Market Overview

Mid-Day Market Update: Wright Medical Group Surges Following Acquisition News; Ceragon Networks Shares Plunge

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Midway through trading Monday, the Dow traded up 0.39% to 27,453.52 while the NASDAQ rose 0.56% to 8,433.19. The S&P also rose, gaining 0.42% to 3,079.79.

Leading and Lagging Sectors

Energy shares climbed 3.1% on Monday. Meanwhile, top gainers in the sector included Valaris plc (NYSE: VAL), up 16%, and Gulfport Energy Corporation (NASDAQ: GPOR), up 17%.

In trading on Monday, utilities shares fell 1%.

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 54% to $4.06.

Shares of Wright Medical Group N.V. (NASDAQ: WMGI) got a boost, shooting up 32% to $28.99 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 27% to $3.3750 after reporting Q3 results.

Equities Trading DOWN

Insperity, Inc. (NYSE: NSP) shares tumbled 33% to $72.62 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 31% to $2.0350 after the company reported downbeat Q2 results.

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) was down, falling 15% to $3.0601 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 1.4% to $57.01, while gold traded up 0.1% to $1,511.50.

Silver traded up 0.1% Monday to $18.065, while copper rose 0.6% to $2.6695.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 rose 1%, the Spanish Ibex Index rose 0.95%, while Italy’s FTSE MIB Index climbed 1.63%. Meanwhile, the German DAX gained 1.35%, and the French CAC 40 rose 1.08% while UK shares rose 0.9%.

Economics

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

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

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

 

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