Mid-Morning Market Update: Markets Open Slightly Lower; McDonald's Beats Q4 Estimates

Following the market opening Monday, the Dow traded down 0.09 percent to 19,810.08 while the NASDAQ slipped 0.01 percent to 5,554.53. The S&P also fell, dropping 0.12 percent to 2,268.52.

Leading and Lagging Sectors

Basic materials shares gained around 0.52 percent in trading on Monday. Meanwhile, top gainers in the sector included Northern Dynasty Minerals Ltd (NYSE: NAK ), and Richmont Mines Inc. ( USA ) (NYSE: RIC ).

In trading on Monday, energy shares slipped by 0.40 percent. Meanwhile, top losers in the sector included Cenovus Energy Inc ( USA ) (NYSE: CVE ), down 4 percent, and Gulf Island Fabrication, Inc. (NASDAQ: GIFI ), down 4 percent.

Top Headline

McDonald's Corporation (NYSE: MCD ) reported stronger-than-expected results for its fourth quarter on Monday.

McDonald's reported Q4 earnings of $1.44 per share on revenue of $6.03 billion. Analysts were expecting earnings of $1.41 per share on revenue of $5.99 billion.

Global same-store sales gained 2.7 percent during the quarter, while same-store sales slipped 1.3 percent in the U.S.

Equities Trading UP

Marinus Pharmaceuticals Inc (NASDAQ: MRNS ) shares shot up 30 percent to $1.51 following preliminary study update. Marinus Pharmaceuticals reported positive preliminary data from children with CDKL5 genetic disorder.

Shares of BIOLASE Inc (NASDAQ: BIOL ) got a boost, shooting up 22 percent to $1.79 after the company reported the FDA clearance and worldwide launch of its new Epic Pro laser system.

Brookfield Canada Office Properties (NYSE: BOXC ) shares were also up, gaining 17 percent to $23.03. Brookfield Property Partners LP (NYSE: BPY ) reported that it has proposed to acquire the remaining 16.9 percent of unowned Brookfield Canada Office Properties for $30.10 cash per unit.

Equities Trading DOWN

Aptose Biosciences Inc (NASDAQ: APTO ) shares dropped 28 percent to $0.942 after the company disclosed that it will temporarily delay clinical activities with APTO-253 and will prioritize resources for CG'806 with AML patients.

Shares of SenesTech Inc (NASDAQ: SNES ) were down around 15 percent to $7.54. SenesTech and Neogen reported that they have mutually agreed to terminate Neogen technology license.

QUALCOMM, Inc. (NASDAQ: QCOM ) was down, falling around 11 percent to $56.00. On Friday, Apple Inc. (NASDAQ: AAPL ) disclosed that it is suing Qualcomm over licensing practices. Nomura downgraded Qualcomm from Buy to Neutral and lowered the price target from $80.00 to $70.00.


In commodity news, oil traded down 1.35 percent to $52.50 while gold traded up 0.83 percent to $1,214.90.

Silver traded up 0.93 percent Monday to $17.19, while copper rose 0.27 percent to $2.63.


European shares were lower today. The eurozone's STOXX 600 slipped 0.32 percent, the Spanish Ibex Index fell 0.63 percent, while Italy's FTSE MIB Index declined 0.37 percent. Meanwhile the German DAX dropped 0.41 percent, and the French CAC 40 fell 0.40 percent while U.K. shares fell 0.66 percent.


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

© 2017 Benzinga does not provide investment advice. All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

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.

In This Story


Other Topics


Latest Markets Videos