Markets

Mid-Afternoon Market Update: Sothebys Climbs On Upbeat Revenue; GoPro Shares Dip

Toward the end of trading Monday, the Dow traded up 0.17 percent to 17,604.01 while the NASDAQ surged 0.33 percent to 4,647.68. The S&P also rose, gaining 0.25 percent to 2,036.99.

Leading and Lagging Sectors

Healthcare shares jumped by 0.64 percent on Monday. Top gainers in the sector included Silver Orexigen Therapeutics (NASDAQ: OREX ), up 28.8 percent, and Achillion Pharmaceuticals (NASDAQ: ACHN ), up 25.3 percent.

In trading on Monday, energy services shares were relative laggards, down on the day by about 0.81 percent. Top losers in the sector included Resolute Energy (NYSE: REN ), down 21.6 percent, and Swift Energy Co (NYSE: SFY ), off 11.4 percent.

Top Headline

Dean Foods (NYSE: DF ) reported stronger-than-expected results for the third quarter and issued a strong forecast.

The Dallas, Texas-based company posted a quarterly net loss of $16 million, or $0.17 per share, versus a year-ago profit of $415 million, or $0.11 per share. Excluding non-recurring items, Dean Foods posted an adjusted loss of $0.03 per share.

Its sales climbed to $2.37 billion from $2.2 billion. However, analysts were expecting a loss of $0.13 per share on revenue of $2.35 billion.

Equities Trading UP

Dean Foods Company (NYSE: DF ) shares shot up 13.35 percent to $16.34 after the company reported stronger-than-expected results for the third quarter and issued a strong forecast.

Shares of Achillion Pharmaceuticals (NASDAQ: ACHN ) got a boost, shooting up 24.93 percent to $12.63 after the company reported a 100% SVR12 in a Phase 2 combination study with ACH-3102.

Sothebys (NYSE: BID ) shares were also up, gaining 4.84 percent to $41.35 after the company reported Q3 results. The company reported Q3 revenue of $94.20 million, above expectations of $92.73 million.

Equities Trading DOWN

Shares of Rayonier (NYSE: RYN ) were down 14.96 percent to $28.83. Rayonier reported better-than-expected earnings for the third quarter. However, the company's revenue missed estimates. The company announced its plans to realign its strategy. It also restated results for the first half of this year and lowered its quarterly dividend to $0.25 per share from $0.30 per share.

TravelCenters of America LLC (NYSE: TA ) shares tumbled 8.86 percent to $9.31 on Q3 results. The company reported Q3 earnings of $0.34 per share on revenue of $2.01 billion.

GoPro (NASDAQ: GPRO ) was down, falling 3.76 percent to $76.09 after the company announced a $800 million common stock shelf offering via selling holders.

Commodities

In commodity news, oil traded down 1.32 percent to $77.61, while gold traded down 1.01 percent to $1,158.00.

Silver traded down 0.53 percent Monday to $15.63, while copper fell 0.51 percent to $3.02.

Eurozone

European shares were higher today. The eurozone's STOXX 600 climbed 0.73 percent, the Spanish Ibex Index gained 1.45 percent, while Italy's FTSE MIB Index climbed 0.85 percent. Meanwhile, the German DAX rose 0.65 percent and the French CAC 40 gained 0.79 percent while UK shares climbed 0.67 percent.

Economics

US TD Ameritrade 's Investor Movement Index fell to 5.22 in October, versus a prior reading of 5.79.

Boston Federal Reserve Bank President Eric Rosengren is expected to speak today.

© 2014 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.


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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