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Mid-Day Market Update: Crude Oil Down 1%; Galena Biopharma Shares Spike Higher

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Midway through trading Monday, the Dow traded down 0.02 percent to 20,066.71 while the NASDAQ declined 0.12 percent to 5,659.94. The S&P also fell, dropping 0.19 percent to 2,293.01.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares rose by 0.01 percent in trading on Monday.

In trading on Monday, energy shares slipped by 0.70 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. (NYSE: ATW), down 9 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 48 percent to $1.78 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 14 percent to $94.34 after the company reported stronger-than-expected results for its fourth quarter on Monday.

First NBC Bank Holding Company (NASDAQ: FNBC) shares were also up, gaining 16 percent to $4.40. First NBC named Carl J. Chaney as its Chief Executive Officer.


Equities Trading DOWN

Aratana Therapeutics Inc (NASDAQ: PETX) shares dropped 15 percent to $6.81. Aratana Therapeutics reported that it projects ENTYCE to be commercially available in late 2017.

Shares of LGI Homes Inc (NASDAQ: LGIH) were down around 13 percent to $27.26. 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 22 percent to $25.20 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 1.1 percent to $53.24 while gold traded up 0.73 percent to $1,229.70.

Silver traded up 0.84 percent Monday to $17.63, while copper rose 1.20 percent to $2.65.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.53 percent, the Spanish Ibex Index fell 1.06 percent, while Italy’s FTSE MIB Index dipped 2.03 percent. Meanwhile the German DAX declined 0.83 percent, and the French CAC 40 dropped 0.88 percent while U.K. shares fell 0.10 percent.

Economics

The Fed Labor Market Conditions Index rose to a reading of 1.30 in January, versus a prior reading of -0.30.

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

 

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