Mid-Day Market Update: Crude Oil Rises 2.5%; Epizyme Shares Drop
Midway through trading Monday, the Dow traded up 1.23 percent to 17,893.18 while the NASDAQ climbed 1.63 percent to 4,878.49. The S&P also rose, gaining 1.21 percent to 2,096.24.
Leading and Lagging Sectors
In trading on Monday, utilities shares slipped by 0.1 percent. Meanwhile, top losers in the sector included RGC Resources Inc. (NASDAQ: RGCO), down 2 percent, and UGI Corp (NYSE: UGI), down 2 percent.
Icahn Enterprises L.P. (NASDAQ: IEP) revealed Monday that it was ready to pay $8.00 a share to acquire the remaining portion of the shares of Federal-Mogul Holdings Corp (NASDAQ: FDML). This is lower than the Friday's closing price of $8.15.
Icahn Enterprises indicated that on February 28, it offered to buy the remaining shares of Federal-Mogul common stock not owned by it in a merger transaction following which Federal-Mogul shareholders would get $7.00 per share in cash for their Federal-Mogul shares.
Equities Trading UP
Lpath, Inc. (NASDAQ: LPTN) shares shot up 59 percent to $3.31 as the company reported that it has been awarded a $1.45 million 2-year grant for traumatic brain injury pain study.
Shares of Fate Therapeutics Inc (NASDAQ: FATE) got a boost, shooting up 18 percent to $1.99 as the company reported the FDA Fast Track designation for ProTmune.
Neovasc Inc (US) (NASDAQ: NVCN) shares were also up, gaining 11 percent to $0.85 as the company reported that positive results for Reducer system treatment for refractory angina were published in The Netherlands Heart Journal.
Equities Trading DOWN
Eagle Pharmaceuticals Inc (NASDAQ: EGRX) shares dropped 9 percent to $40.65. Mizuho Securities downgraded Eagle Pharmaceuticals to Neutral.
Shares of Epizyme Inc (NASDAQ: EPZM) were down 4 percent to $11.01 after the company reported early data from global Phase 2 trial of tazemetostat in non-hodgkin lymphoma.
Cypress Semiconductor Corporation (NASDAQ: CY) was down, falling around 4 percent to $10.19. Cypress reported a proposed $250 million convertible notes offering.
In commodity news, oil traded up 2.5 percent to $49.17 while gold traded down 0.52 percent to $1,288.10.
Silver traded up 0.60 percent Monday to $17.52, while copper rose 1.92 percent to $2.09.
European shares were higher today. The eurozone’s STOXX 600 climbed 3.55 percent, the Spanish Ibex Index rose 5.35 percent, while Italy’s FTSE MIB Index jumped 2.26 percent. Meanwhile the German DAX gained 3.29 percent, and the French CAC 40 climbed 3.45 percent, while U.K. shares rose 2.86 percent.
Minneapolis Federal Reserve President Neel Kashkari is scheduled to speak in Washington.
The Treasury will auction 2-year notes.
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