Mid-Morning Market Update: Markets Edge Higher; Restaurant Brands Earnings Miss Estimates

Following the market opening Monday, the Dow traded up 0.02 percent to 26548.59 while the NASDAQ gained 0.06 percent to 8150.98. The S&P also rose, gaining 0.06 percent to 2,941.77.

Leading and Lagging Sectors

Monday morning, the financial shares rose 1.2 percent. Meanwhile, top gainers in the sector included Opus Bank (NASDAQ: OPB) up 5 percent, and County Bancorp Inc (NASDAQ: ICBK) up 4 percent.

In trading on Monday, health care shares fell 0.6 percent.

Top Headline

Restaurant Brands International Inc (NYSE: QSR) reported weaker-than-expected earnings for its first quarter.

Restaurant Brands said it earned $0.55 per share in the first quarter on revenue of $1.266 billion. However, analysts were expecting earnings of $0.56 per share on sales of $1.15 billion.

Equities Trading UP

Roan Resources, Inc. (NYSE: ROAN) shares got a boost, shooting up 34 percent to $5.61 after the company disclosed it has received unsolicited indications of interest and formed a transaction committee to evaluate a potential sale or merger.

Shares of Changyou.com Limited (NASDAQ: CYOU) shot up 23 percent to $19.82 after the company reported better-than-expected Q1 EPS and sales. The company also announced a special dividend of $9.40 per ADS.

Gardner Denver Holdings, Inc. (NYSE: GDI) shares were also up, gaining 16 percent to $32.66 following reports indicating the company is nearing a deal to merge with a division of Ingersoll-Rand.

Equities Trading DOWN

Veoneer, Inc. (NYSE: VNE) shares dropped 15 percent to $22.68 after the company reported worse-than-expected Q1 EPS and revenue results.

Shares of Silicom Ltd. (NASDAQ: SILC) were down 16 percent to $32.85 after the company reported Q1 results and issued weak Q2 sales forecast.

Momo Inc. (NASDAQ: MOMO) was down, falling around 8 percent to $34.10 after the company's Tantan mobile app was suspended from several app stores.

Commodities

In commodity news, oil traded down 0.4 percent to $63.02 while gold traded down 0.5 percent to $1,282.00.

Silver traded down 0.9 percent Monday to $14.955, while copper fell 0.4 percent to $2.8815.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1 percent, the Spanish Ibex Index fell 0.4 percent, while Italy’s FTSE MIB Index gained 0.2 percent. Meanwhile the German DAX gained 0.1 percent, and the French CAC 40 gained 0.1 percent while U.K. shares rose 0.2 percent.

Economics

U.S. consumer spending increased 0.9 percent in March, following a 0.1 percent rise in February. Personal income rose 0.1 percent in March.

The Dallas Fed manufacturing index for April is schedule for release at 10:30 a.m. ET.

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