Market Overview

Mid-Afternoon Market Update: Dow Rises Over 200 Points; Pareteum Shares Tumble

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Toward the end of trading Monday, the Dow traded up 0.79% to 25832.07 while the NASDAQ rose 0.98% to 7827.91. The S&P also rose, gaining 0.78% to 2869.27.

Leading and Lagging Sectors

Communication services shares climbed 1% on Monday. Meanwhile, top gainers in the sector included comScore, Inc. (NASDAQ: SCOR), up 11%, and ATN International, Inc. (NASDAQ: ATNI), up 8%.

In trading on Monday, materials shares rose by just 0.02%.

Top Headline

Pitney Bowes (NYSE: PBI) announced it will sell its software solutions business to Syncsort for $700 million in cash.

Pitney Bowes has lowered fiscal year 2019 EPS guidance from 90 cents - $1.05 to 65 cents - 75 cents versus the 90 cents analyst estimate.

Equities Trading UP

Arcadia Biosciences, Inc. (NASDAQ: RKDA) shares shot up 45% to $9.38 after the company entered into a global collaboration with Arista Cereal Technologies and Bay State Milling for the commercialization of high fiber wheat. The company also announced retirement of Raj Ketkar, President and CEO, effective September 1, 2019.

Shares of Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) got a boost, shooting up 83% to $6.41 after the company announced that it opened a new recycling centers in New Syracuse, NY.

Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX) shares were also up, gaining 17% to $11.80. The Ivy Brain Tumor Center and Salarius Pharmaceuticals announced a collaborative partnership to develop new cancer treatment for glioblastoma.

Equities Trading DOWN

Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) shares tumbled 23% to $4.8314 at what appears to be traders taking profits following the stock rising over 200% on Friday's trading session.

Shares of MOGU Inc. (NYSE: MOGU) were down 23% to $2.80 after the company reported worse-than-expected Q1 revenue results.

Pareteum Corporation (NASDAQ: TEUM) was down, falling 14% to $2.3850 after the company announced that it has concluded an Amendment to the Credit Agreement with Post Road Group which is the company's senior lender.

Commodities

In commodity news, oil traded down 0.9% to $53.69, while gold traded up 0.1% to $1,539.10.

Silver traded up 1.4% Monday to $17.65, while copper rose 0.2% to $2.534.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 slipped 0.02%, the Spanish Ibex Index rose 0.34%, while Italy’s FTSE MIB Index climbed 0.99%. Meanwhile, the German DAX rose 0.40% and the French CAC 40 gained 0.45% while UK shares fell 0.47%.

Economics

U.S. durable goods orders rose 2.1% for July, versus economists’ expectations for a 1.1% gain.

The Chicago Fed National Activity Index fell to (0.36) in July, versus prior reading of 0.03.

The Dallas Fed manufacturing index rose to 2.7 for August, versus previous reading of (6.3).

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

 

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