Mid-Morning Market Update: Markets Open Higher; Pitney Bowes Sells Software Solutions Business
Lisa Levin 7 years ago
EarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets
Following the market opening Monday, the Dow traded up 0.6% to 25783.23 while the NASDAQ rose 0.68% to 7804.71. The S&P also rose, gaining 0.53% to 2862.24.
Leading and Lagging Sectors
s
Information technology shares climbed 1.1% on Monday. Meanwhile, top gainers in the sector included Radcom Ltd. (NASDAQ:RDCM), up 8%, and Fastly, Inc. (NYSE:FSLY), up 9%.
In trading on Monday, industrial shares rose by just 0.4%.
Top Headline
Pitney Bowes (NYSE:PBI) announced it will sell its software solutions business to Syncsort for $700 million in cash.
Pitney Bowes has lowered fiscal year 2019 EPS guidance from 90 cents - $1.05 to 65 cents - 75 cents versus the 90 cents analyst estimate.
The company also
Equities Trading UP
Fuwei Films (Holdings) Co., Ltd. (NASDAQ:FFHL) shares shot up 223% to $6.37 after the company entered into a global collaboration with Arista Cereal Technologies and Bay State Milling for the commercialization of high fiber wheat. The company also announced retirement of Raj Ketkar, President and CEO, effective September 1, 2019.
Shares of Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) got a boost, shooting up 63% to $5.71. ARCA Recycling opened a new Syracuse, NY recycling center.
PDC Energy, Inc. (NASDAQ:PDCE) shares were also up, gaining 18% to $29.76 after the company announced a strategic combination with SRC Energy in a all-stock transaction with implied value of $3.99 per share.
Equities Trading DOWN
Fuwei Films (Holdings) Co., Ltd. (NASDAQ:FFHL) shares tumbled 21% to $4.9725 at what appears to be traders taking profits following the stock rising over 200% on Friday's trading session.
Shares of MOGU Inc. (NYSE:MOGU) were down 16% to $3.07 after the company reported worse-than-expected Q1 revenue results.
Pareteum Corporation (NASDAQ:TEUM) was down, falling 12% to $2.42 after the company announced that it has concluded an Amendment to the Credit Agreement with Post Road Group which is the company's senior lender.
Commodities
In commodity news, oil traded up 1% to $54.73, while gold traded up 0.2% to $1,540.60.
Silver traded up 1% Monday to $17.59, while copper rose 0.4% to $2.54.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index dipped 1.65%. Meanwhile, the German DAX rose 0.5% and the French CAC 40 gained 0.7% while UK shares fell 0.5%.
Economics
U.S. durable goods orders rose 2.1% for July, versus economists’ expectations for a 1.1% gain.
The Chicago Fed National Activity Index fell to (0.36) in July, versus prior reading of 0.03.
The Dallas Fed manufacturing index for August will be released at 10:30 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.