Crude Oil Moves Lower; Perion Network Shares Tumble
U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 50 points on Monday.
The Dow traded up 0.21% to 38,983.94 while the NASDAQ rose 0.39% to 16,311.32. The S&P 500 also rose, gaining, 0.24% to 5,216.95.
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Leading and Lagging Sectors
Consumer discretionary shares jumped by 1% on Monday.
In trading on Monday, energy shares fell by 0.6%.
Top Headline
Perion Network Ltd. (NASDAQ:PERI) slashed its FY24 revenue guidance.
Perion Network said it sees first-quarter revenue of $157 million, versus market estimates of $175.53 million. The company said it now expects FY24 revenue of $590 million to $610 million, versus prior outlook of $860 million to $880 million.
Equities Trading UP
Auddia Inc. (NASDAQ:AUUD) shares shot up 250% to $5.03 after the company announced the USPTO awarded it with U.S. Patent 11,935,520 for the core AI technology the company uses in its flagship faidr app to deliver ad-free AM/FM radio stations to paid subscribers.
Shares of UTime Limited (NASDAQ:WTO) got a boost, surging 77% to $0.3272 after the company completed a private placement.
Longeveron Inc. (NASDAQ:LGVN) shares were also up, gaining 78% to $3.92 after the company submitted paperwork for a share offering.
Equities Trading DOWN
Perion Network Ltd. (NASDAQ:PERI) shares dropped 35% to $13.74 after the company slashed FY24 revenue guidance and issued first-quarter outlook below estimates.
Shares of Agenus Inc. (NASDAQ:AGEN) were down 18% to $0.4113. Agenus disclosed a 1-for-20 reverse stock split of common stock.
Douglas Dynamics, Inc. (NYSE:PLOW) was down, falling 8% to $22.11. Baird analyst Timothy Wojs downgraded Douglas Dynamics from Outperform to Neutral and lowered the price target from $36 to $25.
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Commodities
In commodity news, oil traded down 1.6% to $85.54 while gold traded down 0.1% at $2,342.80.
Silver traded up 0.1% to $27.51 on Monday, while copper rose 0.4% to $4.2520.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.32%, London’s FTSE 100 rose 0.21% while Spain’s IBEX 35 Index fell 0.23% The German DAX gained 0.60% French CAC 40 climbed 0.72% while Italy’s FTSE MIB Index gained 0.61%.
Imports into Germany increased 3.2% month-over-month to EUR 111.5 billion in February, while exports from Germany fell 2% month-over-month to EUR 132.9 billion. German industrial production climbed by 2.1% month-over-month during February.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan’s Nikkei 225 gaining 0.91%, Hong Kong’s Hang Seng Index gaining 0.05%, China’s Shanghai Composite falling 0.72% and India’s S&P BSE Sensex gaining 0.67%.
Foreign exchange reserves in Singapore increased to SGD 497.3 billion in March from SGD 480.4 billion a month ago. The gauge for Japanese service sector declined to 49.8 in March versus 51.3 a month ago. Japan’s current account surplus widened to JPY 2,644.2 billion in February from JPY 2,200.3 billion in the year-ago month. Chinese foreign exchange reserves jumped by $19.8 billion to $3.246 trillion during March.
Economics
There were no major US economic releases Monday.
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