Following the market opening Monday, the Dow traded down 0.12 percent to 16,697.43 while the NASDAQ declined 0.59 percent to 4,217.74. The S&P also fell, dropping 0.28 percent to 1,918.20.
Leading and Lagging Sectors
In trading on Monday, telecommunications services shares were relative leaders, up on the day by about 0.34 percent. Top gainers in the sector included ARC Group Worldwide (NASDAQ: ARCW), Internet Gold Golden Lines (NASDAQ: IGLD), and Portugal Telecom, SGPS S.A. (NYSE: PT).
Technology shares dropped about 0.35 percent in trading on Monday. Top decliners in the sector included Universal Electronics (NASDAQ: UEIC), down 7.7 percent, and Neonode (NASDAQ: NEON), off 9 percent.
Conn's posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share.
Conn's same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million.
Equities Trading UP
Shares of Protective Life (NYSE: PL) got a boost, shooting up 12.33 percent to $58.75. Dai-ichi Life (OTC: DCNSF) is in talks to acquire Protective Life (NYSE: PL), according to a source as reported by Nikkei Business Daily via Reuters.
Ariad Pharmaceuticals (NASDAQ: ARIA) shares were also up, gaining 8.82 percent to $7.03 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.
Equities Trading DOWN
MasTec (NYSE: MTZ) shares tumbled 10.69 percent to $32.15 following Sunday's report of weak outlook. MasTec expected FY14 sales of $4.70 billion to $4.80 billion.
In commodity news, oil traded down 0.18 percent to $102.52, while gold traded up 0.08 percent to $1,247.00.
Silver traded up 0.82 percent Monday to $18.84, while copper rose 1.42 percent to $3.17.
European shares were mostly higher today.
The eurozone’s STOXX 600 climbed 0.06 percent, the Spanish Ibex Index rose 0.11 percent, while Italy’s FTSE MIB Index surged 0.23 percent.
Meanwhile, the German DAX declined 0.30 percent and the French CAC 40 fell 0.22 percent while UK shares gained 0.15 percent.
The final reading of Markit PMI manufacturing index rose to 56.40 in May, versus a prior reading of 56.20. However, economists were expecting a reading of 56.20.
The ISM manufacturing composite index fell to 53.20 in May, versus a prior reading of 54.90. However, economists were expecting a reading of 55.50.
US construction spending rose 0.20% in April, versus economists’ expectations for a 0.60% gain.
The Treasury is set to auction 3-and 6-month bills.
- ARC Group Overcomes Post-Split Depression
- Mid-Afternoon Market Update: Rumored Apple Acquisition Of Beats Entertainment Dominates Headlines
- Mid-Day Market Update: Rocket Fuel Shares Decline On Downbeat Outlook; Universal Display Gains
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.