Market Overview

Mid-Morning Market Update: Markets Open Lower; Sysco Earnings Top Expectations

Share:

Following the market opening Monday, the Dow traded down 0.65% to 26116.01 while the NASDAQ fell 0.63% to 7,908.77. The S&P also fell, dropping 0.55% to 2,902.48.

Leading and Lagging Sectors

Real estate shares slipped by just by 0.2% on Monday. Meanwhile, top gainers in the sector included American Realty Investors, Inc. (NYSE: ARL), up 4%, and FRP Holdings, Inc. (NASDAQ: FRPH), up 1.5%.

In trading on Monday, financial shares tumbled 1.3%.

Top Headline

SYSCO Corporation (NYSE: SYY) reported better-than-expected earnings for its fourth quarter, while sales missed views.

Sysco reported fourth-quarter earnings of $1.10 per share, which beat the analyst consensus estimate of $1.06. The company reported quarterly sales of $15.5 billion, which missed the analyst consensus estimate of $15.65 billion.

Equities Trading UP

Cellect Biotechnology Ltd. (NASDAQ: APOP) shares shot up 90% to $0.79 after reporting outcome from the Data and Safety Monitoring Board. The company has successfully transplanted ninth trial patient.

Shares of Arcadia Biosciences, Inc. (NASDAQ: RKDA) got a boost, shooting up 36% to $6.14 as the company reported Limited Liability Company operating agreement with Legacy Ventures Hawaii.

Jason Industries, Inc. (NASDAQ: JASN) shares were also up, gaining 12% to $0.58 after the company reported a deal to sell fiber solutions segment to Motus Integrated Technologies for $85 million. The company has engaged BMO to explore strategic alternatives.

Equities Trading DOWN

CannTrust Holdings Inc. (NYSE: CTST) shares tumbled 24% to $2.42 after the company announced it has received a report from Health Canada notifying the Company that its manufacturing facility in Vaughan, Ontario has been rated non-compliant with certain regulations.

Shares of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (NYSE: EDN) were down 58% to $7.78 after Alberto Fernandez routed President Mauricio Macri in a shocking primary election result.

BBVA Banco Francés S.A. (NYSE: BBAR) was down, falling 56% to $5.29 after Alberto Fernandez routed President Mauricio Macri in a shocking primary election result.

Commodities

In commodity news, oil traded down 0.4% to $54.26, while gold traded up 0.5% to $1,515.70.

Silver traded up 0.1% Monday to $16.945, while copper rose 0.2% to $2.5935.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.3%, the Spanish Ibex Index fell 0.8%, while Italy’s FTSE MIB Index dropped 0.3%. Meanwhile, the German DAX dropped 0.2%, and the French CAC 40 fell 0.4% while UK shares fell 0.4%.

Economics

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

The U.S. Treasury budget report for July will be released at 2:00 p.m. ET.

Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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