Mid-Day Market Update: Monday's Movers, Greece's Stock Market …

ByJon Kashat business, company, corporation, greece, industrial, international, line, motor, nasdaq, sales, update, virginia Comments Off

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After minutes of Greece’s stock market reopening after a five-week shut down, the Athens benchmark composite dwindled nearly 20 percent in just a few minutes after the open. The declined illustrates that investors are still worried about Greece even after the bailout negotiations. According to the Wall Street Journal, the Greek Purchasing Managers Index for July fell to a 16-year low, down to 30.20.

Automakers posted yet another strong month for car sales. The industry is eyeing a total of 17 million vehicle sales for the year, the most in the past decade:

General Motors Company (NYSE: GM) sales rose 6.4 percent in July
Fiat Chrysler Automobiles NV (NYSE: FCAU) reported an increase of 6.2 percent
Ford Motor Company (NYSE: F) increased sales by 4.9 percent
Nissan Motor Company reported an increase of 7.8 percent
Honda Motor Co Ltd (ADR) (NYSE: HMC) increased 7.7 percent
Toyota Motor Corp (ADR) (NYSE: TM) increased sales of less than 1 percent from July 2014

Crude oil slid yet again, down to $45.86 (2.67 percent decrease) for Monday’s session. The Dow Jones Industrial Index declined 0.42 percent, the S&P 500 Index went down 0.11 percent, the NASDAQ Composite increased 0.10 percent, and the US Dollar Index rebounded 0.25 percent in Wednesday’s market session.

Winners

Global-Tech Advanced Innovations Inc (NASDAQ: GAI) skyrocketed 99 percent after the investment holding company received a preliminary, non-binding offer to “go-private” offer for $8.75 per share.
Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) soared 60 percent after the biopharmaceutical company reported positive, top-line results from its pivotal Phase III Telotristat Etiprate study in cancer patients with Carcinoid Syndrome.
Frontier Communications Corp (NASDAQ: FTR) was lifted 8 percent after the communication company posted Q2 earnings of $0.03 per share on sales of $1.37 billion. Analysts expected earnings of $0.02 per share, but were in-line with sales estimates of $1.37 billion.
ConforMIS Inc (NASDAQ: CFMS) was up 11 percent after the medical technology company reported results of multiple studies of its customized knee replacements at the 2015 Pan Pacific International Congress for Joint Reconstruction.

Losers

Abengoa SA (ADR) (NASDAQ: ABGB) dwindled 30 percent after the technological solutions company announced a 650 million euro capital increase to its debt.
Linn Energy LLC (NASDAQ: LINE) sunk 19 percent after the oil and natural gas company reported disappointing earnings last week, and was downgraded by RBC Capital on Monday from Outperform to Sector Perform with a price target cut from $15 to $5.
Penn Virginia Corporation (NYSE: PVA) was down 17 percent following the drop in oil prices.
Trex Company, Inc. (NYSE: TREX) declined nearly 16 percent after the decking and railing manufacturer reported less-than-expected earnings of $0.58 per share on sales of $136.80 million. Analysts were expecting earnings of $0.60 per share on sales of $137.54 million.

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Mid-Day Market Update: Monday's Movers, Greece's Stock Market …

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Jon Kashat