Mid-Morning Market Update: Markets Open Lower; Tyson Foods Earnings Top Views

Following the market opening Monday, the Dow traded down 2.26% to 25885.97 while the NASDAQ fell 2.97% to 7,766.69. The S&P also fell, dropping 2.32% to 2,864.04.


Leading and Lagging Sectors

Utilities shares slipped by just 0.2% on Monday. Meanwhile, top gainers in the sector included WEC Energy Group, Inc. WEC, up 2%, and Portland General Electric Company POR, up 1.5%.

In trading on Monday, information technology shares fell 3.1%.


Top Headline

Tyson Foods, Inc. TSN reported better-than-expected earnings for its third quarter, while sales missed estimates.

Tyson reported second-quarter earnings of $1.47 per share, which beat the analyst consensus estimate of $1.45 per share. The company posted quarterly sales of $10.885 billion, versus analysts’ estimates of $11.08 billion. Tyson Foods reaffirmed FY2019 EPS guidance of $5.75 to 6.10 per share.


Equities Trading UP

Allakos Inc. ALLK shares shot up 108% to $64.00 after the company's AK002 met all primary and secondary endpoints in its Phase 2 study. The company also reported better-than-expected Q2 EPS results.

Shares of Boise Cascade Company BCC got a boost, shooting up 7% to $29.28 after the company posted upbeat Q2 earnings.

Tyson Foods, Inc. TSN shares were also up, gaining 8% to $85.90 after reporting better-than-expected earnings for its third quarter.


Equities Trading DOWN

GlycoMimetics, Inc. GLYC shares tumbled 61% to $3.59 after the company announced Pfizer's Phase 3 clinical trial evaluating Rivipansel in Sickle Cell did not meet its Primary or key Secondary endpoints.

Shares of Cars.com Inc. CARS were down 34% to $11.99 after the company reported downbeat Q2 sales and lowered FY2019 sales guidance. Cars.com also completes its strategic review process with no bids for the company.

Genie Energy Ltd. GNE was down, falling 26% to $7.88 following Q2 results. Genie Energy posted Q2 loss of $0.29 per share on sales of $61.009 million.

 

Commodities


In commodity news, oil traded down 0.9% to $55.16, while gold traded up 1% to $1,471.30.

Silver traded up 1.4% Monday to $16.495, while copper fell 0.8% to $2.552.

Euro zone


European shares were lower today. The eurozone’s STOXX 600 fell 2.1%, the Spanish Ibex Index fell 1.2%, while Italy’s FTSE MIB Index dropped 1.4%. Meanwhile, the German DAX dropped 1.8%, and the French CAC 40 fell 2.3% while UK shares fell 2.2%.

Economics

US final services PMI increased to 53 in July, versus a flash reading of 52.2.

The ISM's non-manufacturing index fell to 53.7 in July, compared to a reading of 55.1 in June. However, economists projected a reading of 55.5.

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

The TD Ameritrade IMX for July will be released at 12:30 p.m. ET.

Posted In: Mid-Morning Market UpdateEarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets