Mid-Afternoon Market Update: Welbilt Falls Following Q3 Results; Datawatch Shares Jump

Toward the end of trading Monday, the Dow traded up 0.58 percent to 25,418.64 while the NASDAQ declined 0.89 percent to 7,291.23. The S&P also rose, gaining 0.32 percent to 2,731.63.

Leading and Lagging Sectors

Monday afternoon, the real estate shares climbed 2 percent. Meanwhile, top gainers in the sector included American Realty Investors, Inc. ARL up 7 percent, and Omega Healthcare Investors Inc OHI up 6 percent.

In trading on Monday, communication services shares fell 0.8 percent.

Top Headline

SYSCO Corporation 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
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Equities Trading UP

Inuvo Inc INUV shares shot up 233 percent to $1.3773 following news that it will be acquired at $2.22 per share in cash and stock by ConversionPoint Technologies.

Shares of Datawatch Corporation DWCH got a boost, shooting up 35 percent to $13.065 after Altair Engineering Inc ALTR announced plans to acquire the company for $13.10 per share in cash.

Ceragon Networks Ltd. CRNT shares were also up, gaining 10 percent to $3.7950 after the company reported upbeat Q3 results.

Equities Trading DOWN

Clearside Biomedical, Inc. CLSD shares dropped 60 percent to $2.22 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. CWBR were down 19 percent to $3.48. CohBar temporarily suspended CB4211 Phase 1 clinical trial after unexpected injection site reactions.

Welbilt, Inc. WBT was down, falling around 26 percent to $14.2501 after the company reported downbeat Q3 results.

Commodities

In commodity news, oil traded up 0.46 percent to $63.43 while gold traded down 0.15 percent to $1,231.40.

Silver traded down 0.79 percent Monday to $14.64, while copper fell 1.89 to $2.754.

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.16 percent, the Spanish Ibex Index rose 0.2 percent, while Italy’s FTSE MIB Index slipped 0.56 percent. Meanwhile the German DAX slipped 0.21 percent, and the French CAC 40 slipped 0.01 percent while U.K. shares rose 0.14 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.

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