Market Overview

Mid-Afternoon Market Update: Crude Oil Declines 6%; Bluebird Bio Shares Tumble

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Toward the end of trading Monday, the Dow traded down 0.78 percent to 17,707.80 while the NASDAQ dipped 0.86 percent to 5,097.83. The S&P also fell, dropping 0.85 percent to 2,073.85.

Leading and Lagging Sectors

In trading on Monday, non-cyclical consumer goods & services shares rose by 0.01 percent. Meanwhile, top gainers in the sector included Keurig Green Mountain Inc (NASDAQ: GMCR), up 73 percent, and Sodastream International Ltd (NASDAQ: SODA), up 9 percent.

Energy shares tumbled by 4.58 percent in the US market on Monday. Top losers in the sector included Vanguard Natural Resources, LLC (NASDAQ: VNR), Energy Transfer Equity LP (NYSE: ETE), and Legacy Reserves LP (NASDAQ: LGCY).

Top Headline

Keurig Green Mountain Inc (NASDAQ: GMCR) agreed to be acquired for $13.9 billion by an investor group led by JAB Holding Company.

The cash offer of $92.00 per share represents a 78 percent premium over Keurig's closing price on Friday.

Equities Trading UP

Keurig Green Mountain Inc (NASDAQ: GMCR) shares shot up 72 percent to $89.17 after the company agreed to be acquired for $13.9 billion.

Shares of XBiotech Inc (NASDAQ: XBIT) got a boost, shooting up 74 percent to $14.99 after the company reported positive results in its European Phase III study for its breakthrough therapy for colorectal cancer.

Sodastream International Ltd (NASDAQ: SODA) shares were also up, gaining 9 percent to $15.32 on Keurig Green Mountain go-private deal for $92 per share.

Equities Trading DOWN

bluebird bio Inc (NASDAQ: BLUE) shares tumbled 37 percent to $53.04 on mixed sickle cell data results presented at the ASH 2015. Morgan Stanley's Matthew Harrison downgraded the rating on bluebird bio from Overweight to Equal-weight, while reducing the price target from $143 to $69. Roth Capital downgraded bluebird bio from Buy to Neutral and lowered the price target from $121.00 to $62.00. Bank of America downgraded bluebird bio from Buy to Neutral.

Shares of Global Blood Therapeutics Inc (NASDAQ: GBT) were down 18 percent to $37.49 after the company reported positive GBT440 Phase 1/2 data.

Threshold Pharmaceuticals, Inc. (NASDAQ: THLD) was down, falling 81 percent to $0.620 after the company reported that its evofosfamide studies did not meet primary endpoints.

Commodities

In commodity news, oil traded down 6.05 percent to $37.55, while gold traded down 0.91 percent to $1,074.20.

Silver traded down 1.36 percent Monday to $14.33, while copper fell 1.47 percent to $2.05.

Eurozone

European shares closed mostly higher today. The eurozone's STOXX 600 jumped 0.51 percent, the Spanish Ibex Index fell 0.36 percent, while Italy's FTSE MIB Index gained 0.07 percent. Meanwhile, the German DAX climbed 1.25 percent, and the French CAC 40 surged 0.88 percent, while U.K. shares fell 0.24 percent.

Economics

There were no major US economic releases Monday.

Posted-In: News Eurozone Commodities M&A Global Intraday Update Markets Movers

 

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