Mid-Day Market Update: Dow Falls Over 100 Points; Active Network Shares Jump


Midway through trading Monday, the Dow traded down 0.69 percent to 15,153.28 while the NASDAQ declined 0.18 percent to 3,774.80. The S&P also fell, dropping 0.48 percent to 1,683.64.

Top Headline Cal-Maine Foods (NASDAQ: CALM ) reported a 7% drop in its fiscal first-quarter earnings.

Cal-Maine's quarterly profit fell to $8.8 million, or $0.36 per share, from $9.4 million, or $0.39 per share, in the year-ago period.

Its sales rose 17% to $319.5 million, while gross margin shrank to 14.1% from 16.4%. Analysts were expecting a profit of $0.36 per share on revenue of $296.73 million.

Equities Trading UP The Active Network (NYSE: ACTV ) shot up 25.88 percent to $14.35 after the company agreed to be taken private by Vista Equity Partners for $1.05 billion.

Shares of Brookfield Office Properties (NYSE: BPO ) got a boost, shooting up 13.30 percent to $19.00 after Brookfield Property Partners (NYSE: BPY ) proposed to acquire Brookfield Office Properties for $19.34 per share.

Telecom Italia S.p.A. (NYSE: TI ) was also up, gaining 4.27 percent to $8.19. JP Morgan upgraded the stock from Underweight to Neutral.

Equities Trading DOWN Shares of Arena Pharmaceuticals (NASDAQ: ARNA ) were down 11.40 percent to $5.13. Credit Suisse lowered the price target on the stock from $5 to $4.

Clovis Oncology (NASDAQ: CLVS ) shares tumbled 2.28 percent to $59.21 after the company reported updated results from an ongoing Phase I/II monotherapy study of rucaparib.

Johnson Controls (NYSE: JCI ) was down, falling 1.90 percent to $41.72. Analysts at Morgan Stanley downgraded the stock from Overweight to Underweight.

Commodities In commodity news, to $101.69, while gold traded down 0.68 percent to $1,330.10.

Silver traded up 0.04 percent Monday to $21.84, while copper rose 0.08 percent to $3.33.

Eurozone European shares today. The Spanish Ibex Index dropped 0.63 percent, while Italy's FTSE MIB Index fell 1.31 percent. Meanwhile, the German DAX dropped 0.90 percent and the French CAC 40 fell 1.03 percent while U.K. shares declined 0.85 percent.

Economics The Chicago PMI rose to 55.70 in September, versus a prior reading of 53.00. However, economists were expecting a reading of 54.00.

The Dallas Fed general business activity index rose to 12.80 in September, versus 5.00 in August. However, economists were projecting a reading of 5.50.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Commodities , Economy , International

Referenced Stocks: ARNA , BPO , CALM , JCI , TI


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