Crude Oil Moves Lower; Consolidated Communications Shares Jump

U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining over 1% on Monday.

The Dow traded up 0.93% to 33,983.22 while the NASDAQ rose 1.31% to 13,582.67. The S&P 500 also rose, gaining, 1.11% to 4,375.72.

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Leading and Lagging Sectors

 

Consumer discretionary shares climbed by 1.4% on Monday.

In trading on Monday, energy shares rose by just 0.6%.

 

Top Headline

 

The Charles Schwab Corporation SCHW reported better-than-expected earnings for the third quarter.

The company posted quarterly net revenue decline of 16% year-over-year to $4.61 billion, missing the consensus of $4.63 billion. Adjusted EPS stood at $0.77, down 30% Y/Y, exceeding the consensus of $0.75.

 

Equities Trading UP

 

Consolidated Communications Holdings, Inc. CNSL shares shot up 16% to $4.10 after the company announced an agreement to be acquired by Searchlight Capital Partners and British Columbia Investment Management.

Shares of PCTEL, Inc. PCTI got a boost, shooting 47% to $6.86. On Friday, Amphenol Corp APH inked a deal to acquire PCTEL for around $139.7 million.

E2open Parent Holdings, Inc. ETWO shares were also up, gaining 24% to $3.0450. Elliott Investment Management L.P. reported a 9% stake in E2open Parent Holdings as of Oct. 13.

 

Equities Trading DOWN

 

Aldeyra Therapeutics, Inc. ALDX shares dropped 67% to $1.8050. The company received feedback from the U.S. Food and Drug Administration (FDA) regarding their new drug application (NDA) for reproxalap, intended for treating dry eye disease.

Shares of Streamline Health Solutions, Inc. STRM were down 68% to $0.2347 after the company announced it is undergoing a strategic restructuring to cut expenses.

Omeros Corporation OMER was down, falling 32% to $1.5350 after the company announced it will discontinue the ARTEMIS-IGAN trial, which did not reach statistical significance on the primary endpoint of reduction in proteinuria from baseline compared to placebo.

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Commodities

 

In commodity news, oil traded down 0.8% to $87.11 while gold traded down 0.4% at $1,934.00.

Silver traded down 0.5% to $22.79 on Monday while copper rose 0.4% to $3.5860.

 

Euro zone

 

European shares closed higher today. The eurozone’s STOXX 600 rose 0.23%, London’s FTSE 100 rose 0.41% while Spain’s IBEX 35 Index rose 0.59% The German DAX rose 0.34% French CAC 40 rose 0.27%, while Italy’s FTSE MIB Index gained 0.55%.

The Eurozone recorded a trade surplus of EUR 6.7 billion in August versus a year-ago gap of EUR 54.4 billion. The annual inflation rate in Italy eased to 5.3% in September from 5.4% a month ago. German wholesale prices fell for the sixth straight period by 4.1% year-over-year in September.

 

Asia Pacific Markets

 

Asian markets closed lower on Monday, with Japan’s Nikkei 225 falling 2.03%, China’s Shanghai Composite Index falling 0.46% and Hong Kong’s Hang Seng Index dropping 0.97%. India’s S&P BSE Sensex, meanwhile, slipped 0.2%.

India's wholesale prices fell by 0.26% year-over-year in September following a 0.52% decline in the previous month. Industrial production in Japan fell by 0.7% month-over-month in August.

 

Economics

 

The NY Empire State Manufacturing Index declined to -4.6 in October from 1.9 in the prior month, compared to market estimates for a reading of -7.

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