Mid-Day Market Update: Dynavax Jumps After FDA Approval For Hepatitis B Vaccine; Navigant Shares Drop

Midway through trading Monday, the Dow traded up 0.33 percent to 21,903.31 while the NASDAQ declined 0.36 percent to 6,351.65. The S&P also fell, dropping 0.04 percent to 2,471.22.

Leading and Lagging Sectors

Basic materials shares climbed by 0.27 percent in the US market on Monday. Top gainers in the sector included Cliffs Natural Resources Inc CLF, and DRDGOLD Ltd. (ADR) DRD.

In trading on Monday, technology shares fell 0.44 percent. Meanwhile, top losers in the sector included Ceragon Networks Ltd CRNT, down 5 percent, and Mitek Systems, Inc. MITK, down 4 percent.

Top Headline

Discovery Communications Inc. DISCA announced plans to acquire Scripps Networks Interactive, Inc. SNI for $14.6 billion.

Discovery will pay $90 per share in cash and stock to buy Scripps. The transaction is projected to close by early 2018.

Equities Trading UP

Dynavax Technologies Corporation DVAX shares shot up 73 percent to $16.02 as the company announced that the Vaccines and Related Biological Products Advisory Committee of the U.S. Food and Drug Administration voted 12-1 in support of the company’s Hepatitis B vaccine, HEPLISAV-B. RBC Capital upgraded Dynavax from Sector Perform to Outperform.

Shares of CDI Corp. CDI got a boost, shooting up 32 percent to $8.20 as the company agreed to be acquired by AE Industrial Partners for $8.25 per share in cash.

Alliance Holdings GP, L.P. AHGP shares were also up, gaining 13 percent to $28.60 as the company reported quarterly financial results and raised its quarterly distribution by 32.7 percent.

Equities Trading DOWN

Invivo Therapeutics Holdings Corp NVIV shares dropped 28 percent to $1.77 as the company issued an update on the INSPRE study. InVivo Therapeutics has implemented a temporary enrollment halt on the trial due to patient who passed away suddenly at a rehab facility following discharge from hospital.

Shares of Navigant Consulting, Inc. NCI were down 14 percent to $17.00 after the company posted downbeat quarterly results.

Hertz Global Holdings, Inc HTZ was down, falling around 13 percent to $15.11. Barclays downgraded Hertz from Equal-Weight to Underweight.

Commodities

In commodity news, oil traded down 0.84 percent to $49.29 while gold traded down 0.01 percent to $1,275.30.

Silver traded up 0.96 percent Monday to $16.855, while copper rose 0.61 percent to $2.8925.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.13 percent, the Spanish Ibex Index fell 0.29 percent, while Italy’s FTSE MIB Index gained 0.21 percent. Meanwhile the German DAX declined 0.51 percent, and the French CAC 40 slipped 0.70 percent while U.K. shares rose 0.08 percent.

Economics

The Chicago PMI declined to 58.90 in July, versus prior reading of 65.70. However, economists were expecting a reading of 60.00.

The pending home sales index increased 1.5 percent to 110.2 in June. However, economists projected a 0.7 percent rise in the index.

The Dallas Fed manufacturing business index rose to 16.80 in July, versus previous reading of 15.00. Economists expected a reading of 13.00.

Data on farm prices for June will be released at 3:00 p.m. ET.