Skip to main content

Market Overview

Mid-Morning Market Update: Markets Open Higher; Eli Lilly To Acquire Prevail Therapeutics


Following the market opening Tuesday, the Dow traded up 0.36% to 29,968.46 while the NASDAQ rose 0.73% to 12,531.15. The S&P also rose, gaining 0.60% to 3,669.48.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 16,522,120 cases with around 300,720 deaths. India confirmed a total of at least 9,906,160 confirmed cases and 143,700 deaths, while Brazil reported over 6,927,140 COVID-19 cases with 181,830 deaths. In total, there were at least 73,011,770 cases of COVID-19 worldwide with over 1,624,810 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares climbed 1% on Tuesday. Meanwhile, top gainers in the sector included Harmony Gold Mining Company Limited (NYSE: HMY), up 7%, and International Tower Hill Mines Ltd. (NYSE: THM), up 4%.

In trading on Tuesday, communication services shares rose by just 0.04%.

Top Headline

Eli Lilly & Co. (NYSE: LLY) announced a $1 billion deal to acquire Prevail Therapeutics (NASDAQ: PRVL).


Equities Trading UP

Prevail Therapeutics Inc. (NASDAQ: PRVL) shares shot up 83% to $22.92 after the company agreed to be acquired by Eli Lilly (NYSE: LLY).

Shares of OncoCyte Corporation (NYSE: OCX) got a boost, shooting 39% to $2.95. Burning Rock Biotech announced a licensing agreement with OncoCyte to bring the latter's DetermaRx, a risk stratification test for early stage lung cancer patients, to China.

Solid Biosciences Inc. (NASDAQ: SLDB) shares were also up, gaining 28% to $6.15. Solid Biosciences, last week, announced a $90 million private placement of 24.3 million shares at $3.70 per share.

Equities Trading DOWN

Apartment Investment and Management Company (NYSE: AIV) shares tumbled 86% to $5.82 after the company announced it completed the separation of its businesses, making Apartment Income REIT a separate, publicly-traded company. The company is also being replaced by Tesla in the S&P 500.

Shares of CooTek (Cayman) Inc. (NYSE: CTK) were down 32% to $4.30 after the company reported results for the third quarter.

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) was down, falling 21% to $18.93 after the company priced its previously announced underwritten public offering of 3.75 million shares of its common stock at $20 per share for raising gross proceeds of $75 million.


In commodity news, oil traded up 0.8% to $47.36, while gold traded up 1.3% to $1,855.80.

Silver traded up 2.4% Tuesday to $24.625 while copper rose 0.1% to $3.5275.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index fell 0.4%, while Italy’s FTSE MIB Index gained 0.27%. Meanwhile, the German DAX 30 gained 0.8%, French CAC 40 rose 0.1% and London’s FTSE 100 fell 0.6%.

London is witnessing rise in infected cases after the discovery of a new variant of coronavirus. Eurozone industrial production increased 2.1% in October, slightly better than expected.


The Federal Open Market Committee will begin its two-day policy meeting today.

The New York Empire State Manufacturing Index declined to 4.9 in December versus 6.3 in November.

Prices for US imports rose 0.1% in November, while export prices gained 0.6%.

US industrial production rose 0.4% for November.

The Treasury International Capital report for October is scheduled for release at 4:00 p.m. ET.


Related Articles (AIV + CTK)

View Comments and Join the Discussion!

Posted-In: M&A News Penny Stocks Eurozone Commodities Small Cap Global Intraday Update

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at