Mid-day market update: U.S. Concrete jumps following acquisition news, MoSys shares slide

Midway through trading Monday, the Dow traded down 0.20% to 34,688.24 while the NASDAQ fell 0.06% to 13,805.97. The S&P also fell, dropping 0.24% to 4,219.66.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,363,340 cases with around 597,630 deaths. India confirmed a total of at least 28,909,970 cases and 349,180 deaths, while Brazil reported over 16,947,060 COVID-19 cases with 473,400 deaths. In total, there were at least 173,337,740 cases of COVID-19 worldwide with more than 3,730,060 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Real estate shares climbed 0.8% on Monday. Meanwhile, top gainers in the sector included QTS Realty Trust, Inc. QTS 21.06%, up 21%, and Ashford Hospitality Trust, Inc. AHT 12.28%, up 11%.

In trading on Monday, materials shares fell 0.8%.

Top Headline

G-III Apparel Group, Ltd. GIII 7.38% reported better-than-expected results for its first quarter.

G-III Apparel reported quarterly earnings of $0.53 per share, beating analysts’ estimates of $0.15 per share. The company’s quarterly sales came in at $519.90 million, versus expectations of $462.03 million.

G-III Apparel said it expects Q2 earnings of $0.03 to $0.13 per share on sales of $470 million. The company also sees FY22 adjusted earnings of $2.60 to $2.78 per share on sales of $2.53 billion.

Equities Trading UP

U.S. Concrete, Inc. USCR 29.28% shares shot up 30% to $74.00. Vulcan announced plans to acquire U.S. Concrete for $74 per share in cash.

Shares of EXFO Inc. EXFO 60.81% got a boost, shooting 61% to $5.95 after the company announced a going-private transaction by its found and majority shareholder, Germain Lamonde.

Liminal BioSciences Inc. LMNL 37.69% shares were also up, gaining 38% to $5.55. Liminal BioSciences reported the FDA approval for its Biologics License Application for Ryplazim.

Equities Trading DOWN

MoSys, Inc. MOSY 19.17% shares tumbled 20% to $7.25 after the company announced a $13 million registered direct offering priced at $7.15 per share.

Shares of Newtek Business Services Corp. NEWT 10.54% were down 13% to $33.56. Compass Point downgraded Newtek Business Services from Buy to Neutral and raised the price target from $33 to $38.

Fuel Tech, Inc. FTEK 12.63% was down, falling 12% to $2.5750 after surging over 36% on Friday. The company, last month, reported quarterly results.

Commodities

In commodity news, oil traded down 0.5% to $69.28, while gold traded up 0.1% to $1,893.30.

Silver traded up 0.1% Monday to $27.92 while copper fell 0.8% to $4.4915.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.25%, the Spanish Ibex Index rose 0.84% and the German DAX 30 gained 0.11%. Meanwhile, the London’s FTSE 100 gained 0.2%, French CAC 40 rose 0.6% and Italy’s FTSE MIB gained 0.88%.

UK’s Halifax house price index increased 9.5% year-over-year in May. Spain's industrial production surged 48.2% year-over-year in April. Factory orders in Germany declined 0.2% in April.

Economics

The Investor Movement Index for May is scheduled for release at 12:30 p.m. ET.

Data on consumer credit for April will be released at 3:00 p.m. ET.