Market Overview

Mid-Morning Market Update: Markets Open Higher; Estee Lauder Profit Beats Views

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Following the market opening Monday, the Dow traded up 0.93% to 26127.16 while the NASDAQ rose 1.24% to 7994.01. The S&P also rose, gaining 1.08% to 2919.96.

Leading and Lagging Sectors

Energy shares climbed 1.6% on Monday. Meanwhile, top gainers in the sector included Unit Corporation (NYSE: UNT), up 8%, and Frontline Ltd. (NYSE: FRO), up 9%.

In trading on Monday, utilities shares rose by just 0.4%.

Top Headline

Estee Lauder Companies Inc (NYSE: EL) reported stronger-than-expected results for its fourth quarter.

Estee Lauder Companies reported fourth-quarter earnings of 64 cents per share, which beat the analyst consensus estimate of 53 cents. The company reported fourth-quarter sales of $3.59 billion, which beat the analyst consensus estimate of $3.52 billion.

Estee Lauder is looking at fiscal year 2020 EPS of $5.90-5.98 versus the $5.81 analyst estimate.

Equities Trading UP

DPW Holdings, Inc. (NYSE: DPW) shares shot up 269% to $7.61 after the company announced that its subsidiary, Digital Power Lending has completed its beta testing of www.MonthlyInterest.com, an online fintech portal that facilitates investments that pay monthly interest.

Shares of DryShips Inc. (NASDAQ: DRYS) got a boost, shooting up 35% to $5.17 after the company announced it will be acquired by SPII Holdings for $5.25 per share in cash.

China Green Agriculture, Inc. (NYSE: CGA) shares were also up, gaining 20% to $4.2395 as the company announced stock purchase agreement at $12 per share on Friday.

Equities Trading DOWN

PG&E Corporation (NYSE: PCG) shares tumbled 29% to $10.20 potentially due to a judge lifting a freeze on lawsuits related to a 2017 fire. Citi downgraded PG&E from Buy to Sell and lowered the price target from $33 to $4.

Shares of Plus Therapeutics, Inc. (NASDAQ: PSTV) were down 22% to $11.29 after rising 272.2% on Friday.

Grupo Financiero Galicia S.A. (NASDAQ: GGAL) was down, falling 12% to $15.57.

Commodities

In commodity news, oil traded up 0.4% to $55.10, while gold traded down 1.1% to $1,506.70.

Silver traded down 1.3% Monday to $16.90, while copper rose 0.9% to $2.619.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.1%, the Spanish Ibex Index rose 0.8%, while Italy’s FTSE MIB Index climbed 1.7%. Meanwhile, the German DAX gained 1.5%, and the French CAC 40 rose 1.3% while UK shares rose 1.1%.

Economics

Data on e-commerce retail sales for the second quarter will be released at 10:00 a.m. ET.

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

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

 

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