Skip to main content

Market Overview

Mid-Morning Market Update: Markets Gain; Campbell Soup Earnings Top Estimates


Following the market opening Thursday, the Dow traded up 0.33 percent to 16,405.76 while the NASDAQ climbed 0.36 percent to 4,766.94. The S&P also rose, gaining 0.35 percent to 1,955.74.

Leading and Lagging Sectors

In trading on Thursday, basic materials shares climbed by 1.21 percent. Meanwhile, top gainers in the sector included Greif, Inc. (NYSE: GEF), up 19 percent, and Teck Resources Ltd (USA) (NYSE: TCK), up 4 percent.

Healthcare shares rose by just 0.5 percent in Thursday’s trading. Meanwhile, top losers in the sector included Sangamo Biosciences, Inc. (NASDAQ: SGMO), down 4 percent, and Keryx Biopharmaceuticals (NASDAQ: KERX), off 7 percent.

Top Headline

Campbell Soup Company (NYSE: CPB) reported better-than-expected earnings for its fiscal fourth quarter.

The Camden, New Jersey-based company reported quarterly net income of $68 million, or $0.22 per share, compared to $137 million, or $0.43 per share, in the year-ago period. Excluding non-recurring items, the company’s adjusted earnings increased to $0.43 per share from $0.41 per share.

Its sales slipped 9 percent to $1.693 billion. However, analysts were expecting earnings of $0.42 per share on revenue of $1.69 billion.

Equities Trading UP

Millennial Media, Inc. (NYSE: MM) shares shot up 30 percent to $1.74 after AOL, Inc. (NYSE: AOL) announced its plans to acquire Millenial Media for $1.75 per share Of Millennial common stock.

Shares of Methode Electronics Inc. (NYSE: MEI) got a boost, shooting up 19 percent to $32.67 after the company reported upbeat Q1 earnings.

Lannett Company, Inc. (NYSE: LCI) shares were also up, gaining 15 percent to $56.69 after the company announced its plans to acquire Kremers Urban Pharmaceuticals Inc. for $1.23 billion.

Equities Trading DOWN

Joy Global Inc. (NYSE: JOY) shares tumbled 19 percent to $17.99 after the company reported weaker-than-expected earnings for the fiscal first quarter and lowered its forecast for the year.

Shares of Calavo Growers, Inc. (NASDAQ: CVGW) were down 12 percent to $50.80. Calavo Growers reported Q3 earnings of $0.54 per share on revenue of $232.45 million.

Five Below Inc (NASDAQ: FIVE) was down, falling 9 percent to $34.57 after the company reported downbeat revenue for the second quarter and issued a weak forecast for the current quarter. However, the company reported in-line earnings for the second quarter.


In commodity news, oil traded up 0.32 percent to $46.40, while gold traded down 0.97 percent to $1,122.60.

Silver traded down 0.22 percent Thursday to $14.64, while copper rose 2.08 percent to $2.38.


European shares were higher today. The eurozone’s STOXX 600 climbed 2.02 percent, the Spanish Ibex Index gained 0.91 percent, while Italy’s FTSE MIB Index jumped 1.89 percent. Meanwhile, the German DAX climbed 2.36 percent, and the French CAC 40 gained 2.04 percent, while U.K. shares rose 1.55 percent.


The U.S. trade deficit dropped 7.4 percent to $41.9 billion in July, versus economists’ expectations for a deficit of $41.8 billion. Exports climbed 0.4 percent to $188.5 billion in July, while imports slipped 1.1 percent to $230.4 billion.

U.S. jobless claims increased 12,000 to 282,000 in the week ended August 29. However, economists were expecting claims to reach 271,000.

The Markit services PMI climbed to 56.10 in August, versus a prior reading of 55.20. However, economists were expecting a reading of 55.20.

The ISM non-manufacturing PMI slipped to 59.00 in August, versus a previous reading of 60.30. Economists were projecting a reading of 58.10.


Related Articles (BZSUM)

View Comments and Join the Discussion!

Posted-In: Earnings M&A News Guidance Eurozone Futures Commodities Global

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at