Mid-Afternoon Market Update: Markets Rally Following Weak Open, Tyson Falls On Guidance
Toward the end of trading Monday, the Dow traded up 0.17 percent to 16,541.91 while the NASDAQ gained 0.34 percent to 4,137.05. The S&P also rose, surging 0.20 percent to 1,884.25.
Leading and Lagging Sectors
Utilities shares surged around 0.52 percent in Monday trading. Leading the sector was strength from Pampa Energia SA (NYSE: PAM) and Pampa Energia SA (NYSE: PAM). In trading on Monday, financial shares were relative laggards, down on the day by about 0.41 percent.
Pfizer (NYSE: PFE) reported weaker-than-expected first-quarter revenue. Pfizer's quarterly profit slipped to $2.33 billion, or $0.36 per share, versus a year-ago profit of $2.75 billion, or $0.38 per share. Its adjusted earnings climbed 12% to $0.57 per share from $0.51 per share. Its revenue declined 9% to $11.35 billion versus $12.41 billion. However, analysts were estimating earnings of $0.55 per share on revenue of $12.04 billion.
Equities Trading UP
B/E Aerospace (NASDAQ: BEAV) shares shot up 10.50 percent to $98.29 after the company reported that it is exploring strategic alternatives for the company.
King Digital (NYSE: KING) was also on the rise, gaining 7.92 percent to $18.95 after the company caught a wave of positive sentiment from a series of positive analyst initiations.
Equities Trading DOWN
Shares of BroadSoft (NASDAQ: BSFT) were 20.02 percent to $20.00 after the company reported downbeat quarterly earnings and issued a weak Q2 profit outlook.
Tyson Foods (NYSE: TSN) was also down, falling 9.92 percent to $38.42 after the company's guidance worried the street.
Trex Co (NYSE: TREX) was down, falling 9.84 percent to $71.60 after the company reported Q1 results. The company reported its Q1 net income of $12.3 million, or $0.73 per share.
In commodity news, oil traded down 0.19 percent to $99.57, while gold traded up 0.53 percent to $1,309.20.
Silver traded up 0.52 percent Monday to $19.59, while copper fell 0.54 percent to $3.05.
European shares were mostly lower today.
The eurozone's STOXX 600 slipped 0.26 percent, the Spanish Ibex Index rose 0.02 percent, while Italy's FTSE MIB Index declined 0.65 percent.
Meanwhile, the German DAX tumbled 0.28 percent and the French CAC 40 gained 0.10 percent.
The final reading of Markit PMI services index rose to 55.00 in April, versus a prior reading of 54.20. However, economists were expecting a reading of 54.50.
The ISM non-manufacturing index gained to 55.20 in April, versus a prior reading of 53.10. However, economists were projecting a reading of 54.10.
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