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Mid-Afternoon Market Update: Dow Rises Over 100 Points; Crude Oil Down 2.5%


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Toward the end of trading Monday, the Dow traded up 0.60 percent to 17,880.34 while the NASDAQ gained 0.66 percent to 4,807.01. The S&P also rose, gaining 0.71 percent to 2,079.91.

Leading and Lagging Sectors

On Monday, the cyclical consumer goods & services sector proved to be a source of strength for the market. Top gainers in the sector included Lee Enterprises, Incorporated (NYSE: LEE ), Entercom Communications Corp. (NYSE: ETM ), and Wynn Resorts, Limited (NASDAQ: WYNN ).

In trading on Monday, energy shares fell by 0.30 percent. Meanwhile, top losers in the sector included Legacy Reserves LP (NASDAQ: LGCY ), down 16 percent, and EV Energy Partners, L.P. (NASDAQ: EVEP ), down 9 percent.

Top Headline

SYSCO Corporation (NYSE: SYY ) reported better-than-expected earnings for its fiscal third quarter on Monday.

Sysco posted quarterly net income of $217.1 million, or $0.38 per share, compared to $177 million, or $0.30 per share, in the year-ago period. Its adjusted earnings came in at $0.46 per share.

Its sales rose to $12 billion from $11.7 billion. However, analysts were expecting a profit of $0.42 per share on revenue of $11.87 billion.

Equities Trading UP

Opower Inc (NYSE: OPWR ) shares shot up 30 percent to $10.29 as Oracle Corporation (NYSE: ORCL ) announced plans to acquire Opower for $10.30 per share in cash.

Shares of Apollo Education Group Inc (NASDAQ: APOL ) got a boost, shooting up 11 percent to $8.64 after the company confirmed it has received a revised buyout offer. Apollo Education said a consortium of investors led by the Vistria Group and Apollo Global Management offered to acquire the company for $10.00 per share.

Sarepta Therapeutics Inc (NASDAQ: SRPT ) shares were also up, gaining 16 percent to $16.52. Oppenheimer upgraded Sarepta Therapeutics from Perform to Outperform.

Equities Trading DOWN

BIND Therapeutics Inc (NASDAQ: BIND ) shares dropped 74 percent to $0.373 as the company disclosed that it opted to file for a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware in the United States.

Shares of Paragon Shipping Inc. (NASDAQ: PRGN ) were down 37 percent to $1.67 following report of a non-timely 20-F filing.

Haemonetics Corporation (NYSE: HAE ) was down, falling around 14 percent to $27.98 as the company reported weaker-than-expected Q4 earnings.

Commodities

In commodity news, oil traded down 2.50 percent to $44.77 while gold traded up 0.10 percent to $1,291.80.

Silver traded down 1.54 percent Monday to $17.54, while copper fell 0.81 percent to $2.27.

Eurozone

European shares closed mixed today. The eurozone's STOXX 600 declined 0.07 percent, the Spanish Ibex Index fell 0.04 percent, while Italy's FTSE MIB Index slipped 0.97 percent. Meanwhile, the German DAX rose 0.84 percent, and the French CAC 40 gained 0.31 percent.

Economics

The final reading of Markit manufacturing PMI came in at unchanged at 50.80 for April, versus a prior reading of 50.80. Economists were expecting a reading of 51.00.

The ISM manufacturing composite index declined to 50.8 for April, compared to 51.8 in March. However, economists were projecting a reading of 51.4.

Construction spending increased 0.3 percent in March, versus economists' expectations for a 0.7 percent growth.

Ā© 2016 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 Nasdaq, Inc.



This article appears in: Investing , Commodities
Referenced Symbols: LGCY , ORCL ,


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