Mid-Morning Market Update: Crude Oil Down Over 2.5%; Harman Shares Surge Following Samsung Bid

Midway through trading Monday, the Dow traded down 0.01 percent to 18,846.47 while the NASDAQ declined 0.47 percent to 5,212.34. The S&P also fell, dropping 0.21 percent to 2,159.81.

Leading and Lagging Sectors

On Monday, financial shares gained by 0.97 percent. Meanwhile, top gainers in the sector included Corenergy Infrastructure Trust Inc CORR, and Old Second Bancorp Inc. OSBC.

In trading on Monday, technology shares fell by 1.48 percent. Meanwhile, top losers in the sector included Semiconductor Manufacturing Int'l (ADR) SMI, down 8 percent, and Semiconductor Manufacturing Int'l (ADR) ELLI, down 7 percent.

Top Headline

Siemens announced plans to acquire Mentor Graphics Corp MENT in a $4.5 billion deal.

The offer price of $37.25 per share represents a 21 percent premium over Mentor Graphics’ closing price on Friday.

Equities Trading UP

Corbus Pharmaceuticals Holdings Inc CRBP shares shot up 66 percent to $9.70 after the company reported positive top line results from its second stage trial of Resunab (JBT-101) for systemic sclerosis treatment.

Shares of Harman International Industries Inc HAR got a boost, shooting up 25 percent to $109.82 after Samsung Electronics announced plans to buy the company in an $8 billion deal.

Mentor Graphics Corp MENT shares were also up, gaining 18 percent to $36.35 after Siemens announced plans to acquire the company in a $4.5 billion deal.

Equities Trading DOWN

Dynavax Technologies Corporation DVAX shares dropped 64 percent to $4.20 after the disclosure of a Complete Response Letter (CRL) from the FDA on its Biologics License Application for HEPLISAV-B. The drug candidate is meant for immunization of adults 18 years and older affected by hepatitis B infection.

Shares of Resource Capital Corp. RSO were down 26 percent to $8.96. Resource Capital reported Q3 funds from operations of $12.9 million, or $42 per share.

Turtle Beach Corp HEAR was down, falling around 24 percent to $1.46. B. Riley downgraded Turtle Beach from Buy to Neutral.

Commodities

In commodity news, oil traded down 2.63 percent to $42.99 while gold traded down 0.56 percent to $1,217.50.

Silver traded down 3.12 percent Monday to $16.84, while copper rose 0.56 percent to $2.52.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.22 percent, the Spanish Ibex Index rose 0.22 percent, while Italy’s FTSE MIB Index fell 0.75 percent. Meanwhile the German DAX rose 0.24 percent, and the French CAC 40 climbed 0.43 percent while U.K. shares rose 0.34 percent.

Economics

Dallas Federal Reserve Bank President Robert Kaplan will speak at the Wichita Falls Annual Economic Forum in Wichita Falls, Texas at 1:20 p.m. ET.

Richmond Fed President Jeffrey Lacker is set to speak at Washington College in Chestertown, Maryland at 4:30 p.m. ET.

San Francisco Federal Reserve Bank President John Williams will speak at the Bay Area Council in San Francisco at 6:30 p.m. ET.