Mid-Day Market Update: NASDAQ Up 1%; Ocean Power Technologies Shares Spike Higher

Midway through trading Monday, the Dow traded up 0.43 percent to 19,252.26 while the NASDAQ climbed 1 percent to 5,308.36. The S&P also rose, gaining 0.67 percent to 2,206.57.

Leading and Lagging Sectors

On Monday, basic materials shares gained by 1.17 percent. Meanwhile, top gainers in the sector included Braskem SA (ADR) BAK, and Olympic Steel, Inc. ZEUS.

In trading on Monday, utilities shares fell by 0.65 percent. Meanwhile, top losers in the sector included Entergy Corporation ETR, down 2 percent, and Empresa Distribuidora y Cmrz Nrt SA(ADR) EDN, down 3 percent.

Top Headline

Consolidated Communications Holdings Inc CNSL announced plans to acquire FairPoint Communications Inc FRP for $1.5 billion in an all-stock merger.

The transaction is projected to close by mid-2017.

Equities Trading UP

Ocean Power Technologies Inc OPTT shares shot up 10 percent to $3.57. Ocean Power Technologies and Sonalysts reported a joint marketing agreement.

Shares of Quantenna Communications Inc QTNA got a boost, shooting up 16 percent to $19.54. Needham upgraded Quantenna Communications from Buy to Strong Buy.

Neuroderm Ltd NDRM shares were also up, gaining 29 percent to $20.00 as the company disclosed that it will replace two Phase 3 clinical trials with small pharmacokinetic trials following the FDA meeting on ND0612 regulatory development.

Equities Trading DOWN

Cerecor Inc CERC shares dropped 23 percent to $1.34 after the company disclosed that its CERC-501 Phase 2 study did not meet primary objective.

Shares of Hudson Technologies, Inc. HDSN were down 17 percent to $6.58 after the company announced a $45 million offering of its common stock and an additional $4 million offering by selling shareholders.

Agios Pharmaceuticals Inc AGIO was down, falling around 13 percent to $49.60 after the company reported a new data from AG-348 and AG-519 demonstrating the potential for the first disease-modifying treatment for patients with PK deficiency at the ASH 2016.

Commodities

In commodity news, oil traded up 0.66 percent to $52.02 while gold traded down 0.86 percent to $1,167.70.

Silver traded down 0.28 percent Monday to $16.79, while copper rose 3.07 percent to $2.71.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.65 percent, the Spanish Ibex Index rose 0.67 percent, while Italy’s FTSE MIB Index declined 0.22 percent. Meanwhile the German DAX climbed 1.74 percent, and the French CAC 40 gained 1.02 percent while U.K. shares rose 0.24 percent.

Economics

The final reading of Markit services PMI dropped to 54.6 for November, versus a flash reading of 54.7.

The ISM non-manufacturing index rose to 57.20 for November, versus a prior reading of 54.80. However, economists were expecting a reading of 55.40.

St. Louis Federal Reserve Bank President James Bullard is set to speak at the Arizona State University, W.P. Carey School at 2:05 p.m. ET.