Market Overview

Mid-Day Market Update: Acacia Communications Surges Following Acquisition News; AquaVenture Shares Slide

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Midway through trading Tuesday, the Dow traded down 0.34% to 26714.37 while the NASDAQ rose 0.33% to 8,125.10. The S&P also fell, dropping 0.06% to 2,974.17.

Leading and Lagging Sectors

Consumer discretionary shares rose 0.2% on Tuesday. Meanwhile, top gainers in the sector included NIO Inc. (NYSE: NIO), up 10%, and Overstock.com, Inc. (NASDAQ: OSTK), up 8%.

In trading on Tuesday, materials shares fell 1.1%.

Top Headline

PepsiCo, Inc. (NASDAQ: PEP) reported better-than-expected results for its second quarter.

The company reported second-quarter earnings of $1.54 per share, which beat the analyst consensus estimate of $1.50. The company reported sales of $16.45 billion, which beat the analyst consensus estimate of $16.42 billion.

Equities Trading UP

Acacia Communications, Inc. (NASDAQ: ACIA) shares shot up 35% to $64.93 after Cisco Systems, Inc. (NASDAQ: CSCO) announced plans to acquire the company for $70 per share in cash, or for approximately $2.6 billion on a fully diluted basis, net of cash and marketable securities.

Shares of Camber Energy (NYSE: CEI) got a boost, shooting up 85% to $3.75 after falling 30.95% on Monday.

Electrameccanica Vehicles Corp. (NASDAQ: SOLO) shares were also up, gaining 29% to $2.9950 after Roth Capital initiated coverage on the company's stock with a Buy rating.

Equities Trading DOWN

FuelCell Energy, Inc. (NASDAQ: FCEL) shares tumbled 7% to $0.6944 on seemingly no news. The movement could potentially be a sell-off following a rise of over 300% last week.

Shares of AquaVenture Holdings Limited (NYSE: WAAS) were down 10% to $17.00 after the company reported a 4.1 million share common stock offering.

CannTrust Holdings Inc. (NYSE: CTST) was down, falling 6% to $3.59. Roth Capital downgraded CannTrust from Buy to Neutral.

Commodities

In commodity news, oil traded up 0.3% to $57.84, while gold traded down 0.1% to $1,398.60.

Silver traded up 0.4% Tuesday to $15.11, while copper fell 1.3% to $2.624.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.51%, the Spanish Ibex Index fell 0.12%, while Italy’s FTSE MIB Index dropped 0.41%. Meanwhile, the German DAX declined 0.85%, and the French CAC 40 fell 0.31% while UK shares fell 0.17%.

Economics

The NFIB small business optimism index fell to 103.3 in June, versus a reading of 105.0 in May.

The Johnson Redbook Retail Sales Index fell 2.2% during the first four weeks of June versus May.

U.S. job openings slipped to 7.32 million in May from 7.37 million, according to the Labor Department's JOLTS report.

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

Federal Reserve Board of Governors Vice Chairman for Supervision Randal Quarles will speak in Boston, MA at 2:00 p.m. ET.

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

 

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