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Mid-Morning Market Update: Markets Open Higher; Sysco Profit Beats Views


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Following the market opening Monday, the Dow traded up 0.27 percent to 17,821.68 while the NASDAQ gained 0.15 percent to 4,782.49. The S&P also rose, gaining 0.27 percent to 2,070.92.

Leading and Lagging Sectors

On Monday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Monday, energy shares fell by 0.53 percent. Meanwhile, top losers in the sector included Legacy Reserves LP (NASDAQ: LGCY ), down 12 percent, and Niska Gas Storage Partners LLC (NYSE: NKA ), down 6 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 31 percent to $10.32 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 8 percent to $8.42 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.

Pernix Therapeutics Holdings Inc (NASDAQ: PTX ) shares were also up, gaining 58 percent to $1.19 following report of a 5.8 percent stake by Point72 Asset Management.

Equities Trading DOWN

BIND Therapeutics Inc (NASDAQ: BIND ) shares dropped 65 percent to $0.510 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 28 percent to $1.89 following report of a non-timely 20-F filing.

Ability Inc (NASDAQ: ABIL ) was down, falling around 27 percent to $5.45. Ability reported Q4 earnings of $0.02 per share on revenue of $2.0 million.

Commodities

In commodity news, oil traded up 0.02 percent to $45.93 while gold traded up 1.12 percent to $1,304.90.

Silver traded up 1.30 percent Monday to $18.05, while copper rose 0.35 percent to $2.29.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.15 percent, the Spanish Ibex Index rose 0.39 percent, while Italy's FTSE MIB Index slipped 0.19 percent. Meanwhile, the German DAX rose 0.98 percent, and the French CAC 40 gained 0.54 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.

© 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 , SYY



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