Market Overview

Mid-Morning Market Update: Markets Edge Lower; Tyson Tops Q1 Estimates

Share:

Following the market opening Monday, the Dow traded down 0.01 percent to 20,071.24 while the NASDAQ declined 0.13 percent to 5,659.49. The S&P also fell, dropping 0.13 percent to 2,294.33.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.04 percent in trading on Monday.

In trading on Monday, energy shares slipped by 0.38 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. (NYSE: ATW), down 8 percent, and Hornbeck Offshore Services, Inc. (NYSE: HOS), down 6 percent.

Top Headline

Tyson Foods, Inc. (NYSE: TSN) reported better-than-expected Q1 results and lifted its profit outlook for the year.

Tyson reported Q1 earnings of $1.59 per share on revenue of $9.18 billion. Analysts were expecting earnings of $1.26 per share on revenue of $9.05 billion.

Tyson now expects FY17 earnings of $4.90 to $5.05 per share, versus earlier forecast of $4.70 to $4.85 per share.

Equities Trading UP

Galena Biopharma Inc (NASDAQ: GALE) shares shot up 63 percent to $1.95 after the company reported positive outcome from the Data Safety Monitoring Board on the two NeuVax trials.

Shares of Hasbro, Inc. (NASDAQ: HAS) got a boost, shooting up 15 percent to $95.04 after the company reported stronger-than-expected results for its fourth quarter on Monday.

Ocean Power Technologies Inc (NASDAQ: OPTT) shares were also up, gaining 13 percent to $2.97. Ocean Power Technologies and HAI Technologies disclosed a joint application development and marketing agreement.


Equities Trading DOWN

Aratana Therapeutics Inc (NASDAQ: PETX) shares dropped 16 percent to $6.78. Aratana Therapeutics reported that it projects ENTYCE to be commercially available in late 2017.

Shares of LGI Homes Inc (NASDAQ: LGIH) were down around 12 percent to $27.71. LGI Homes disclosed that 172 homes closed in January 2017, down from 232 home closings in the year-ago period. Wells Fargo downgraded LGI Homes from Market Perform to Underperform.

COMSCORE, Inc. (NASDAQ: SCOR) was down, falling around 21 percent to $25.57 after the company disclosed that it has notified the Nasdaq Hearings Panel that it will be unable to regain compliance with its SEC periodic reporting requirements by the deadline date.


Commodities


In commodity news, oil traded down 0.28 percent to $53.68 while gold traded up 0.75 percent to $1,230.00.

Silver traded up 0.69 percent Monday to $17.60, while copper rose 0.75 percent to $2.64.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.54 percent, the Spanish Ibex Index fell 0.97 percent, while Italy’s FTSE MIB Index dipped 1.60 percent. Meanwhile the German DAX declined 0.97 percent, and the French CAC 40 dropped 0.49 percent while U.K. shares fell 0.24 percent.

Economics

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

The TD Ameritrade Investor Movement Index for January will be released at 12:30 p.m. ET.

Philadelphia Federal Reserve Bank President Patrick T. Harker is set to speak in San Diego, Calif. at 4:30 p.m. ET.

Posted-In: Earnings News Eurozone Commodities Global Intraday Update Markets Movers

 

Related Articles (ATW + GALE)

View Comments and Join the Discussion!

Is Donald Trump Good For Your Wallet?

S&P 500 Index Futures Recover From Lower Open