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Mid-Morning Market Update: Markets Open Higher; Booz Allen Tops Q4 Views

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Following the market opening Monday, the Dow traded up 0.44 percent to 20,896.60 while the NASDAQ climbed 0.45 percent to 6,110.94. The S&P also rose, gaining 0.36 percent to 2,390.19.

Leading and Lagging Sectors

Non-cyclical consumer goods & services sector was the top gainer in the US market on Monday. Top gainers in the sector included Nutraceutical Int'l Corp. (NASDAQ: NUTR), GNC Holdings Inc (NYSE: GNC), and Cambium Learning Group, Inc. (NASDAQ: ABCD).

In trading on Monday, utilities shares fell 0.1 percent. Meanwhile, top losers in the sector included National Grid plc (ADR) (NYSE: NGG), down 8 percent, and Companhia de Saneamento Basico (ADR) (NYSE: SBS), down 3 percent.

Top Headline

Booz Allen Hamilton Holding Corporation (NYSE: BAH) posted better-than-expected results for its fourth quarter.

Booz Allen reported earnings of $0.45 per share in the quarter on revenue of $1.58 billion. Analysts were expecting earnings of $0.43 per share on revenue of $1.48 billion.

Booz Allen expects FY 2018 earnings of $1.79 to $1.89 per share, versus analysts’ estimates of $1.73 per share.

Equities Trading UP

Nutraceutical Int'l Corp. (NASDAQ: NUTR) shares shot up 51 percent to $42.15 after the company agreed to be acquired by HGGC for $41.80 per share in cash.

Shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) got a boost, shooting up 14 percent to $12.02 following strong earnings report.

Ferroglobe PLC (NASDAQ: GSM) shares were also up, gaining 12 percent to $10.35 after the company posted a narrower-than-expected Q1 loss.

Equities Trading DOWN

Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares dropped 7 percent to $12.64. Credit Suisse downgraded Synchronoss Technologies from Neutral to Underperform.

Shares of Diana Containerships Inc (NASDAQ: DCIX) were down 6 percent to $0.440. Diana Containerships reported a Q1 loss of $0.80 per share on sales of $3.77 million.

Zoe's Kitchen Inc (NYSE: ZOES) was down, falling around 6 percent to $17.04. Baird downgraded Zoe's Kitchen from Outperform to Neutral.

 

Commodities

In commodity news, oil traded up 1.27 percent to $50.97 while gold traded up 0.34 percent to $1,257.90.

Silver traded up 1.30 percent Monday to $17.015, while copper rose 0.14 percent to $2.585.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.05 percent, the Spanish Ibex Index declined 0.24 percent, while Italy’s FTSE MIB Index dropped 1.17 percent. Meanwhile the German DAX declined 0.31 percent, and the French CAC 40 climbed 0.08 percent while U.K. shares rose 0.47 percent.

Economics

The Chicago Fed National Activity Index rose to 0.49 for April, versus a prior reading of 0.08. However, economists were expecting a reading of 0.25.

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Minneapolis at 10:00 a.m. ET.

Philadelphia Federal Reserve Bank President Patrick Harker will speak in Philadelphia at 10:00 a.m. ET.

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

Minneapolis Federal Reserve Bank President Neel Kashkari will then speak at the Opportunity and Inclusive Growth Institute Conference at 6:45 p.m. ET.

Federal Reserve Governor Lael Brainard is set to speak in Minneapolis at 7:00 p.m. ET.

Chicago Federal Reserve Bank President Charles Evans is set to speak in Shanghai China at 9:10 p.m. ET.

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

 

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