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Mid-Day Market Update: TETRA Technologies Drops Following Weak Results; Krispy Kreme Shares Spike Higher

Midway through trading Monday, the Dow traded down 0.23 percent to 17,699.06 while the NASDAQ climbed 0.36 percent to 4,753.37. The S&P also rose, gaining 0.07 percent to 2,058.52.

Leading and Lagging Sectors

On Monday, the healthcare sector proved to be a source of strength for the market. Top gainers in the sector included Horizon Pharma PLC (NASDAQ: HZNP ), Depomed Inc (NASDAQ: DEPO ), and Infinity Pharmaceuticals Inc. (NASDAQ: INFI ).

In trading on Monday, basic materials shares fell by 3.3 percent. Meanwhile, top losers in the sector included Joy Global Inc. (NYSE: JOY ), down 13 percent, and AngloGold Ashanti Limited (ADR) (NYSE: AU ), down 13 percent.

Top Headline

Tyson Foods, Inc. (NYSE: TSN ) reported better than expected results for the second quarter. As a result, the company increased its adjusted earnings forecast for the current year.

Tyson Foods' quarterly earnings jumped 46.7 percent to $1.10 a share from $0.75 a share in the year-ago quarter. This was $0.14 a share better than the Street analysts' expectations of $0.96 a share.

The company's top line fell 8.11 percent to $9.17 billion from $9.98 billion in the previous year quarter. This was also better than the Street predictions of $9.04 billion as analysts expected revenue drop of 9.4 percent in the first quarter.

Tyson foods said it was boosting its adjusted earnings forecast to $4.20-4.30 per share for the full year 2016. This was way ahead of the Street analysts' estimations of $4.06 a share.

Equities Trading UP

Krispy Kreme Doughnuts (NYSE: KKD ) shares shot up 24 percent to $20.92 after the company agreed to be acquired by JAB Beech in a $1.35 billion deal.

Shares of William Lyon Homes (NYSE: WLH ) got a boost, shooting up 12 percent to $14.70 after the company reported better-than-expected Q1 results.

Eagle Pharmaceuticals Inc (NASDAQ: EGRX ) shares were also up, gaining 19 percent to $42.63 as the company reported strong results for its first quarter.

Equities Trading DOWN

LendingClub Corp (NYSE: LC ) shares dropped 27 percent to $5.21 after the company reported the resignation of its CEO Renaud Laplanche within its first quarter results. Lending Club said it earned $0.01 per share in the first quarter on revenue of $151.27 million. Wall Street analysts were expecting the company to earn $0.05 per share on revenue of $148.23 million.

Shares of TETRA Technologies, Inc. (NYSE: TTI ) were down 20 percent to $4.94 as the company reported weaker-than-expected Q1 results.

Flamel Technologies S.A. (ADR) (NASDAQ: FLML ) was down, falling around 5 percent to $10.33 as the company reported downbeat Q1 earnings.

Commodities

In commodity news, oil traded down 2.60 percent to $43.50 while gold traded down 2.09 percent to $1,266.90.

Silver traded down 2.95 percent Monday to $17.01, while copper fell 2.16 percent to $2.11.

Eurozone

European shares were mixed today. The eurozone's STOXX 600 surged 0.44 percent, the Spanish Ibex Index declined 0.58 percent, while Italy's FTSE MIB Index declined 0.86 percent. Meanwhile, the German DAX gained 1.08 percent, and the French CAC 40 gained 0.45 percent while U.K. shares fell 0.23 percent.

Economics

On the economics calendar Monday, there is no important data due out.

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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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