Market Overview

Mid-Afternoon Market Update: Markets Roughly Flat as Social Media Names Slowly Recover Morning Losses

Mid-Afternoon Market Update: Markets Roughly Flat as Social Media Names Slowly Recover Morning Losses
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Toward the end of trading Monday, the Dow traded up 0.08 percent to 16,491.77 while the NASDAQ declined 0.01 percent to 4,156.09. The S&P also fell, dropping 0.04 percent to 1,840.48.

Top Headline
Cal-Maine Foods (NASDAQ: CALM) reported an 83% rise in its fiscal second-quarter net income.

Cal-Maine's quarterly net income surged to $26.1 million, or $1.08 per share, from $14.3 million, or $0.60 per share, in the year-ago period.

Its revenue climbed 8% to $354.3 million from $328.9 million.

Equities Trading UP
Shares of Crocs (NASDAQ: CROX) got a boost, shooting up 20.48 percent to $16.06 after the company reported that it will receive a $200 million investment from Blackstone Group LP (NYSE: BX). Sterne Agee upgraded the stock from Underperform to Neutral.

Trina Solar (NYSE: TSL) shot up 7.53 percent to $14.14 after the company signed an investment framework agreement to develop 1GW solar power plant project in Xinjiang, Western China.

InvenSense (NYSE: INVN) was also up, gaining 10.75 percent to $19.98 after a Northland Securities analyst pointed out multiple catalysts that could cause the stock to rally.

Equities Trading DOWN
Shares of Twitter (NYSE: TWTR) were down 2.04 percent to $62.49 after tumbling 13.04% on Friday. Twitter shares surged to an all-time high of $74.73 on Thursday.

Myriad Genetics (NASDAQ: MYGN) tumbled 13.43 percent to $20.90. Myriad expressed concerns over CMS not valuing BRCA 2 gene in 81211 code, CMS 81211 payment rate. Mizuho Securities downgraded the stock from Buy to Neutral.

Pandora (NYSE: P) was also down Monday, falling 4.10 percent to $26.52 as high flying tech and social media names took a beating.

In commodity news, oil traded down 0.97 percent to $99.35, while gold traded down 1.05 percent to $1,202.70.

Silver traded down 0.44 percent Monday to $19.64, while copper rose 0.10 percent to $3.38.

European shares were mostly lower today. The Spanish Ibex Index rose 0.02 percent, while Italy's FTSE MIB Index climbed 0.06 percent. Meanwhile, the German DAX dropped 0.39 percent and the French CAC 40 fell 0.05 percent while U.K. shares declined 0.29 percent.

The NAR's pending home sales index rose 0.20% in November, versus economists' expectations for a 1.00% gain.

The Dallas Fed general business activity index rose to 3.10 in December, versus a prior reading of 1.90. However, economists were expecting a reading of 4.00.

Data on farm prices will be released at 3:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Forex Global


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