Mid-Afternoon Market Update: Dow Up Over 200 Points; Ocean Power Technologies Shares Surge

Toward the end of trading Monday, the Dow traded up 1.13 percent to 20,779.88 while the NASDAQ climbed 1.21 percent to 5,982.27. The S&P also rose, gaining 1.15 percent to 2,375.61.

Leading and Lagging Sectors

Monday afternoon, the non-cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Deutsche Bank AG ( USA ) (NYSE: DB ) and Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE: BBVA ).

In trading on Monday, telecommunications services shares rose by just 0.2 percent. Meanwhile, top losers in the sector included B Communications Ltd (NASDAQ: BCOM ), down 4 percent, and Partner Communications Company Ltd (ADR) (NASDAQ: PTNR ), down 2 percent.

Top Headline

Halliburton Company (NYSE: HAL ) reported better-than-expected earnings for its first quarter on Monday.

Halliburton posted adjusted earnings of $0.04 per share in the quarter on revenue of $4.28 billion; Analysts were expecting the company to earn $0.03 per share on revenue of $4.26 billion.

Equities Trading UP

Ocean Power Technologies Inc (NASDAQ: OPTT ) shares shot up 44 percent to $2.64. On Friday, Ocean Power Technologies reported the deployment of its PB3 PowerBuoy in Japan.

Shares of Real Goods Solar, Inc. (NASDAQ: RGSE ) got a boost, shooting up 15 percent to $1.26 after the company issued a business update. RGS Energy expects Q1 sales of $1.96 million, up from $670,000 in the fourth quarter.

C R Bard Inc (NYSE: BCR ) shares were also up, gaining 20 percent to $304.08 after Becton Dickinson and Co (NYSE: BDX ) announced plans to acquire the company for $24 billion.

Equities Trading DOWN

CSI Compressco LP (NYSE: CCLP ) shares dropped 15 percent to $7.90. CSI Compressco lowered its quarterly cash distribution to $0.1875 per outstanding common unit. CSI Compressco is expected to release its Q1 earnings results on Tuesday, May 9, 2017.

Shares of Akari Therapeutics PLC (ADR) (NASDAQ: AKTX ) were down around 13 percent to $17.85. Akari Therapeutics disclosed that it demonstrated positive response with Coversin in its Phase 2 PNH trial.

Medgenics Inc (NASDAQ: GNMX ) was down, falling around 8 percent to $1.41.


In commodity news, oil traded down 0.77 percent to $49.24 while gold traded down 0.89 percent to $1,277.60.

Silver traded down 0.01 percent Monday to $17.935, while copper rose 0.61 percent to $2.5665.


European shares closed higher today. The eurozone's STOXX 600 gained 2.11 percent, the Spanish Ibex Index rose 3.76 percent, while Italy's FTSE MIB Index climbed 4.77 percent. Meanwhile the German DAX rose 3.37 percent, and the French CAC 40 slipped 4.14 percent while U.K. shares rose 2.11 percent.


The Dallas Fed manufacturing business index slipped to 16.80 in April, versus a prior reading of 16.90. Economists expected a reading of 17.00.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Claremont, California at 3:15 p.m. ET.

© 2017 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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