Mid-Day Market Update: Nova Lifestyle Gains Following Q3 Results; Acushnet Shares Slide

Midway through trading Monday, the Dow traded up 0.02 percent to 23,427.23 while the NASDAQ gained 0.02 percent to 6,752.40. The S&P also rose, gaining 0.01 percent to 2,582.51.

Leading and Lagging Sectors

On Monday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.55 percent. Meanwhile, top losers in the sector included PLDT Inc (ADR) PHI, down 7 percent, and B Communications Ltd BCOM down 7 percent.

Top Headline

Tyson Foods, Inc. TSN reported better-than-expected results for its fourth quarter.

Tyson Foods posted quarterly adjusted earnings of $1.43 per share on revenue of $10.15 billion. However, analysts were expecting earnings of $1.38 per share on revenue of $9.89 billion.

Equities Trading UP

Zymeworks Inc ZYME shares shot up 24 percent to $8.50 after the company disclosed a license agreement with J&J Innovation to develop and commercialize next generation bispecific antibody therapeutics.

Shares of Nova Lifestyle Inc NVFY got a boost, shooting up 34 percent to $2.37. Nova LifeStyle reported Q3 earnings of $0.11 per share on revenue of $33.22 million.

Mattel, Inc. MAT shares were also up, gaining 21 percent to $17.68. Mattel is in talks to sell itself to larger rival Hasbro, Inc. HAS, The Wall Street Journal reported on Friday.

Equities Trading DOWN

American Shared Hospital Services AMS shares dropped 10 percent to $2.75. American Shared Hospital Services reported Q3 earnings of $0.02 per share on revenue of $4.61 million.

Shares of Acushnet Holdings Corp GOLF were down 7 percent to $17.86. Acushnet Holdings disclosed an 8.33 million share offing by selling shareholders

Amedica Corporation AMDA was down, falling around 8 percent to $3.35. Amedica reported a 1-for-12 reverse stock split on Friday.

Commodities

In commodity news, oil traded up 0.46 percent to $57.00 while gold traded up 0.37 percent to $1,278.90.

Silver traded up 1 percent Monday to $17.04, while copper rose 1.59 percent to $3.125.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.80 percent, the Spanish Ibex Index fell 0.65 percent, while Italy’s FTSE MIB Index dropped 0.68 percent. Meanwhile the German DAX declined 0.60 percent, and the French CAC 40 dropped 1.02 percent while U.K. shares fell 0.21 percent.

Economics

The U.S. Treasury budget report for October will be released at 2:00 p.m. ET.