Market Overview

Mid-Day Market Update: Extreme Networks Surges On Q1 Results; BlackBerry Shares Slip

Mid-Day Market Update: Extreme Networks Surges On Q1 Results; BlackBerry Shares Slip
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Midway through trading Monday, the Dow traded down 0.07 percent to 15,605.09 while the NASDAQ surged 0.22 percent to 3,930.54. The S&P also rose, gaining 0.14 percent to 1,764.07.

Top Headline
Kellogg (NYSE: K) reported a 2.5 percent rise in its third-quarter profit and announced its plans to cut its workforce by 7 percent by 2017.

Kellogg's quarterly profit surged to $326 million, or $0.90 per share, versus a year-ago profit of $318 million, or $0.89 per share. Excluding one-time items, it earned $0.95 per share.

Its sales fell 0.1 percent to $3.72 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $3.71 billion.

Equities Trading UP
Extreme Networks (NASDAQ: EXTR) shot up 18.88 percent to $6.39 after the company reported FQ1 results.

Shares of AK Steel Holding (NYSE: AKS) got a boost, shooting up 11.07 percent to $5.11 after Goldman Sachs upgraded the stock from Sell to Buy.

Realogy Holdings (NYSE: RLGY) was also up, gaining 9.05 percent to $44.35 after the company posted a profit in the third quarter.

Equities Trading DOWN
Shares of BlackBerry (NASDAQ: BBRY) were down 13.77 percent to $6.70 after the company abandoned its plan to sell itself. The company also announced its plans to replace its Chief Executive Thorsten Heins.

Ryanair Holdings plc (NASDAQ: RYAAY) shares tumbled 14.14 percent to $43.22 after the company cut its profit outlook for the year.

World Acceptance (NASDAQ: WRLD) was down, falling 11.18 percent to $89.97 after the company announced the resignation of its President and Chief Operating Officer Mark C. Roland.

In commodity news, oil traded down 0.04 percent to $94.57, while gold traded up 0.33 percent to $1,317.50.

Silver traded down 0.19 percent Monday to $21.80, while copper fell 1.47 percent to $3.25.

European shares were higher today. The Spanish Ibex Index rose 0.36 percent, while Italy's FTSE MIB Index gained 0.76 percent. Meanwhile, the German DAX rose 0.33 percent and the French CAC 40 gained 0.36 percent while U.K. shares rose 0.43 percent.

US factory orders rose 1.70 percent in September, while August orders declined 0.1 percent.

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


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