded down 0.75 percent Monday to $14.645, while copper fell 1.51 to $2.7645.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.18 percent, the Spanish Ibex Index rose 0.80 percent, while Italy’s FTSE MIB Index slipped 0.31 percent. Meanwhile the German DAX climbed 0.13 percent, and the French CAC 40 climbed 0.22 percent while U.K. shares rose 0.39 percent.

Economics

US Markit Services Purchasing Managers' Index rose to 54.80 for October, versus economists’ estimates for a reading of 54.70.

The ISM's non-manufacturing index declined to 60.30 for October, versus a prior reading of 61.60. Economists projected a reading of 59.30.

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

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

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Dallas, Texas at 7:00 p.m. ET.

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

 

Related Articles (ALTR + AYTU)

View Comments and Join the Discussion!

Colorado's Chain Law In Full Effect: More Snow In The Rockies This Weekend

This Day In Market History: Writer Strike Cripples Hollywood