Mid-Morning Market Update: Markets Open Lower; SYSCO Reports Mixed Q3 Results

Following the market opening Monday, the Dow traded down 0.98 percent to 26244.65 while the NASDAQ declined 1.15 percent to 8,069.98. The S&P also fell, dropping 0.98 percent to 2,916.79.

Leading and Lagging Sectors

Monday morning, the energy shares rose 0.2 percent. Meanwhile, top gainers in the sector included Anadarko Petroleum Corporation APC up 3 percent, and Kosmos Energy Ltd. KOS up 4 percent.

In trading on Monday, information technology shares fell 1.7 percent.

Top Headline

SYSCO Corporation SYY reported better-than-expected earnings for its third quarter, while sales missed views.

Earnings came in at $0.79 per share, beating estimates of $0.70 per share. Sales came in at $14.66 billion, missing estimates of $14.76 billion.


Equities Trading UP

Aquantia Corp. AQ shares got a boost, shooting up 36 percent to $12.99 after the company announced it will be acquired by Marvell for $13.25 per share in cash, equaling $450 million total.

Shares of Aemetis, Inc. AMTX shot up 60 percent to $1.34 after the company won a $23 million biodiesel supply contract with India state-owned oil companies.

Sinclair Broadcast Group, Inc. SBGI shares were also up, gaining 26 percent to $56.45 after the company announced it plans to acquire 21 regional sports networks from Walt Disney.

Equities Trading DOWN

Midstates Petroleum Company, Inc. MPO shares dropped 12 percent to $11.31. Amplify Energy and Midstates Petroleum reported merger-of-equals.

Shares of ArcelorMittal MT were down 5 percent to $20.38 after the company announced its intention to reduce European steel production.

Vaccinex, Inc. VCNX was down, falling around 11 percent to $6.24.


In commodity news, oil traded down 0.9 percent to $61.40 while gold traded down 0.1 percent to $1,280.60.

Silver traded down 1 percent Monday to $14.825, while copper fell 0.2 percent to $2.8135.



European shares were lower today. The eurozone’s STOXX 600 fell 1.4 percent, the Spanish Ibex Index fell 1.3 percent, while Italy’s FTSE MIB Index dipped 1.7 percent. Meanwhile the German DAX dropped 1.8 percent, and the French CAC 40 declined 1.8 percent while U.K. shares rose 0.4 percent.


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

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

Posted In: Mid-Morning Market UpdateNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets