Mid-Afternoon Market Update: Dow Falls Over 150 Points; Crude Oil Down 2.5%
Toward the end of trading Friday, the Dow traded down 0.92 percent to 17,820.66 while the NASDAQ declined 1.42 percent to 4,888.05. The S&P also fell, dropping 1.13 percent to 2,091.65.
Leading and Lagging Sectors
On Friday, non-cyclical consumer goods & services shares slipped by just 0.5 percent.
In trading on Friday, energy shares tumbled by 2.5 percent. Meanwhile, top losers in the sector included Baytex Energy Corp (USA) (NYSE: BTE), down 10 percent, and Cobalt International Energy, Inc. (NYSE: CIE), down 10 percent.
Westlake Chemical Corporation announced plans to acquire Axiall Corp for $33.00 per share in all-cash transaction.
The transaction is likely to complete by the fourth quarter of 2016.
Equities Trading UP
Sophiris Bio Inc (NASDAQ: SPHS) shares shot up 89 percent to $2.21 after the company reported successful results from Phase 2a trial of topsalvsin in localized prostate cancer.
Shares of Axiall Corp (NYSE: AXLL) got a boost, shooting up 26 percent to $32.51 after Westlake Chemical Corporation (NYSE: WLK) announced plans to acquire Axiall for $33.00 per share in all-cash transaction.
Global Blood Therapeutics Inc (NASDAQ: GBT) shares were also up, gaining 11 percent to $24.62 after the company reported new data supporting safety and efficacy profile of GBT440.
Equities Trading DOWN
GigPeak Inc (NYSE: GIG) shares dropped 20 percent to $2.09. GigPeak priced offering of 11.32 million shares of common stock at $2 per share.
Shares of Mattress Firm Holding Corp (NASDAQ: MFRM) were down 15 percent to $28.59 as the company reported a wider-than-expected loss for its first quarter and lowered its annual outlook. Bank of America downgraded Mattress Firm from Neutral to Underperform and lowered the price target from $42.00 to $28.00.
Gevo, Inc. (NASDAQ: GEVO) was down, falling around 36 percent to $0.45. Gevo priced 21.08 million shares at $0.45 per share.
In commodity news, oil traded down 2.55 percent to $49.27 while gold traded up 0.37 percent to $1,277.40.
Silver traded up 0.33 percent Friday to $17.33, while copper fell 0.42 percent to $2.03.
European shares closed lower today. The eurozone's STOXX 600 fell 2.44 percent, the Spanish Ibex Index dropped 3.18 percent, while Italy's FTSE MIB Index slipped 3.62 percent. Meanwhile the German DAX declined 2.52 percent, and the French CAC 40 fell 2.24 percent, while U.K. shares fell 1.86 percent.
The University of Michigan consumer sentiment index slipped to 94.30 in June, versus a prior reading of 94.70. Economists were expecting a reading of 94.00.
The U.S. government posted a budget deficit of $53 billion in May, versus a deficit of $84 billion in the year-ago period, the Treasury Department reported. Analysts were projecting a $60 billion deficit for May.
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