Mid-Morning Market Update: Markets Open Higehr; Micronet Enertec To Sell Enertec Systems
|Following the market opening Tuesday, the Dow traded up 0.41 percent to 24,821.41 while the NASDAQ climbed 1.16 percent to 6,983.59. The S&P also rose, gaining 0.68 percent to 2,691.92.
Leading and Lagging Sectors
Tuesday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Commercial Metals Company CMC 7.13% and Amyris Inc AMRS 6.89%
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In trading on Tuesday, utilities shares fell 0.05 percent. Meanwhile, top losers in the sector included SCANA Corporation SCG 2.71%, down 3 percent, and PG&E Corporation PCG 1.53% down 2 percent.
Top Headline
Digital Power Corporation DPW 6.23% disclosed that its subsidiary, CooliSys Technologies Inc., agreed to acquire Enertec from Micronet Enertec Technologies Inc MICT 32.14% for $5.2 million in cash.
Equities Trading UP
Chanticleer Holdings Inc BURG 49.81% shares shot up 46 percent to $3.83. Chanticleer Holdings announced plans to deploy Mobivity's blockchain technology to power cryptocurrency rewards program.
Shares of Net Element International Inc NETE 19.05% got a boost, shooting up 20 percent to $13.40. Net Element said it has finalized a $7.55-million private placement of common stock and warrants with a New York-based family office that has made multiple investments in companies with a blockchain-focused technology platform.
Energous Corp WATT 22.67% shares were also up, gaining 23 percent to $23.95.
Equities Trading DOWN
Weatherford International Plc WFT 14.96% shares dropped 17 percent to $3.47 after rising 3.22 percent on Friday.
Shares of Koss Corporation KOSS 29.22% were down 31 percent to $2.13 after surging 114.58 percent on Friday.
Merus NV MRUS 16.75% was down, falling around 16 percent to $16.34. RBC Capital downgraded Merus from Outperform to Sector Perform..
Commodities
In commodity news, oil traded down 0.28 percent to $60.25 while gold traded up 0.41 percent to $1,314.70.
Silver traded down 0.03 percent Tuesday to $17.14, while copper fell 0.36 percent to $3.2885.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.43 percent, the Spanish Ibex Index rose 0.30 percent, while Italy’s FTSE MIB Index fell 0.34 percent. Meanwhile the German DAX slipped 0.74 percent, and the French CAC 40 fell 0.62 percent while U.K. shares fell 0.56 percent.
Economics
The Markit manufacturing PMI rose to 55.10, versus previous reading of 55. However, economists projected a reading of 55.00.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury will auction 4-and 52-week bills at 1:00 p.m. ET.
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