Dow Turns Lower; EchoStar Shares Plunge
U.S. stocks turned lower toward the end of trading, with the Dow Jones falling around 50 points on Monday
The Dow traded down 0.16% to 34,007.81 while the NASDAQ fell 0.08% to 13,467.42. The S&P 500 also fell, dropping, 0.13% to 4,352.49.
Check This Out: Top 5 Health Care Stocks That May Fall Off A Cliff This Month
Leading and Lagging Sectors
Health care shares jumped by 0.7% on Monday.
In trading on Monday, real estate shares fell by 1.7%.
Top Headline
Kosmos Energy Ltd (NYSE:KOS) reported better-than-expected earnings for its third quarter on Monday.
Kosmos Energy reported third-quarter (Q3) 2023 revenue of $526.5 million, beating the consensus of $457.4 million. Adjusted EPS of 26 cents, surpassing the consensus of $0.21.
For FY23, the company now expects capital expenditure of ~$800 million (vs. $700 million - $750 million earlier) and production of ~63,000 boe per day (vs. 65,000 - 69,000 boe per day prior).
Equities Trading UP
Carbon Revolution Public Limited (NASDAQ:CREV) shares shot up 204% to $89.00 after gaining 100% on Friday. The company’s stock began trading on Friday following merger with Twin Ridge Capital Acquisition Corp.
Shares of Bluegreen Vacations Holding Corporation (NYSE:BVH) got a boost, shooting 106% to $73.00 after the company announced it would be acquired by Hilton Grand Vacations at $75 per share.
Digital Brands Group, Inc. (NASDAQ:DBGI) shares were also up, gaining 22% to $5.35 after the company announced a review of strategic alternatives.
Equities Trading DOWN
MoonLake Immunotherapeutics (NASDAQ:MLTX) shares dropped 24% to $39.06 after the company announced results of its phase 2 study treating active Psoriatic Arthritis.
Shares of DISH Network Corporation (NASDAQ:DISH) were down 22% to $4.2701 after the company reported third-quarter results. On Nov. 3, 2023, W. Erik Carlson notified DISH that he intends to resign as the CEO effective Nov. 12, 2023.
EchoStar Corporation (NASDAQ:SATS) was down, falling 21% to $12.14 after the company reported worse-than-expected third-quarter sales.
Also Check This Out: Bitcoin Falls Below $35,000; Neo, MultiversX Among Top Losers
Commodities
In commodity news, oil traded up 1.5% to $81.69 while gold traded down 0.4% at $1,990.70.
Silver traded down 0.3% to $23.215 on Monday while copper rose 1% to $3.7165.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.16%, London’s FTSE 100 rose 0.01% while Spain’s IBEX 35 Index fell 0.56% The German DAX fell 0.35% French CAC 40 fell 0.48%, while Italy’s FTSE MIB Index fell 0.29%.
Factory orders in Germany increased 0.2% month-over-month in September compared to a revised 1.9% increase in August. The HCOB Spain Composite PMI edged lower to 50 in October from 50.1 in the earlier month.
Asia Pacific Markets
Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 2.37%, Hong Kong’s Hang Seng Index gaining 1.71% and China’s Shanghai Composite Index gaining 0.91%. India’s S&P BSE Sensex, meanwhile, rose around 0.7%.
The au Jibun Bank Japan services PMI fell to 51.6 in October versus a final reading of 53.8 in September, while composite PMI slipped to 50.5 from a final level of 52.1 in September.
Economics
There were no major US economic releases Monday.
Now Read This: These 3 Defensive Stocks Delivering High-Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts