Market Overview

Mid-Day Market Update: Navistar Rises After Strategic Alliance With Volkswagen Truck & Bus; Tonix Shares Drop

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Midway through trading Tuesday, the Dow traded up 0.10 percent to 18,510.70 while the NASDAQ gained 0.34 percent to 5,267.75. The S&P also rose, gaining 0.13 percent to 2,182.87.

Leading and Lagging Sectors

On Tuesday, energy shares surged by 0.91 percent. Meanwhile, top gainers in the sector included Approach Resources Inc. (NASDAQ: AREX), and Spectra Energy Corp. (NYSE: SE).

In trading on Tuesday, financial shares fell by 0.42 percent. Meanwhile, top losers in the sector included Centene Corp (NYSE: CNC), down 6 percent, and First Bancorp (NYSE: FBP), down 6 percent.

Top Headline

Danaher Corporation (NYSE: DHR) disclosed Tuesday that it reached a definitive merger deal with Cepheid (NASDAQ: CPHD) to buy the latter for $53.00 a share in cash.

The total enterprise value of the transaction is approximately $4 billion, which included indebtedness and net of acquired cash. The companies expect the transaction to be completed before the end of the current year.

Equities Trading UP

CoLucid Pharmaceuticals Inc (NASDAQ: CLCD) shares shot up 96 percent to $20.91 after the company disclosed that its SAMURAI final stage study evaluating lasmiditan achieved both the primary and key secondary efficacy endpoints. The company claimed that lasmiditan was well tolerated.

Shares of Navistar International Corp (NYSE: NAV) got a boost, shooting up 39 percent to $19.56. Navistar disclosed it established a wide-ranging strategic alliance with Volkswagen Truck & Bus. As a result, the company would get an investment of $256 million from Volkswagen at $15.76 a share. This would translate into 16.6 percent stake.

Navidea Biopharmaceuticals Inc (NYSE: NAVB) shares were also up, gaining 79 percent to $0.611 as the company announced a Letter of Intent to sell Lymphoseek in North America to Cardinal Health Inc (NYSE: CAH).


Equities Trading DOWN

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares dropped 54 percent to $1.000 as the company disclosed that its Phase 3 clinical study, AFFIRM, missed the primary efficacy endpoint.

Shares of Performance Sports Group Ltd (NYSE: PSG) were down 9 percent to $3.23 as the company reported the termination of shareholder nomination agreement with Sagard Capital Partners, L.P.

Karyopharm Therapeutics Inc (NASDAQ: KPTI) was down, falling around 14 percent to $9.10 after the company reported Phase 2b STORM results.


Commodities


In commodity news, oil traded down 0.02 percent to $44.43 while gold traded up 1.33 percent to $1,344.40.

Silver traded up 2.55 percent Tuesday to $19.86, while copper rose 0.26 percent to $2.08.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.33 percent, the Spanish Ibex Index declined 0.65 percent, while Italy’s FTSE MIB Index slipped 0.80 percent. Meanwhile the German DAX rose 0.14 percent, and the French CAC 40 fell 0.24 percent while U.K. shares fell 0.78 percent.

Economics


The ISM non-manufacturing index slipped to 51.40 in August, versus a prior reading of 55.50. Economists were expecting a reading of 55.00.

The Federal Reserve’s labor-market conditions index declined to negative 0.7 in August, versus a revised reading of 1.3 in July.

San Francisco Federal Reserve Bank President John Williams is set to speak in Reno, Nevada at 8:30 p.m. ET.

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

 

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