Market Overview

Mid-Morning Market Update: Markets Open Higher; Sysco Reports Mixed Q1 Results

Share:

Following the market opening Monday, the Dow traded up 0.45% to 27,473.99 while the NASDAQ rose 0.55% to 8,432.87. The S&P also rose, gaining 0.48% to 3,081.54.

Leading and Lagging Sectors

Energy shares climbed 1.9% on Monday. Meanwhile, top gainers in the sector included Valaris plc (NYSE: VAL), up 14%, and HighPoint Resources Corporation (NYSE: HPR), up 11%.

In trading on Monday, real state shares fell 0.4%.

Top Headline

Sysco Corporation (NYSE: SYY) reported better-than-expected earnings for its first quarter, while sales missed estimates.

Sysco reported first-quarter earnings of $0.98 per share, which beat the analyst consensus estimate of $0.97 per share. The company posted quarterly sales of $15.3 billion, versus analysts’ estimates of $15.5 billion.

Equities Trading UP

Camber Energy, Inc. (NYSE: CEI) shares shot up 56% to $4.13.

Shares of Wright Medical Group N.V. (NASDAQ: WMGI) got a boost, shooting up 30% to $28.51 after the company announced it would be acquired by Stryker (NYSE: SYK) for $30.75 per share in cash.

Superior Industries International, Inc. (NYSE: SUP) shares were also up, gaining 17% to $3.1232 after reporting Q3 results.

Equities Trading DOWN

Insperity, Inc. (NYSE: NSP) shares tumbled 34% to $70.95 after the company reported worse-than-expected Q3 EPS results. The company also issued Q4 and FY19 EPS guidance below analyst estimates.

Shares of Ceragon Networks Ltd. (NASDAQ: CRNT) were down 32% to $2.015 after the company reported downbeat Q2 results.

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) was down, falling 15% to $3.0580 after climbing 22.9% on Friday. Tonix Pharma moved the timing of its primary endpoint from week 4 to week 12.

 

Commodities

In commodity news, oil traded up 1.5% to $57.03, while gold traded up 0.1% to $1,512.60.

Silver traded up 0.4% Monday to $18.125, while copper rose 0.6% to $2.669.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 rose 1.1%, the Spanish Ibex Index rose 1.1%, while Italy’s FTSE MIB Index climbed 1.6%. Meanwhile, the German DAX gained 1.5%, and the French CAC 40 rose 1.2% while UK shares rose 1%.

Economics

U.S. factory orders fell 0.6% for September, versus economists’ expectations for a 0.3% decline.

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

The TD Ameritrade IMX for October is schedule for release at 12:30 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in New York at 3:05 p.m. ET.

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

 

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