Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Monday.
The Dow traded up 1.02% to 34,012.79 while the NASDAQ rose 1% to 13,541.79. The S&P 500 also rose, gaining, 1.03% to 4,372.52.
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Leading and Lagging Sectors
Consumer discretionary shares climbed by 1.4% on Friday.
In trading on Friday, energy shares rose by just 0.5%.
Top Headline
The Charles Schwab Corporation (NYSE: 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. (NASDAQ: 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. (NASDAQ: PCTI) got a boost, shooting 47% to $6.87. On Friday, Amphenol Corp (NYSE: APH) inked a deal to acquire PCTEL for around $139.7 million.
E2open Parent Holdings, Inc. (NYSE: ETWO) shares were also up, gaining 26% to $3.09. Elliott Investment Management L.P. reported a 9% stake in E2open Parent Holdings as of Oct. 13.
Equities Trading DOWN
Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) shares dropped 67% to $1.80. 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. (NASDAQ: STRM) were down 67% to $0.2468 after the company announced it is undergoing a strategic restructuring to cut expenses.
Omeros Corporation (NASDAQ: OMER) was down, falling 39% to $1.38 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 0.4% to $87.31 while gold traded down 0.4% at $1,934.00.
Silver traded down 0.4% to $22.805 on Friday while copper rose 0.3% to $3.5815.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.38%, London’s FTSE 100 rose 0.59% while Spain’s IBEX 35 Index rose 0.68% The German DAX rose 0.42% French CAC 40 rose 0.45%, while Italy’s FTSE MIB Index gained 0.65%.
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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