Market Overview

Mid-Day Market Update: Mattress Firm Jumps Following Buyout; Digital Ally Shares Slide

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Midway through trading Monday, the Dow traded down 0.06 percent to 18,533.19 while the NASDAQ declined 0.14 percent to 5,213.56. The S&P also fell, dropping 0.02 percent to 2,182.48.

Leading and Lagging Sectors

On Monday, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Pacific Drilling SA (NYSE: PACD) and Bristow Group Inc (NYSE: BRS).

In trading on Monday, healthcare shares fell by 0.88 percent. Meanwhile, top losers in the sector included Dynavax Technologies Corporation (NASDAQ: DVAX), down 6 percent, and AMN Healthcare Services, Inc. (NYSE: AHS), down 7 percent.

Top Headline

Tyson Foods, Inc. (NYSE: TSN) announced better-than-expected earnings for the third quarter.

The company reported net income of $485 million for the three-month period April — June, sharply higher than $343 million in the preceding year period. Similarly, EPS also surged from $0.83 to $1.25, while adjusted EPS climbed from $0.80 to $1.21 in the third quarter. The Street estimate was $1.06 a share.

However, sales revenue dipped from $10.07 billion to $9.4 billion in the same quarter last year. But, it was better than the analysts' predictions of $9.33 billion.


Equities Trading UP

Mattress Firm Holding Corp (NASDAQ: MFRM) shares shot up 114 percent to $63.67 as Steinhoff International Holdings NV announced plans to buy Mattress Firm for $3.8 billion, including debt.

Shares of Image Sensing Systems, Inc. (NASDAQ: ISNS) got a boost, shooting up 92 percent to $4.75 following Q2 earnings report. Image Sensing Systems posted quarterly earnings of $0.24 per share on revenue of $4.7 million on Friday.

MEI Pharma Inc (NASDAQ: MEIP) shares were also up, gaining 28 percent to $2.06. Helsinn and MEI Pharma reported a strategic deal for the development and commercialization of Pracinostat for the treatment of AML and other hematologic diseases.


Equities Trading DOWN

Check Cap Ltd (NASDAQ: CHEK) shares dropped 24 percent to $2.31 after the company reported a $5.9 million financing.

Shares of Digital Ally, Inc. (NASDAQ: DGLY) were down 9 percent to $5.18. Digital Ally reported a Q2 adjusted loss of $0.45 per share on revenue of $4.4 million.

Epizyme Inc (NASDAQ: EPZM) was down, falling around 11 percent to $9.22. Epizyme reported a narrower-than-expected quarterly loss, but sales missed analysts’ expectations.


Commodities


In commodity news, oil traded up 2.80 percent to $42.97 while gold traded down 0.28 percent to $1,340.70.

Silver traded down 0.21 percent Monday to $19.78, while copper rose 0.53 percent to $2.17.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 0.01 percent, the Spanish Ibex Index rose 0.28 percent, while Italy’s FTSE MIB Index gained 0.63 percent. Meanwhile the German DAX rose 0.66 percent, and the French CAC 40 gained 0.12 percent, while U.K. shares rose 0.23 percent.

Economics

The Fed’s Labor Market Conditions Index increased 1 point in July.

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

 

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