​Mid-Morning Market Update: Markets Edge Higher; Dean Foods Posts Narrower-Than-Expected Loss

Following the market opening Monday, the Dow traded up 0.01 percent to 17,575.15 while the NASDAQ surged 0.15 percent to 4,639.51. The S&P also rose, gaining 0.05 percent to 2,032.98.

Leading and Lagging Sectors

Technology shares jumped by 0.28 percent on Monday. Top gainers in the sector included Silver Planar Systems PLNR, up 7.8 percent, and Multi-Fineline Electronix MFLX, up 6.2 percent.

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.81 percent. Top losers in the sector included Comcast CMCSA, down 4.2 percent, and Telecom Italia S.p.A. TI, off 2.6 percent.

Top Headline

Dean Foods DF reported stronger-than-expected results for the third quarter and issued a strong forecast.

The Dallas, Texas-based company posted a quarterly net loss of $16 million, or $0.17 per share, versus a year-ago profit of $415 million, or $0.11 per share. Excluding non-recurring items, Dean Foods posted an adjusted loss of $0.03 per share.

Its sales climbed to $2.37 billion from $2.2 billion. However, analysts were expecting a loss of $0.13 per share on revenue of $2.35 billion.

Equities Trading UP

Dean Foods Company DF shares shot up 11.37 percent to $16.06 after the company reported stronger-than-expected results for the third quarter and issued a strong forecast.

Shares of Achillion Pharmaceuticals ACHN got a boost, shooting up 14.14 percent to $11.54 after the company reported a 100% SVR12 in a Phase 2 combination study with ACH-3102.

Orexigen Therapeutics OREX shares were also up, gaining 19.74 percent to $4.61 on Q3 results. Orexigen reported Q3 earnings of $0.09 per share on revenue of $30.86 million.

Equities Trading DOWN

Shares of Rayonier RYN were down 13.75 percent to $29.24. Rayonier reported better-than-expected earnings for the third quarter. However, the company's revenue missed estimates. The company announced its plans to realign its strategy. It also restated results for the first half of this year and lowered its quarterly dividend to $0.25 per share from $0.30 per share.

Gogo GOGO shares tumbled 5.71 percent to $15.69 after the company reported a wider-than-expected Q3 loss.

GoPro GPRO was down, falling 3.27 percent to $76.47 after the company announced a $800 million common stock shelf offering via selling holders.

Commodities

In commodity news, oil traded up 0.41 percent to $78.97, while gold traded down 0.52 percent to $1,163.70.

Silver traded down 0.63 percent Monday to $15.62, while copper fell 0.28 percent to $3.03.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.33 percent, the Spanish Ibex Index gained 0.65 percent, while Italy’s FTSE MIB Index declined 0.06 percent. Meanwhile, the German DAX rose 0.14 percent and the French CAC 40 gained 0.19 percent while UK shares climbed 0.53 percent.

Economics

The Treasury is set to auction 3-and 6-month bills. The Treasury will also auction 3-year notes.

Boston Federal Reserve Bank President Eric Rosengren is expected to speak today.