Mid-Afternoon Market Update: Crude Oil Up Over 1%; Alamos Gold Shares Slide

Toward the end of trading Monday, the Dow traded up 1.17 percent to 22,053.72 while the NASDAQ climbed 1.13 percent to 6,431.89. The S&P also rose, gaining 1.04 percent to 2,486.91.

Leading and Lagging Sectors

Monday afternoon, the financial shares surged 1.43 percent. Meanwhile, top gainers in the sector included Federated National Holding Co FNHC, up 12 percent, and United Insurance Holdings Corp UIHC, up 11 percent.

In trading on Monday, telecommunications services shares rose by just 0.3 percent. Meanwhile, top losers in the sector included Vonage Holdings Corp. VG, down 5 percent, and B Communications Ltd BCOM down 4 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 45 percent to $4.52 after the company issued trial results from its Phase 2 study of CDKL5.

Shares of Tahoe Resources Inc TAHO got a boost, shooting up 38 percent to $6.47 following the announcement that a Guatemalan Supreme Court has issued a decision that reinstates the Escobal mining license of its Guatemalan subsidiary. Credit Suisse also upgraded the stock to Buy.

Teva Pharmaceutical Industries Ltd (ADR) TEVA shares were also up, gaining 20 percent to $18.56. 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 19 percent to $15.81 after the company reported the withdrawal and planned resubmission of 510(k) application for PulseTx system.

Shares of Achillion Pharmaceuticals, Inc. ACHN were down 22 percent to $3.83. 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 16 percent to $7.11 as the company announced plans to acquire Richmont Mines Inc. (USA) RIC in a transaction valued at around C$905 million.

Commodities

In commodity news, oil traded up 1.24 percent to $48.07 while gold traded down 1.21 percent to $1,334.80.

Silver traded down 1.26 percent Monday to $17.895, while copper rose 0.94 percent to $3.07.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.04 percent, the Spanish Ibex Index rose 1.91 percent, while Italy’s FTSE MIB Index gained 1.64 percent. Meanwhile the German DAX climbed 1.39 percent, and the French CAC 40 rose 1.24 percent while U.K. shares rose 0.49 percent.

Economics

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