Market Overview

Mid-Morning Market Update: Markets Open Higher; Bank Of The Ozarks Profit Tops Views

Share:
Related IMPV
The 8 Most Undervalued Tech Stocks That Protect Your Data
35 Biggest Movers From Yesterday
JPMorgan downgrades Imperva and Adobe (Seeking Alpha)
Related VNET
32 Biggest Movers From Yesterday
28 Stocks Moving In Wednesday's Pre-Market Session

 


Following the market opening Monday, the Dow traded up 0.41 percent to 18,220.94 while the NASDAQ climbed 0.58 percent to 4,985.70. The S&P also rose, gaining 0.27 percent to 2,135.73.

Leading and Lagging Sectors

On Monday, technology shares surged by 0.93 percent. Top gainers in the sector included Imperva Inc (NYSE: IMPV) and 21Vianet Group Inc (NASDAQ: VNET).

In trading on Monday, utilities shares fell by 0.45 percent. Meanwhile, top losers in the sector included Artesian Resources Corporation (NASDAQ: ARTNA), down 2 percent, and Edison International (NYSE: EIX), down 1.5 percent.

Top Headline

Bank Of The Ozarks Inc (NASDAQ: OZRK) reported better-than-expected earnings for its second quarter on Monday.

Bank of the Ozarks disclosed net income of $54.5 million for the second quarter compared to $44.8 million representing an increase of 21.7 percent. On a per share basis, earnings grew 17.6 percent to $0.60 from $0.51 in the year-ago quarter. This was higher by a penny from the Street analysts' expectations.


Equities Trading UP

BioLife Solutions Inc (NASDAQ: BLFS) shares shot up 80 percent to $2.76 as the company announced a 10 year supply contract with Kite Pharma Inc (NASDAQ: KITE).

Shares of Sagent Pharmaceuticals Inc (NASDAQ: SGNT) got a boost, shooting up 39 percent to $21.61 as the company agreed to be acquired by Nichi-Iko Pharmaceutical for $21.75 per share.

Resolute Energy Corp (NYSE: REN) shares were also up, gaining 15 percent to $4.38. Wunderlich upgraded the rating on Resolute Energy from Hold to Buy, while raising the price target from $4 to $8. Northland Securities also upgraded the stock from Market Perform to Outperform.


Equities Trading DOWN

Echo Therapeutics Inc (NASDAQ: ECTE) shares dropped 25 percent to $1.34. Echo Therapeutics’ common stock will be suspended on Nasdaq at the opening of business on July 12, 2016. The company’s common stock will trade on the OTCQB® Venture Market.

Shares of Monster Worldwide, Inc. (NYSE: MWW) were down 6 percent to $2.46. BMO Capital downgraded Monster Worldwide from Outperform to Market Perform.

Twitter Inc (NYSE: TWTR) was down, falling around 3 percent to $17.58. Monness Crespi Hardt downgraded Twitter from Buy to Neutral, while SunTrust Robinson Humphrey also downgraded the stock from Buy to Neutral.


Commodities

In commodity news, oil traded up 0.24 percent to $45.52 while gold traded down 0.13 percent to $1,356.60.

Silver traded up 1.10 percent Monday to $20.32, while copper rose 1.89 percent to $2.16.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.14 percent, the Spanish Ibex Index climbed 1.26 percent, while Italy’s FTSE MIB Index rose 0.77 percent. Meanwhile the German DAX gained 1.58 percent, and the French CAC 40 climbed 1.46 percent, while U.K. shares rose 1.16 percent.

Economics

Kansas City Federal Reserve Bank President Esther George is set to speak in Lake Ozark, Missouri.

The Treasury is set to auction 3-and 6-month notes at 11:30 a.m. ET.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Cleveland Federal Reserve Bank President Loretta J. Mester is set to speak in Sydney, Australia.

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

 

Related Articles (ARTNA + BLFS)

View Comments and Join the Discussion!

Partner Center