Market Overview

Mid-Morning Market Update: Markets Open Higher; Tyson Foods Earnings Top Expectations

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Following the market opening Monday, the Dow traded up 0.83% to 26647.45 while the NASDAQ rose 1.21% to 10,875.25. The S&P also rose, gaining 0.74% to 3,295.30.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 4,668,330 cases with around 154,860 deaths. Brazil confirmed a total of over 2,733,670 COVID-19 cases with 94,100 deaths, while India reported a total of at least 1,803,690 confirmed cases and 38,130 deaths. In total, there were at least 18,109,900 cases of COVID-19 worldwide with over 690,050 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Information technology shares gained 2.3% on Monday. Meanwhile, top gainers in the sector included PowerFleet, Inc. (NASDAQ: PWFL), up 25%, and Canaan Inc. (NASDAQ: CAN), up 14%.

In trading on Monday, real estate shares tumbled by 1.4%.

Top Headline

Tyson Foods, Inc. (NYSE: TSN) reported stronger-than-expected earnings for its third quarter, while sales missed estimates.

The company reported quarterly earnings of $1.40 per share, exceeding analysts’ estimates of $0.91 per share. The company reported quarterly sales of $10.02 billion, missing analysts’ estimates of $10.51 billion.

Tyson Foods named Dean Banks as CEO of the company.

Equities Trading UP

ADT Inc. (NYSE: ADT) shares shot up 77% to $15.32 after the company announced entering into a long-term partnership with Alphabet Inc. to create a smart home security offerings. Google will invest $450 million in the company for 6.6% ownership.

Shares of Ambow Education Holding Ltd. (NYSE: AMBO) got a boost, shooting 100% to $4.3960.

Marathon Patent Group, Inc. (NASDAQ: MARA) shares were also up, gaining 47% to $2.9914. Marathon Patent, last week, reported the purchase of 700 M31S+ ASIC minders and shipment of 660 S-19 Pro Bitmain Miners.

Equities Trading DOWN

Alarm.com Holdings, Inc. (NASDAQ: ALRM) shares tumbled 19% to $57.02. Alarm.com is expected to release Q2 results on August 5.

Shares of Tiziana Life Sciences PLC (NASDAQ: TLSA) were down 18% to $5.72 after the company priced its 11 million ADS registered direct offering at $5.20 per ADS.

Mid-Con Energy Partners, LP (NASDAQ: MCEP) was down, falling 18% to $3.06 after climbing 30% on Friday.

Commodities

In commodity news, oil traded down 0.1% to $40.22, while gold traded up 0.1% to $1,987.10.
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Silver traded up 0.9% Monday to $24.44, while copper rose 1% to $2.8975.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1.6%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index climbed 1%. Meanwhile, the German DAX 30 gained 2.3%, French CAC 40 rose 1.5% and UK shares rose 1.3%.

Economics

U.S. manufacturing PMI rose to 50.90 for July, from June's final reading of 49.80. However, analysts expected a reading of 51.30.

U.S. construction spending fell 0.7% to an adjusted annual rate of $1.355 trillion in June.

The ISM manufacturing PMI climbed to 54.2 in July, versus 52.6 in the prior month.

 

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