Mid-Day Market Update: Dow Up 1%; Achillion Pharmaceuticals Shares Plunge

Midway through trading Monday, the Dow traded up 1 percent to 22,016.81 while the NASDAQ climbed 0.99 percent to 6,422.97. The S&P also rose, gaining 0.84 percent to 2,482.01.

Leading and Lagging Sectors

On Monday, the technology shares surged 1.26 percent. Meanwhile, top gainers in the sector included Himax Technologies, Inc. (ADR) HIMX, up 6 percent, and Electronics For Imaging, Inc. EFII, up 6 percent.

In trading on Monday, telecommunications services shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Shenandoah Telecommunications Company SHEN, down 3 percent, and Consolidated Communications Holdings Inc CNSL down 3 percent.

Top Headline

Teva Pharmaceutical Industries Ltd (ADR) TEVA named Kaare Schultz as its new CEO and president after a seven-month search period.

Kaare Schultz will succeed Yitzhak Peterburg.

Equities Trading UP

Marinus Pharmaceuticals Inc MRNS shares shot up 42 percent to $4.43 after the company issued trial results from its Phase 2 study of CDKL5.

Shares of Tahoe Resources Inc TAHO got a boost, shooting up 39 percent to $6.55 after the company disclosed that the Guatemalan Supreme Court issued a decision that reinstates the Escobal mining license of its Guatemalan subsidiary.

Teva Pharmaceutical Industries Ltd (ADR) TEVA shares were also up, gaining 19 percent to $18.49. Teva named Kåre Schultz as President and CEO. BTIG Research upgraded Teva from Neutral to Buy.

Equities Trading DOWN

Pulse Biosciences Inc PLSE shares dropped 23 percent to $15.10 after the company reported the withdrawal and planned resubmission of 510(k) application for PulseTx system.

Shares of Achillion Pharmaceuticals, Inc. ACHN were down 26 percent to $3.65. Janssen terminated worldwide collaboration for Hepatitis C With Achillion Pharmaceuticals. Achillion named Joseph Truitt as COO.

Alamos Gold Inc (US) AGI was down, falling around 14 percent to $7.27 as the company announced plans to acquire Richmont Mines.

Commodities

In commodity news, oil traded down 0.55 percent to $47.22 while gold traded down 0.93 percent to $1,338.60.

Silver traded down 1.09 percent Monday to $17.925, while copper rose 0.66 percent to $3.0615.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.01 percent, the Spanish Ibex Index rose 1.85 percent, while Italy’s FTSE MIB Index gained 1.51 percent. Meanwhile the German DAX climbed 1.39 percent, and the French CAC 40 rose 1.20 percent while U.K. shares rose 0.43 percent.

Economics

On the economics calendar Monday, there is no important data due out.