Alere Drops On Downbeat Results; Trex Shares Surge
Midway through trading Monday, the Dow traded down 0.05 percent to 16,484.51 while the NASDAQ surged 0.28 percent to 4,365.01. The S&P also rose, gaining 0.08 percent to 1,926.68.
Leading and Lagging Sectors
On Monday, the cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Trex Co (NYSE: TREX) and Sky-mobi (NASDAQ: MOBI).
In trading on Monday, utilities shares were relative laggards, down on the day by about 1.28 percent. Top decliners in the sector included American Electric Power Co (NYSE: AEP), down 3 percent, and Black Hills (NYSE: BKH), off 3.5 percent.
Top Headline
Michael Kors Holdings (NYSE: KORS) reported better-than-expected fiscal first-quarter results and raised its outlook for the year.
The company posted quarterly earnings of $187.7 million, or $0.91 per share, compared to $125 million, or $0.61 per share, in the year-ago period.
Its net revenue climbed 44% to $887 million, while total revenue jumped 43% to $919.2 million. nalysts were projecting earnings of $0.81 per share on sales of $852.45 million.
Equities Trading UP
Tower Semiconductor (NASDAQ: TSEM) shares shot up 6.98 percent to $11.03 after the company reported better-than-expected second-quarter net profit.
Shares of Trex Co (NYSE: TREX) got a boost, shooting up 11.37 percent to $31.93 after the company reported upbeat Q2 earnings and issued a strong Q3 sales forecast.
Mobileye NV (NYSE: MBLY) shares were also up, gaining 4.59 percent to $38.70 after jumping 48% on Friday.
Equities Trading DOWN
Shares of Insmed (NASDAQ: INSM) were down 23.94 percent to $13.12 after the company reported that it will file a Marketing Authorization Application in Europe for Arikayce by the end of 2014. The company also announced that it will start its Phase 3 study.
Alere (NYSE: ALR) shares tumbled 13.45 percent to $34.58 after the company reported weaker-than-expected second-quarter results.
Impax Laboratories (NASDAQ: IPXL) was down, falling 3.94 percent to $22.70 after the company reported that the FDA has performed inspection of its Hayward facility.
Commodities
In commodity news, oil traded up 0.08 percent to $97.96, while gold traded down 0.46 percent to $1,288.90.
Silver traded down 0.67 percent Monday to $20.24, while copper rose 0.95 percent to $3.25.
Eurozone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.23 percent, the Spanish Ibex Index dropped 0.17 percent, while Italy’s FTSE MIB Index climbed 0.09 percent. Meanwhile, the German DAX declined 0.50 percent and the French CAC 40 jumped 0.47 percent while UK shares surged 0.06 percent.
Economics
The Treasury is set to auction 3-month and 6-month bills.
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