Market Overview

Mid-Day Market Update: MOGU Falls After Q1 Results; Arcadia Biosciences Shares Climb

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Midway through trading Monday, the Dow traded up 0.76% to 25823.37 while the NASDAQ rose 0.83% to 7816.48. The S&P also rose, gaining 0.69% to 2866.85.

Leading and Lagging Sectors

Information technology shares climbed 1.1% on Monday. Meanwhile, top gainers in the sector included Ideanomics, Inc. (NASDAQ: IDEX), up 5%, and Fastly, Inc. (NYSE: FSLY), up 4%.

In trading on Monday, energy shares rose by just 0.1%.

Top Headline

Pitney Bowes (NYSE: PBI) announced it will sell its software solutions business to Syncsort for $700 million in cash.

Pitney Bowes has lowered fiscal year 2019 EPS guidance from 90 cents - $1.05 to 65 cents - 75 cents versus the 90 cents analyst estimate.

Equities Trading UP

Arcadia Biosciences, Inc. (NASDAQ: RKDA) shares shot up 27% to $8.20 after the company entered into a global collaboration with Arista Cereal Technologies and Bay State Milling for the commercialization of high fiber wheat. The company also announced retirement of Raj Ketkar, President and CEO, effective September 1, 2019.

Shares of Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) got a boost, shooting up 89% to $6.60. ARCA Recycling opened a new Syracuse, NY recycling center.

Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX) shares were also up, gaining 24% to $12.49. The Ivy Brain Tumor Center and Salarius Pharmaceuticals announced a collaborative partnership to develop new cancer treatment for glioblastoma.

Equities Trading DOWN

Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL) shares tumbled 18% to $5.16 at what appears to be traders taking profits following the stock rising over 200% on Friday's trading session.

Shares of MOGU Inc. (NYSE: MOGU) were down 20% to $2.90 after the company reported worse-than-expected Q1 revenue results.

Pareteum Corporation (NASDAQ: TEUM) was down, falling 16% to $2.3299 after the company announced that it has concluded an Amendment to the Credit Agreement with Post Road Group which is the company's senior lender.

Commodities

In commodity news, oil traded up 0.6% to $54.48, while gold traded up 0.3% to $1,542.10.

Silver traded up 1.5% Monday to $17.675, while copper rose 0.2% to $2.536.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.21%, the Spanish Ibex Index rose 0.03%, while Italy’s FTSE MIB Index climbed 0.61%. Meanwhile, the German DAX rose 0.08% and the French CAC 40 gained 0.14% while UK shares fell 0.47%.

Economics

U.S. durable goods orders rose 2.1% for July, versus economists’ expectations for a 1.1% gain.

The Chicago Fed National Activity Index fell to (0.36) in July, versus prior reading of 0.03.

The Dallas Fed manufacturing index rose to 2.7 for August, versus previous reading of (6.3).

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

 

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