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Mid-Day Market Update: Hatteras Financial Surges On Acquisition News; Odyssey Marine Exploration Shares Decline

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Midway through trading Monday, the Dow traded up 0.25 percent to 17,620.75 while the NASDAQ climbed 0.22 percent to 4,861.26. The S&P also rose, gaining 0.16 percent to 2,050.84.

Leading and Lagging Sectors

On Monday, basic materials shares gained by 2.16 percent. Meanwhile, top gainers in the sector included Endeavour Silver Corp (NYSE: EXK), up 11 percent, and Silver Standard Resources Inc. (USA) (NASDAQ: SSRI), up 11 percent.

In trading on Monday, healthcare shares fell by 0.07 percent. Meanwhile, top losers in the sector included Insys Therapeutics Inc (NASDAQ: INSY), down 22 percent, and Raptor Pharmaceutical Corp. (NASDAQ: RPTP), down 5 percent.

Top Headline

Hertz Global Holdings Inc (NYSE: HTZ) issued an update to its outlook.

Hertz Global said it expects its first quarter and full year U.S. car rental revenue and consolidated first-quarter earnings per share to be lower than previously expected. The company cited "excess industry capacity" for its poor outlook.

Hertz added it expects its first-quarter U.S. car rental revenue per available car day to fall 2.5 percent to 3.5 percent compared to the same quarter a year ago. For the full fiscal year, the company expects the same metro to be flat to 1.5 percent lower compared to a prior guidance of 1.5 to 2.5 percent growth year-over-year.

Hertz did, however, affirm its full year fiscal 2016 earnings per share to be in a range of $0.95 to $1.05. The company also reaffirmed its expectation of realizing $350 million of incremental savings in 2016.

Equities Trading UP

Credicorp Ltd. (USA) (NYSE: BAP) shares shot up 10 percent to $138.00 following Peru election results.

Shares of Chesapeake Energy Corporation (NYSE: CHK) got a boost, shooting up 14 percent to $4.28 after the company reaffirmed its $4 billion credit facility borrowing base.

Hatteras Financial Corp. (NYSE: HTS) shares were also up, gaining 10 percent to $15.69 after Annaly Capital Management, Inc. (NYSE: NLY) announced plans to acquire Hatteras Financial for $1.5 billion.

Equities Trading DOWN

Odyssey Marine Exploration Inc (NASDAQ: OMEX) shares dropped 57 percent to $3.70 after the company announced a key business update. Odyssey Marine said it was informed by the Mexican Secretary of Environment and Natural Resources (SEMARNAT) it was denied an application for an environmental license for the Don Diego region.

Shares of Insys Therapeutics Inc (NASDAQ: INSY) were down 22 percent to $13.76 after the company issued a weak forecast for the first quarter.

MiMedx Group Inc (NASDAQ: MDXG) was down, falling around 9 percent to $8.15. MiMedx Group reported Q1 revenue of $53.4 million, versus analysts' estimates of $57.33 million.

Commodities

In commodity news, oil traded up 1.71 percent to $40.40 while gold traded up 1.20 percent to $1,258.70.

Silver traded up 3.19 percent Monday to $15.88, while copper rose 0.22 percent to $2.09.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.17 percent, the Spanish Ibex Index rose 0.77 percent, while Italy's FTSE MIB Index surged 0.87 percent. Meanwhile, the German DAX climbed 0.53 percent, and the French CAC 40 surged 0.06 percent, while U.K. shares fell 0.18 percent.

Economics

There were no major US economic releases Monday.

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

 

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