Mid-Afternoon Market Update: Crude Oil Slides 3%; Gilead Sciences Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 0.01 percent to 18,054.77 while the NASDAQ climbed 0.06 percent to 4,809.67. The S&P also rose, gaining 0.16 percent to 2,092.14.

Leading and Lagging Sectors

On Monday, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Aqua America Inc. WTR and MDU Resources Group Inc. MDU.

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.35 percent. Meanwhile, top decliners in the sector included Cellcom Israel Ltd. CEL, down 5 percent, and Partner Communications Company Ltd. PTNR, off 3.9 percent.

Top Headline

Activist investor Carl Icahn disclosed a 7.7 percent stake in Manitowoc Company Inc MTW on Monday, according to a 13D filing.

Based on the 13D filing, Icahn intends to hold discussions with the company's management and Board of Directors relating to the separating of the company's Crane and Food service segments into two separate companies.

Equities Trading UP

The Manitowoc Company, Inc. MTW shares shot up 7.89 percent to $22.57 on report of Icahn stake. Carl Icahn reported a 7.77% stake in Manitowoc, according to a 13D filing. Based on the 13D filing, Icahn intends to hold discussions with the company's management and Board of Directors relating to the separating of the company's Crane and Food service segments into two separate companies.

Shares of Revolution Lighting Technologies, Inc. RVLT got a boost, shooting up 30.86 percent to $1.68 after the company announced a strategic distribution partnership with Fastenal.

Gilead Sciences Inc. GILD shares were also up, gaining 3.02 percent to $96.62. Gilead reported amended deals with J&J's Janssen to develop PREZISTA-based single-tablet regimen for the treatment of people living with HIV. Morgan Stanley upgraded Gilead Sciences to Overweight.

Equities Trading DOWN

China Xiniya Fashion Limited XNY shares tumbled 2.49 percent to $2.35 after the company reported a Q3 loss per ADS of $0.59, versus earnings per ADS of $0.02 in the year-ago quarter.

Shares of Ambarella, Inc. AMBA were down 4.55 percent to $53.39 after Needham downgraded the stock from Hold to Underperform.

Skyworks Solutions Inc. SWKS was down, falling 3.13 percent to $72.16 after Needham downgraded the stock from Buy to Hold.

Commodities

In commodity news, oil traded down 3.03 percent to $53.07, while gold traded down 1.05 percent to $1,182.80.

Silver traded down 2.18 percent Monday to $15.80, while copper rose 0.27 percent to $2.82.

Euro zone

European shares closed mixed today. The eurozone’s STOXX 600 rose 0.11 percent, the Spanish Ibex Index tumbled 0.84 percent, while Italy’s FTSE MIB Index tumbled 1.15 percent. Meanwhile, the German DAX rose 0.05 percent and the French CAC 40 climbed 0.51 percent while UK shares gained 0.36 percent.

Economics

The Dallas Fed manufacturing business index fell to 4.10 in December, versus a prior reading of 10.50. However, economists were expecting a reading of 9.00.