Silicon Motion Surges On Strong Q2 Outlook; GT Advanced Shares Slide
Midway through trading Monday, the Dow traded down 0.37 percent to 17,004.99 while the NASDAQ tumbled 0.60 percent to 4,459.02. The S&P also fell, dropping 0.42 percent to 1,977.05.
Leading and Lagging Sectors
In trading on Monday, utilities shares were relative leaders, up on the day by about 0.18 percent. Top gainers in the sector included Companhia Paranaense de Energia (NYSE: ELP), up 2.4 percent, and Entergy (NYSE: ETR), up 1.3 percent.
The company will also assume around 0.1 billion euros in net debt. The deal is projected to complete by the end of the year.
Equities Trading UP
BioDelivery Sciences International (NASDAQ: BDSI) shares shot up 12.43 percent to $13.48 on positive top-line Phase III results.
Shares of Kandi Technolgies Group (NASDAQ: KNDI) got a boost, shooting up 5.43 percent to $14.76 after the company announced a subsidy of $31.8 million for sales of more than 3,000 electric vehicles between June and December of 2013.
Silicon Motion Technology (NASDAQ: SIMO) shares were also up, gaining 3.20 percent to $22.18 after the company raised its Q2 revenue forecast. The Company is expected to release its full Q2 results on July 28, 2014.
Equities Trading DOWN
NQ Mobile (NYSE: NQ) shares declined 4.16 percent to $4.38 after tumbling 32.25% on Thursday.
In commodity news, oil traded down 0.68 percent to $103.35, while gold traded down 0.40 percent to $1,315.30.
Silver traded down 0.79 percent Monday to $20.97, while copper fell 0.67 percent to $3.26.
European shares were lower today.
The eurozone’s STOXX 600 fell 0.87 percent, the Spanish Ibex Index dropped 1.14 percent, while Italy’s FTSE MIB Index declined 1 percent.
Meanwhile, the German DAX slipped 0.92 percent and the French CAC 40 fell 1.26 percent while UK shares tumbled 0.62 percent.
The Treasury is set to auction 3-and 6-month bills.
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