Benzinga Mid-Morning Market Update
Following the market opening Thursday morning, the Dow traded down 0.18 percent to 13,532.47 while the NASDAQ fell 0.61 percent to 3,085.33. The S&P also fell, decreasing 0.34 percent to 1,455.93.
As a heads up, NPS Pharmaceuticals (NASDAQ: NPSP) is currently halted, awaiting results from the FDA panel this afternoon.
The FDA panel discussed a drug released Isis Pharmaceuticals (NASDAQ: ISIS) Tuesday, and after announcing that it caused abnormal growths, shares of the company dropped 20 percent in intraday trading. Aegerion Pharmaceuticals' drug was also reviewed by the FDA panel, receiving a 13-2 vote in its favor, causing a rally in its share price.
WESCO International (NYSE: WCC) was also up, increasing 11.63 percent to $63.82 following an earnings beat and reports that it would be acquiring EECOL Electric for $1.16 billion.
Shares of Ethan Allen (NYSE: ETH) saw a boost as well, rising 16.72 percent to $27.50 following a solid earnings beat after the close Wednesday.
Equities Trading DOWN Mankind (NASDAQ: MNKD) took a hit in early trading, falling 24.81 percent to $1.96 after the company announced the pricing of its public offering of stock and warrants Thursday morning.
Align Technology (NASDAQ: ALGN) also fell, trading down 24.69 percent to $26.67 after Cantor Fitzgerald and Jefferies & Co. both lowered their price targets on the company.
Shares Mellanox Technologies (NASDAQ: MLNX) dropped 19.48 percent to $79.03 despite and earnings beat Wednesday, after FBN lowered its price target on the company from $140 to $110.
Commodities In commodity news, Oil traded down 1.09 percent to $91.12, while Gold traded down 0.50 percent to $1,746.40.
Silver traded down 0.31 percent Thursday Morning to $32.92.
Euro Zone European markets have been mixed Thursday morning as they brace for the Eurogroup summit later in the day. Spanish and Italian indexes fell slightly, while the German DAX rose slightly.
Economics In economic news, continuing jobless claims were reported, coming in at 3.252 million, slightly below the expected 3.275 million, and below the prior figure of 3.281 million. Initial jobless claims were also released, coming in at 388 thousand, above the expected 365 thousand, and a fair amount above the prior report of 342 thousand.
The Philadelphia Fed Index came in at 5.7, far above the expected 1.0 and the previous report of -1.9. The Bloomberg consumer comfort index was also reported, coming in at -34.8, above the prior figure of -38.5.
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