Mid-Afternoon Market Update: Ionis Pharma Rises After FDA Approval Of Spinraza; Seattle Genetics Shares Plummet

Toward the end of trading Tuesday, the Dow traded up 0.13 percent to 19,959.80 while the NASDAQ rose 0.53 percent to 5,491.56. The S&P also rose, gaining 0.29 percent to 2,270.31.

Leading and Lagging Sectors

Basic materials shares gained around 0.72 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Northern Dynasty Minerals Ltd NAK, and Intrepid Potash, Inc. IPI.

In trading on Tuesday, telecommunications services shares slipped by 0.11 percent. Meanwhile, top losers in the sector included NTT Docomo Inc (ADR) DCM, down 2 percent, and Partner Communications Company Ltd (ADR) PTNR, down 3 percent.

Top Headline

Groupe Casino has offered to purchase all outstanding ordinary shares of Cnova NV CNV for $5.50 per share in cash.

Equities Trading UP

VisionChina Media Inc (ADR) VISN shares shot up 23 percent to $5.80. VisionChina is scheduled to report its financial results for the first nine months ended September 30, 2016 after the closing bell on December 27, 2016.

Shares of Ionis Pharmaceuticals Inc IONS got a boost, shooting up 6 percent to $56.36 after the company disclosed that the FDA has approved Spinraza to treat spinal muscular atrophy.

ENGlobal Corp ENG shares were also up, gaining 23 percent to $2.37.

Equities Trading DOWN

Seattle Genetics, Inc. SGEN shares dropped 16 percent to $51.81 after the company reported a clinical hold on several Phase 1 trials of vadastuximab talirine.

Shares of Endologix, Inc. ELGX were down around 20 percent to $5.77 after the company reported a temporary hold on AFX® Endovascular AAA System to resolve a manufacturing issue.

Amphastar Pharmaceuticals Inc AMPH was down, falling around 8 percent to $18.70. Amphastar Pharmaceuticals disclosed that it has received a Complete Response Letter from the FDA indicating that the company should conduct Human Factor validation study and make label changes.

Commodities

In commodity news, oil traded up 1.53 percent to $53.83 while gold traded up 0.45 percent to $1,138.70.

Silver traded up 1.40 percent Tuesday to $15.98, while copper rose 1.49 percent to $2.52.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.14 percent, the Spanish Ibex Index gained 0.10 percent, while Italy’s FTSE MIB Index gained 0.24 percent. Meanwhile the German DAX rose 0.20 percent, and the French CAC 40 gained 0.21 percent while U.K. shares rose 0.06 percent.

Economics

The S&P Corelogic Case-Shiller home price index increased 5.1 percent year-over-year in October, versus a revised 5 percent growth in September. On the month the Case-Shiller's 20-City Home Price Index increased 0.1 percent.

The Conference Board's consumer confidence index climbed to 113.70 for December, versus a prior reading of 107.10. Economists expected a reading of 108.10.

The Richmond Fed manufacturing index rose to 12.00 in December, versus a prior reading of 1.00.

The Dallas Fed Manufacturing index rose to 13.80 for December, versus a previous reading of 10.20.