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Mid-Morning Market Update: Markets Edge Higher; Tyson Foods Beats Q3 Estimates


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Following the market opening Monday, the Dow traded up 0.06 percent to 22,105.63 while the NASDAQ climbed 0.27 percent to 6,368.98. The S&P also rose, gaining 0.07 percent to 2,478.52.

Leading and Lagging Sectors

Monday morning, 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 0.23 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. (NYSE: ATW ), down 6 percent, and Contango Oil & Gas Company (NYSE: MCF ), down 4 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 74 percent to $29.85. 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 $29.52. 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 $10.06. 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 58 percent to $6.29 as the company disclosed that its Phase 2 STAR 1 trial of ZYN002 did not meet primary endpoint.

Shares of Gemphire Therapeutics Inc (NASDAQ: GEMP ) were down 52 percent to $8.90 after the company reported top-line data from ROYAL-1 Phase 2b trial.

Orchids Paper Products Company (NYSE: TIS ) was down, falling around 12 percent to $8.95 as the company posted a wider-than-expected Q2 loss.

Commodities

In commodity news, oil traded down 1.07 percent to $49.05 while gold traded down 0.15 percent to $1,262.70.

Silver traded down 0.60 percent Monday to $16.155, while copper rose 0.23 percent to $2.8915.

Eurozone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.23 percent, the Spanish Ibex Index fell 0.04 percent, while Italy's FTSE MIB Index gained 0.10 percent. Meanwhile the German DAX declined 0.44 percent, and the French CAC 40 dropped 0.11 percent while U.K. shares rose 0.16 percent.

Economics

The Conference Board's Employment Trends Index rose to 133.77 in July, versus a previous revised reading 132.42.

St. Louis Federal Reserve Bank President James Bullard is set to speak in Nashville at 11:45 a.m. ET.

The TD Ameritrade Investor Movement Index for July will be released at 12:30 p.m. ET.

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.

© 2017 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: MCF , TIS , NXTM , SHI


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