Market Overview

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

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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. (NYSE: WEC), up 2%, and Portland General Electric Company (NYSE: POR), up 1.5%.

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

Top Headline

Tyson Foods, Inc. (NYSE: 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. (NASDAQ: 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 (NYSE: BCC) got a boost, shooting up 7% to $29.28 after the company posted upbeat Q2 earnings.

Tyson Foods, Inc. (NYSE: 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. (NASDAQ: 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. (NYSE: 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. (NYSE: 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 UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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