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Mid-Morning Market Update: Markets Open Lower, Tyson Posts Upbeat Profit

By: Benzinga
Posted: 8/5/2013 10:43:00 AM
Referenced Stocks: CSIQ;FOSL;HBC;REV;SSP

Following the market opening Monday, the Dow traded down 0.34 percent to 15,604.52 while the NASDAQ declined 0.07 percent to 3,686.92. The S&P also fell, dropping 0.20 percent to 1,706.23.

Top HeadlineTyson Foods (NYSE: TSN ) reported a rise in its third-quarter profit. Tyson's quarterly profit surged to $249 million, or $0.68 per share, from $76 million, or $0.21 per share, in the year-ago period. Its adjusted net income climbed to $0.68 per share from $0.50 per share. Its revenue surged to $8.7 billion from $8.3 billion. However, analysts were projecting earnings of $0.60 per share on revenue of $8.66 billion.

Equities Trading UPTyson Foods (NYSE: TSN ) shot up 4.24 percent to $29.72 after the company reported a rise in its third-quarter profit. Shares of Canadian Solar (NASDAQ: CSIQ ) got a boost, shooting up 6.74 percent to $15.06 after the company announced its plans to sell five utility-scale solar power plants worth over $277 million to Concord Green Energy. Revlon (NYSE: REV ) was also up, gaining 4.11 percent to $25.51 after the company announced its plans to buy Colomer Group for around $660 million.

Equities Trading DOWN

Shares of HSBC Holdings plc (NYSE: HBC ) were down 4.80 percent to $55.19 after the company reported a 23 percent rise in its net profit for the first half of the year. The E. W. Scripps Company (NYSE: SSP ) shares tumbled 11.32 percent to $14.80 after the company reported a 41 percent drop in its second-quarter earnings. Fossil (NASDAQ: FOSL ) was down, falling 3.04 percent to $110.85 after Barclays downgraded the stock from Equal-Weight to Underweight.

Commodities In commodity news, oil traded down 1.11 percent to $105.75, while gold traded down 0.37 percent to $1,305.60. Silver traded down 1.11 percent Monday to $19.69, while copper fell 0.35 percent to $3.16.

Eurozone European shares were mostly lower today. Spain's services sector continued to recover as the Services PMI rose to 48.5 from 47.8 in June. The Spanish Ibex Index dropped 0.03 percent and the Italian FTSE MIB Index declined 0.14 percent. Meanwhile, the German DAX fell 0.21 percent and the French CAC 40 climbed 0.05 percent while U.K. shares fell 0.45 percent.

Economics The ISM non-manufacturing index surged to 56.00 in July, versus a prior reading of 52.20. However, economists were expecting a reading of 53.10. The Treasury is set to auction 3- and 6-month bills. Richard Fisher of the Dallas Fed is set to speak. The Investor Movement Index for July will be released at 12:30 p.m. ET.

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

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