Market Overview

Mid-Morning Market Update: Markets Open Higher; Halliburton Sales Miss Estimates

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Following the market opening Monday, the Dow traded up 0.01% to 26774.00 while the NASDAQ rose 0.72% to 8,147.59. The S&P also rose, gaining 0.49% to 3,000.76.

Leading and Lagging Sectors

Financial shares climbed 1% on Monday. Meanwhile, top gainers in the sector included Sutter Rock Capital Corp. (NASDAQ: SSSS), up 7%, and Prudential plc (NYSE: PUK), up 5%.

In trading on Monday, health care shares fell 0.2%.

Top Headline

Halliburton Company (NYSE: HAL) reported in-line earnings for its third quarter, while sales missed views.

Halliburton reported third-quarter earnings of 34 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $5.55 billion, which missed the analyst consensus estimate of $5.83 billion.

Equities Trading UP

Petmed Express Inc (NASDAQ: PETS) shares shot up 29% to $25.15 after the company reported better-than-expected Q2 EPS and sales results.

Shares of NF Energy Saving Corporation (NASDAQ: BIMI) surged 26% to $7.08 after the company signed a partnership agreement with Chongqing Shude Pharmaceutical Co., Ltd.

Seattle Genetics, Inc. (NASDAQ: SGEN) shares gained 15% to $100.10 following the release of positive data for the company's HER2CLIMB phase 2 trial.

Equities Trading DOWN

Quaker Chemical Corporation (NYSE: KWR) shares tumbled 9% to $145.87 after the company lowered its FY19 adjusted EBITDA guidance from year-over-year growth to down around 2-4%.

Shares of Infosys Limited (NYSE: INFY) were down 14% to $9.13 after a whistle blower alleged the company is engaging in unethical practices to strengthen financial reports.

Micro Focus International plc (NYSE: MFGP) was down, falling 13% to $13.27.

Commodities

In commodity news, oil traded down 0.7% to $53.41, while gold traded up 0.1% to $1,494.50.

Silver traded up 0.9% Monday to $17.73, while copper rose 0.6% to $2.6505.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index climbed 0.4%. Meanwhile, the German DAX gained 0.7%, and the French CAC 40 rose 0.2% while UK shares rose 0.2%

Economics

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

Federal Reserve Member of the Board of Governors Michelle Bowman is set to speak in Frankfurt, Germany at 11:40 a.m. ET.

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

 

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