Mid-Day Market Update: Crude Oil Jumps Over 7%; Intelsat Shares Slide Following Preliminary Q4 Results

Midway through trading Monday, the Dow traded up 1.17 percent to 16,584.26 while the NASDAQ gained 1.20 percent to 4,558.65. The S&P also rose, gaining 1.22 percent to 1,941.17.

On Monday, basic materials shares surged by 3.07 percent. Meanwhile, top gainers in the sector included

, up 20 percent, and

up 21 percent. In trading on Monday, non-cyclical consumer goods & services shares rose by just 0.5 percent. Meanwhile, top losers in the sector included

, down 7 percent, and

, down 6 percent.

reported better-than-expected profit for its fourth quarter and issued a strong forecast for the current quarter. Dean reported a quarterly profit of $18.5 million, or $0.20 per share, versus a year-ago profit of $5.3 million, or $0.06 per share. Excluding certain items, the company earned $0.36 per share. Its revenue slipped 16 percent to $2.02 billion. However, analysts were expecting earnings of $0.34 per share on revenue of $2.07 billion.

shares shot up 18 percent to $9.52 after the company reported that it has received the U.S. Food and Drug Administration Breakthrough Therapy designation for oliceridine for the management of moderate-to-severe acute pain. Shares of

got a boost, shooting up 11 percent to $18.98 as the company reported the commencement of a Dutch tender offer to purchase up to $30 million of common stock.

shares were also up, gaining 10 percent to $2.50. Central European Media posted a Q4 loss from continuing operations of $0.02 per share on revenue of $195.6 million. The company also reported that it has entered into a new 469 million euros term loan, guaranteed by Time Warner.

shares dropped 34 percent to $5.01 after the company reported that its Phase 3 SUPPRESS trial of brincidofovir did not meet primary endpoint for the prevention of cytomegalovirus infection following hematopoietic cell transplantation. Citi downgraded the rating for Chimerix from Buy to Neutral, while reducing the price target from $13 to $9. Shares of

were down 18 percent to $11.71 following a report that the company's flooring has a higher risk of cancer than previously thought. U.S. regulators reversed its prior finding, which was released on February 10. The Centers for Disease Control and Prevention said over the weekend that its prior report contained an error in ceiling heights. As a result, the health risks were calculated using airborne concentration estimates around three times lower than they should have been.

was down, falling around 10 percent to $2.71 after the company reported preliminary Q4 results. Intelsat said it expects to earn $0.42 per share in the fourth quarter on revenue of $571.3 million. Wall Street analysts were expecting the company to earn $0.36 per share on revenue of $575.9 million.

In commodity news, oil traded up 7.42 percent to $31.84, while gold traded down 1.57 percent to $1,211.50. Silver traded down 1.03 percent Monday to $15.25, while copper rose 2.14 percent to $2.13.

European shares were higher today. The eurozone's STOXX 600 gained 1.78 percent, the Spanish Ibex Index rose 2.49 percent, while Italy's FTSE MIB Index gained 3.42 percent. Meanwhile, the German DAX climbed 1.98 percent, and the French CAC 40 surged 1.90 percent, while U.K. shares rose 1.73 percent.

The Chicago Fed National Activity Index for January rose to 0.28 from minus 0.22 in December. The flash reading of the Markit manufacturing PMI slipped to 51.00 in February, versus a prior reading of 52.40. However, economists were expecting a reading of 52.30.