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Mid-Morning Market Update: Markets Edge Lower; Conagra Earnings Top Views


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Following the market opening Thursday, the Dow traded down 0.14 percent to 19,913.27 while the NASDAQ declined 0.22 percent to 5,459.29. The S&P also fell, dropping 0.21 percent to 2,260.47.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained around 0.13 percent in trading on Thursday.

In trading on Thursday, telecommunications services shares slipped by 0.47 percent. Meanwhile, top losers in the sector included CalAmp Corp. (NASDAQ: CAMP ), down 5 percent, and B Communications Ltd (NASDAQ: BCOM ), down 5 percent.

Top Headline

Conagra Brands Inc (NYSE: CAG ) reported better-than-expected earnings for its second quarter, but sales missed estimates.

Net income declined to $122.1 million, or $0.28 per share, compared to $154.9 million, or $0.35 per share, in the year-ago period. Excluding items, Conagra earned $0.49 per share from continuing operations.

Its net sales slipped to $2.09 billion from $2.36 billion. Analysts projected earnings of $0.45 per share on revenue of $2.11 billion.

Equities Trading UP

Tokai Pharmaceuticals Inc (NASDAQ: TKAI ) shares shot up 41 percent to $1.42. Tokai Pharmaceuticals and Otic Pharma disclosed that they have entered into a share purchase agreement.

Shares of Globalstar, Inc. (NYSE: GSAT ) got a boost, shooting up 22 percent to $1.79 following a report that a revised draft order that was circulated to FCC Commissioners last week has picked up votes from FCC Chairman and two Commissioners.

Cemtrex Inc (NASDAQ: CETX ) shares were also up, gaining 18 percent to $5.69 as the company posted strong FY 2016 results.

Equities Trading DOWN

OvaScience Inc (NASDAQ: OVAS ) shares dropped 37 percent to $1.88 after the company announced plans to reduce workforce by 30 percent and disclosed that its CEO Harald Stock is stepping down.

Shares of Aurinia Pharmaceuticals Inc (NASDAQ: AUPH ) were down 22 percent to $2.11 after the company reported a US$25.0 million bought deal financing.

Red Hat Inc (NYSE: RHT ) was down, falling around 13 percent to $69.04. Red Hat reported upbeat earnings for its third quarter, but sales missed expectations. The company also announced that its CFO Frank Calderoni is stepping down

Commodities

In commodity news, oil traded up 0.21 percent to $52.60 while gold traded down 0.25 percent to $1,130.40.

Silver traded down 0.68 percent Thursday to $15.87, while copper fell 0.98 percent to $2.47.

Eurozone

European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.14 percent, the Spanish Ibex Index fell 0.50 percent, while Italy's FTSE MIB Index gained 0.13 percent. Meanwhile the German DAX fell 0.07 percent, and the French CAC 40 declined 0.06 percent while U.K. shares rose 0.03 percent.

Economics

Durable goods orders fell 4.6 percent for November, versus economists' expectations for a 4.7 percent drop.

The U.S. economy expanded at an annualized rate of 3.5 percent for the third quarter, versus economists' expectations for a 3.3 percent growth.

U.S. jobless claims increased 21,000 to 275,000 in the latest week. Economists were expecting claims to reach 256,000 in the week.

The Chicago Fed National Activity Index declined to negative 0.27 in November, versus a revised reading of negative 0.05 in October.

The FHFA House Price Index gained 0.4 percent for October.

Personal income came in unchanged for November, while consumer spending increased 0.2 percent. However, economists were expecting a 0.3 percent growth for both.

The index of leading economic indicators was flat for November.

The Energy Information Administration's weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.

The Kansas City Fed manufacturing index for December will be released at 11:00 a.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

© 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: CAMP , GSAT , CAG , RHT , BCOM



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