Midway through trading Monday, the Dow traded up 0.01 percent to 22,093.28 while the NASDAQ climbed 0.25 percent to 6,367.70.
The S&P also rose, gaining 0.02 percent to 2,477.19.
Leading and Lagging Sectors
On Monday, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from
Sinopec Shanghai Petrochemical Co. (ADR) (NYSE: SHI) and
Companhia Siderurgica Nacional (ADR) (NYSE: SID).
In trading on Monday, energy shares were relative laggards, down on the day by about 0.58 percent. Meanwhile, top losers in the
sector included Atwood Oceanics, Inc. (NYSE: ATW), down
7 percent, and Unit Corporation (NYSE: UNT), down 6
percent.
Top Headline
Tyson Foods, Inc. (NYSE: TSN) reported
stronger-than-expected results for its third quarter.
Tyson reported Q3 adjusted earnings of $1.28 per share, on sales of $9.85 billion. However, analysts were expecting earnings of
$1.18 on revenue of $9.48 billion.
Tyson now expects FY17 adjusted earnings of $4.95 to $5.05 per share, versus earlier forecast of $4.90 to $5.05 per share.
Equities Trading UP
Myokardia Inc (NASDAQ: MYOK) shares shot up 83
percent to $31.30. MyoKardia posted a Q2 loss of $0.41 per share on sales of $5.63 million. The company also reported 'positive'
topline results in Phase 2 PIONEER-HCM study.
Shares of NxStage Medical, Inc. (NASDAQ: NXTM) got
a boost, shooting up 28 percent to $29.69. Fresenius Medical Care announced plans to acquire NxStage Medical for $30.00 per share
in cash.
Eros International plc (NYSE: EROS) shares were also
up, gaining 23 percent to $10.05. Eros Group is in talks with Apple to sell entire library of movies and music for $1 billion,
Economic Times reported.
Equities Trading DOWN
Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) shares
dropped 55 percent to $6.74 after the company announced that its transdermal synthetic cannabinoid treatment for epilepsy, ZYN002,
didn’t demonstrate a statistically significant reduction in median seizure frequency.
Shares of Gemphire Therapeutics Inc (NASDAQ: GEMP)
were down 50 percent to $9.34 after the company reported top-line data from ROYAL-1 Phase 2b trial.
Armstrong Flooring Inc (NYSE: AFI) was down, falling
around 18 percent to $14.19 as the company posted weaker-than-expected Q2 results.
Commodities
In commodity news, oil traded down 0.83 percent to $49.17 while gold traded down 0.03 percent to $1,264.20.
Silver traded down 0.23 percent Monday to $16.215, while copper rose 1.04 percent to $2.915.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.15 percent, the Spanish Ibex Index rose 0.06 percent, while
Italy’s FTSE MIB Index gained 0.41 percent. Meanwhile the German DAX declined 0.42 percent, and the French CAC 40 dropped 0.02
percent while U.K. shares rose 0.21 percent.
Economics
The Conference Board’s Employment Trends Index rose to 133.77 in July, versus a previous revised reading 132.42.
Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Sioux Falls, SD at 1:25 p.m. ET.
Data on consumer credit for June will be released at 3:00 p.m. ET.
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