Mid-Day Market Update: Dow Surges Over 100 Points; Sagent Pharmaceuticals Shares Spike Higher

Midway through trading Monday, the Dow traded up 0.59 percent to 18,254.36 while the NASDAQ climbed 0.72 percent to 4,992.60. The S&P also rose, gaining 0.45 percent to 2,139.49.

Leading and Lagging Sectors

On Monday, basic materials shares surged by 1.26 percent. Top gainers in the sector included Cliffs Natural Resources Inc CLF and Century Aluminum Co CENX.

In trading on Monday, utilities shares fell by 0.13 percent. Meanwhile, top losers in the sector included Atlantic Power Corp AT, down 2 percent, and Brookfield Infrastructure Partners L.P. BIP, down 1.5 percent.

Top Headline

Bank Of The Ozarks Inc OZRK reported better-than-expected earnings for its second quarter on Monday.

Bank of the Ozarks disclosed net income of $54.5 million for the second quarter compared to $44.8 million representing an increase of 21.7 percent. On a per share basis, earnings grew 17.6 percent to $0.60 from $0.51 in the year-ago quarter. This was higher by a penny from the Street analysts' expectations.

Equities Trading UP

BioLife Solutions Inc BLFS shares shot up 75 percent to $2.75 as the company announced a 10 year supply contract with Kite Pharma Inc KITE.

Shares of Sagent Pharmaceuticals Inc SGNT got a boost, shooting up 40 percent to $21.66 as the company agreed to be acquired by Nichi-Iko Pharmaceutical for $21.75 per share. RBC Capital downgraded Sagent Pharmaceuticals from Outperform to Sector Perform.

Resolute Energy Corp REN shares were also up, gaining 26 percent to $4.79. Wunderlich upgraded the rating on Resolute Energy from Hold to Buy, while raising the price target from $4 to $8. Northland Securities also upgraded the stock from Market Perform to Outperform.

Equities Trading DOWN

Echo Therapeutics Inc ECTE shares dropped 19 percent to $1.45. Echo Therapeutics’ common stock will be suspended on Nasdaq at the opening of business on July 12, 2016. The company’s common stock will trade on the OTCQB® Venture Market.

Shares of Monster Worldwide, Inc. MWW were down 4 percent to $2.52. BMO Capital downgraded Monster Worldwide from Outperform to Market Perform.

Vicon Industries, Inc. VII was down, falling around 18 percent to $0.862.

Commodities

In commodity news, oil traded down 0.07 percent to $45.38 while gold traded up 0.09 percent to $1,359.60.

Silver traded up 1.90 percent Monday to $20.48, while copper rose 1.53 percent to $2.15.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 1.51 percent, the Spanish Ibex Index climbed 1.37 percent, while Italy’s FTSE MIB Index rose 1.02 percent. Meanwhile the German DAX gained 2.02 percent, and the French CAC 40 climbed 1.77 percent, while U.K. shares rose 1.44 percent.

Economics

The Treasury is set to auction 3-year notes at 1:00 p.m. ET.

Cleveland Federal Reserve Bank President Loretta J. Mester is set to speak in Sydney, Australia at 9:30 p.m. ET.