Mid-Morning Market Update: Markets Open Lower; Hasbro Misses Q3 Expectations

Following the market opening Monday, the Dow traded down 0.59 percent to 25,295.41 while the NASDAQ declined 0.27 percent to 7,428.57. The S&P also fell, dropping 0.62 percent to 2,750.61.

Leading and Lagging Sectors

Monday morning, the consumer discretionary shares slipped by just 0.05 percent. Meanwhile, top gainers in the sector included Petmed Express Inc PETS up 14 percent, and Funko Inc FNKO up 7 percent.

In trading on Monday, energy shares tumbled 1 percent.

Top Headline

Hasbro, Inc. HAS reported weaker-than-expected results for its third quarter.

Hasbro said it earned $1.93 per share in the third quarter on revenue of $1.57 billion. The Street was modeling the company to earn $2.25 per share on revenue of $1.71 billion. Q3 sales of $1.57 billion missed estimates of $1.71 billion.

Equities Trading UP

JetPay Corporation JTPY shares shot up 135 percent to $4.98 after the company announced it would be acquired for $5.05 per share.

Shares of Net Element, Inc. NETE got a boost, shooting up 78 percent to $7.10 after the company announced the launch of a payment solution for the cannabis industry.

American Railcar Industries, Inc. ARII shares were also up, gaining 51 percent to $69.77 after the company announced it would be acquired for $70 per share.

Equities Trading DOWN

Aduro BioTech, Inc. ADRO shares dropped 38 percent to $3.88 after Merck reported data for STING, a similar treatment.

Shares of Mirati Therapeutics, Inc. MRTX were down 16 percent to $33.77 after giving updated clinical data and sharing FDA guidance for a future trial.

Kura Oncology, Inc. KURA was down, falling around 17 percent to $11.89 after the company issued an update on Phase 2 trial of Tipifarnib in HRAS mutant HNSCC.

Commodities

In commodity news, oil traded down 0.35 percent to $68.88 while gold traded down 0.24 percent to $1,225.70.

Silver traded down 0.27 percent Monday to $14.61, while copper rose 1.03 to $2.8065.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.22 percent, the Spanish Ibex Index fell 0.23 percent, while Italy’s FTSE MIB Index slipped 0.38 percent. Meanwhile the German DAX climbed 0.41 percent, and the French CAC 40 gained 0.17 percent while U.K. shares rose 0.65 percent.

Economics

The Chicago Fed National Activity Index declined to 0.17 for September, versus a revised reading of 0.27 for August.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.