Toward the end of trading Monday, the Dow traded down 0.43 percent to 24,357.01 while the NASDAQ declined 0.50 percent to
7,110.34. The S&P also fell, dropping 0.29 percent to 2,662.35.
Leading and Lagging Sectors
Monday afternoon, the telecommunication services shares climbed 0.69 percent. Meanwhile, top gainers in the sector included B
Communications Ltd (NASDAQ: BCOM), up 5 percent, and
China Unicom (Hong Kong) Limited (NYSE: CHU), up 3
percent.
In trading on Monday, consumer staples shares fell 0.29 percent.
Top Headline
Hasbro, Inc. (NASDAQ: HAS) reported
weaker-than-expected results for its first quarter on Monday.
The company said it earned 10 cents per share in the first quarter on revenue of $716.34 million versus expectations of 34 cents
per share and $819.40 million.
Equities Trading UP
McDermott International, Inc. (NYSE: MDR) shares shot
up 14 percent to $6.875 after the UK-based offshore oil service company Subsea 7 made an unsolicited bid to buy McDermott for $7
per share. The acquisition offer is contingent on McDermot terminating its pending merger with Chicago Bridge & Iron Company.
However, the company’s board rejected the Subsea 7 offer.
Shares of Stars Group Inc. (NASDAQ: TSG) got a
boost, shooting up 12 percent to $32.725. Stars Group Inc (NASDAQ: TSG) announced plans to acquire Sky Betting & Gaming for $4.7 billion.
Nautilus, Inc. (NYSE: NLS) shares were also up,
gaining 12 percent to $15.05. Nautilus is expected to release Q1 results on May 7, 2018. Craig-Hallum initiated coverage on
Nautilus with a Buy rating and a $19.00 price target.
Equities Trading DOWN
Prothena Corporation plc (NASDAQ: PRTA) shares
dropped 69 percent to $11.585 after a disappointing update relating to the company's treatment for AL amyloidosis. Prothena, a
clinical-stage biopharmaceutical company that focuses on therapies in the neuroscience and orphan categories, said a Phase 2b study
of its therapy called NEOD001 failed to achieve its primary or secondary endpoints. Prothena's Phase 2b study explored its NEOD001
therapy versus a placebo in previously-treated patients with AL amyloidosis and persistent cardiac dysfunction. Unfortunately,
there were no statistically significant difference between the two treatment groups.
Shares of Flotek Industries, Inc. (NYSE: FTK) were
down 37 percent to $3.9699 as the company issued weak revenue forecast for the first quarter.
Gridsum Holding Inc. (NASDAQ: GSUM) was down,
falling around 21 percent to $5.76. Gridsum reported suspension of audit report on financial statements.
Commodities
In commodity news, oil traded down 0.01 percent to $68.39 while gold traded down 1.02 percent to $1,324.70.
Silver traded down 3.08 percent Monday to $16.69, while copper fell 0.82 percent to $3.1295.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 rose 0.35 percent, the Spanish Ibex Index rose 0.38 percent, while
Italy’s FTSE MIB Index climbed 0.64 percent. Meanwhile the German DAX rose 0.25 percent, and the French CAC 40 gained 0.48 percent
while U.K. shares rose 0.42 percent.
Economics
The Chicago Fed National Activity Index fell to 0.10 in March, compared to 0.98 in February.
The Markit services PMI rose to 54.40 in April, versus prior reading of 54.00. Economists expected a reading of 54.30.
Existing home sales rose 1.1 percent to an annual rate of 5.60 million in April However, economists were projecting a 5.55
million rate.
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