Market Overview

Mid-Morning Market Update: Markets Open Higher; Cal-Maine Foods Misses Q1 Expectations

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Following the market opening Monday, the Dow traded up 0.36% to 26917.37 while the NASDAQ rose 0.51% to 7980.04. The S&P also rose, gaining 0.45% to 2975.14.

Leading and Lagging Sectors

Health care shares climbed 0.9% on Monday. Meanwhile, top gainers in the sector included Dova Pharmaceuticals, Inc. (NASDAQ: DOVA), up 38%, and Stealth BioTherapeutics Corp (NASDAQ: MITO), up 17%.

In trading on Monday, energy shares fell 0.4%.

Top Headline

Cal-Maine Foods Inc (NASDAQ: CALM) reported weaker-than-expected results for its first quarter.

Cal-Maine Foods posted a first-quarter loss of 94 cents per share, which missed the analyst consensus estimate of an 89-cent loss. The company reported quarterly sales of $241.2 million, which missed the analyst consensus estimate of $254.52 million.

Equities Trading UP

Dova Pharmaceuticals Inc (NASDAQ: DOVA) shares shot up 39% to $27.98 in reaction to a buyout deal. Dova said Monday it has entered into an agreement to be bought by Swedish Orphan Biovitrum, or SOBI, for $27.50 per share in cash, along with one non-tradeable contingent value right, or CVR, that entitles Dova shareholders to receive an additional $1.50 per share in cash upon regulatory approval of Doptelet.

Shares of Thor Industries, Inc. (NYSE: THO) got a boost, shooting up 18% to $57.57 after the company reported better-than-expected Q4 EPS results.

Seattle Genetics, Inc. (NASDAQ: SGEN) shares were also up, gaining 12% to $85.15 after Piper Jaffray maintained an Overweight rating on the stock and raised the price target from $75 to $95. Piper Jaffray raised the price target after Seattle Genetics presented compelling initial data from the EV-103 study, which compares favorably to the current standard of care. It also sees the potential for further upside from additional UBS opportunities.

Equities Trading DOWN

Ocugen Inc (NASDAQ: OCGN) shares tumbled 67% to $3.17. Ocugen announced the completion of its merger with Histogenics Corporation. Ocugen and CanSinoBIO reported a strategic partnership for gene therapy co-development and manufacturing.

Shares of G1 Therapeutics, Inc. (NASDAQ: GTHX) were down 21% to $26.91. G1 Therapeutics presented updated data at ESMO 2019 from randomized Phase 2 trial of trilaciclib in combination with chemotherapy in metastatic triple-negative breast cancer demonstrating significant improvement in overall survival at ESMO 2019.

Globus Maritime Limited (NASDAQ: GLBS) was down, falling 17% to $1.92. Globus Maritime reported a Q2 loss of $0.74 per share, versus a year-ago loss of $0.29 per share. Its sales slipped to $3.4 million from $4.194 million.
 

Commodities

In commodity news, oil traded down 1.5% to $55.10, while gold traded down 1.1% to $1,490.80.

Silver traded down 2.2% Monday to $17.27, while copper rose 0.2% to $2.603.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index climbed 0.1%. Meanwhile, the German DAX gained 0.1%, and the French CAC 40 gained 0.2% while UK shares fell 0.2%.

Economics

The Chicago PMI fell to 47.1 in September, versus prior reading of 50.4. However, economists were expecting a reading of 50.2.

The Dallas Fed manufacturing index for September will be released at 10:30 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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