Mid-Afternoon Market Update; ISM Revised Twice, CONN Maintains Gains On Earnings Report

Midway through trading Monday, the Dow traded up 0.11 percent to 16,736.27 while the NASDAQ declined 0.17 percent to 4,235.57. The S&P also rose, gaining 0.04 percent to 1,924.40.

Leading and Lagging Sectors

In trading on Monday, basic materials shares were relative leaders, up on the day by about 0.54 percent. Top gainers in the sector included MeadWestvaco MWV, Century Aluminum Co CENX, and Calgon Carbon CCC.

Technology shares dropped about 0.17 percent in trading on Monday. Top decliners in the sector included Universal Electronics UEIC, down 8 percent, and Himax Technologies, HIMX, off 9.2 percent.

Top Headline

Conn's CONN reported a 34% gain in its fiscal first-quarter earnings.

Conn's posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share.

Conn's same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million.

Equities Trading UP

NPS Pharmaceuticals NPSP shares shot up 14.86 percent to $35.76 following Friday's rumored bid from Shire SHPG before selling off to $32.30 just before today's close.

Shares of Protective Life PL got a boost, shooting up 11.85 percent to $58.51. Dai-ichi Life DCNSF is in talks to acquire Protective Life, according to a source as reported by Nikkei Business Daily via Reuters.

Ariad Pharmaceuticals ARIA shares were also up, gaining 7.12 percent to $6.92 following the report of positive Iclusig data at the 2014 American Society of Clinical Oncology.

Equities Trading DOWN

Shares of Puma Biotechnology PBYI were down 24.21 percent to $57.87 after the company presented positive PB272 Phase II data at ASCO.

MasTec MTZ shares fell 10.78 percent to $32.12 following Sunday's report of weak outlook. MasTec expected FY14 sales of $4.70 billion to $4.80 billion.

Clovis Oncology CLVS was down, falling 6.76 percent to $45.75 after the company presented encouraging data from Phase 1/2a study evaluating lucitanib in advanced solid tumors at ASCO.

Commodities

In commodity news, oil traded down 0.33 percent to $102.37, while gold traded down 0.14 percent to $1,244.20.

Silver traded up 0.28 percent Monday to $18.74, while copper rose 1.38 percent to $3.17.

Eurozone

European shares were mostly higher today.

The eurozone’s STOXX 600 climbed 0.24 percent, the Spanish Ibex Index rose 0.27 percent, while Italy’s FTSE MIB Index surged 0.77 percent.

Meanwhile, the German DAX rose 0.07 percent and the French CAC 40 declined 0.07 percent while UK shares climbed 0.42 percent.

Economics

The final reading of Markit PMI manufacturing index rose to 56.40 in May, versus a prior reading of 56.20. However, economists were expecting a reading of 56.20.

The ISM manufacturing composite index fell to 55.40 in May, versus a prior reading of 54.90. However, economists were expecting a reading of 55.50.  The number was revised twice Monday morning.

US construction spending rose 0.20% in April, versus economists’ expectations for a 0.60% gain.