Market Overview

Mid-Day Market Update: Sysco Drops On Q4 Results, McEwen Mining Shares Rise

Mid-Day Market Update: Sysco Drops On Q4 Results, McEwen Mining Shares Rise

Midway through trading Monday, the Dow traded up 0.01 percent to 15,427.36 while the NASDAQ gained 0.28 percent to 3,670.20. The S&P fell, dropping 0.06 percent to 1,690.34.

Top Headline
BlackBerry (NASDAQ: BBRY) reported that its board of directors has formed a special committee to explore strategic alternatives, including sales of assets or a possible sale of the company.

Equities Trading UP
McEwen Mining (NYSE: MUX) shot up 10.20 percent to $2.22 after the company reported Q2 operational results. Shares of BlackBerry (NASDAQ: BBRY) got a boost, shooting up 4.62 percent to $10.21 after the company reported that it was seeking strategic alternatives. Celldex Therapeutics (NASDAQ: CLDX) was also up, gaining 7.24 percent to $20.32 after the company reported expansion of Phase 2 ReACT study in recurrent Glioblastoma.

Equities Trading DOWN
Shares of Tesla Motors (NASDAQ: TSLA) were down 3.17 percent to $148.15 after Lazard Capital Markets downgraded the stock from Buy to Neutral. Rambus (NASDAQ: RMBS) shares tumbled 1.84 percent to $9.05 after the company announced proposed offering of $100 million aggregate principal amount of its convertible senior notes. Sysco (NYSE: SYY) was down, falling 4.11 percent to $33.57 after the company reported an 8.5 percent drop in its fourth-quarter profit.

In commodity news, oil traded up 0.05 percent to $106.02, while gold traded up 2.11 percent to $1,339.90. Silver traded up 4.55 percent Monday to $21.34, while copper rose 0.17 percent to $3.31.

European shares were mostly lower as the euro dropped on fears that a new fight was set over a third Greek bailout later this year. The Spanish Ibex Index dropped 0.22 percent and the Italian FTSE MIB Index rose 0.36 percent. Meanwhile, the German DAX gained 0.20 percent and the French CAC 40 fell 0.12 percent while U.K. shares declined 0.14 percent.

The Treasury monthly budget report for July will be released at 2:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s


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