Market Overview

Mid-Afternoon Market Update: 3D System Rising as Groupon Falls

Mid-Afternoon Market Update: 3D System Rising as Groupon Falls

Toward the end of trading Monday, the Dow traded up 0.03 percent to 14,978.75 while the NASDAQ surged 0.47 percent to 3,394.29. The S&P also rose, gaining 0.26 percent to 1,618.20.

Top Headline
Tyson Foods (NYSE: TSN) reported a drop in its fiscal second-quarter profit.

Tyson's quarterly profit declined to $95 million, or $0.26 per share, versus $166 million, or $0.44 per share, in the year-ago period. Its adjusted earnings came in at $0.36 per share.

Its revenue climbed to $8.42 billion from $8.27 billion. However, analysts were projecting earnings of $0.45 per share on revenue of $8.59 billion. Tyson projects FY13 sales of around $34.5 billion.

Equities Trading UP
3D Systems (NYSE: DDD) has traded up since the market opening today, riding up some publicity from Defense Distributed's new 3D printed firearm, and the announcement that it had been added to the S&P MidCap 400.

Shares of Inergy LP (NYSE: NRGY) got a boost, shooting up 8.06 percent to $23.79 after Crestwood Midstream Partners LP announced its plans to acquire control of Inergy.

Mobile Mini (NASDAQ: MINI) continued to rise, gaining 13.25 percent to $32.83 on strong Q1 results.

Equities Trading DOWN
Tyson Foods (NYSE: TSN) was down, falling 3.55 percent to $24.05 after the company reported a drop in its fiscal second-quarter profit.

Shares of Linn Co (NASDAQ: LNCO) have fallen 5.67 percent to $39.46 following a negative article in Barron's over the weekend.

Groupon (NASDAQ: GRPN) was down as well, dropping 6.08 percent through the session after Piper Jaffray released some comments stating that the company might miss it's June revenue estimates.

In commodity news, oil traded up 0.61 percent to $96.19, while gold traded up 0.29 percent to $1,468.20.

Silver traded down 0.52 percent Monday to $23.99, while copper fell 0.41 percent to $3.30.

European shares were mostly lower overnight in thin trading following strong gains last week on the back of the ECB rate cuts and the U.S. employment report. The eurozone's services sector contracted less than expected in April as the eurozone Services PMI rose to 47.0 from 46.6 in March on expectations of a flat reading.

The Spanish Ibex Index dropped 0.48 percent while the Italian FTSE MIB Index fell 0.35 percent. Meanwhile, the German DAX declined 0.13 percent while the French CAC 40 fell 0.15 percent.

The Investor Movement Index for April will be released today.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot


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