Skip to main content

Market Overview

Mid-Day Market Update: Crude Oil Up Over 3%; Ophthotech Shares Tumble After Failed Phase 3 Trial Of Fovista

Share:

Midway through trading Monday, the Dow traded up 0.13 percent to 19,783.49 while the NASDAQ declined 0.66 percent to 5,408.68. The S&P also fell, dropping 0.15 percent to 2,256.25.

Leading and Lagging Sectors

On Monday, energy shares gained by 1.1 percent. Meanwhile, top gainers in the sector included Abraxas Petroleum Corp. (NASDAQ: AXAS), and Baytex Energy Corp (USA) (NYSE: BTE).

In trading on Monday, financial shares fell by 0.69 percent. Meanwhile, top losers in the sector included Ohio Valley Banc Corp. (NASDAQ: OVBC), down 7 percent, and Xinyuan Real Estate Co., Ltd. (ADR) (NYSE: XIN), down 6 percent.

Top Headline

The price of oil soared over the weekend and hit a 17-month high after OPEC and non-OPEC members struck an agreement to support oil prices.

The agreement marks the first of its kind since 2001 and will see both OPEC and non-OPEC members collectively scaling back their oil output. Initial talks date back to the end of November when OPEC members agreed to slash their collective output by 1.2 million barrels of oil per day for six months as of January 1.


Equities Trading UP

Achaogen Inc (NASDAQ: AKAO) shares shot up 76 percent to $9.23 after the company disclosed positive results in Phase 3 cUTI and CRE clinical trials of plazomicin.

Shares of Ocean Rig UDW Inc. (NASDAQ: ORIG) got a boost, shooting up 18 percent to $2.62. Oil Stocks surged after OPEC and non-OPEC members struck an agreement to support oil prices.

Stone Energy Corporation (NYSE: SGY) shares were also up, gaining 7 percent to $7.26 after the company reported extensions to a restructuring support agreement on Friday.


Equities Trading DOWN

Ophthotech Corp (NASDAQ: OPHT) shares dropped 85 percent to $5.83 after the company reported negative results in its Phase III OPH1002 and OPH1003 trials of Fovista. The two combination trials in wet age-related macular degeneration (AMD) failed to meet primary endpoints.

Shares of Johnson Outdoors Inc. (NASDAQ: JOUT) were down 14 percent to $38.82. Johnson Outdoors reported a FQ4 loss of $2.1 million on revenue of $74.9 million.

Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) was down, falling around 16 percent to $111.11 after the company dropped a bombshell that CEO David Hallal and board member Vikas Sinha are leaving the company amid an ongoing audit and finance committee investigation. The news of the departures seems to have overshadowed a positive update on the progress of the audit. “At this point in time, the Audit and Finance Committee’s investigation has not identified any facts that require the Company to update its previously reported historical results,” the Alexion press release read. In addition, the company reports that the investigation is “nearing completion.”

 

Commodities


In commodity news, oil traded up 3.05 percent to $53.07 while gold traded down 0.04 percent to $1,161.40.

Silver traded up 1.02 percent Monday to $17.14, while copper fell 0.87 percent to $2.62.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.54 percent, the Spanish Ibex Index rose 0.06 percent, while Italy’s FTSE MIB Index climbed 0.21 percent. Meanwhile the German DAX dropped 0.28 percent, and the French CAC 40 declined 0.16 percent while U.K. shares fell 0.92 percent.

Economics

The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

The U.S. Treasury budget data for November will be released at 2:00 p.m. ET.

 

Related Articles (AXAS + BTE)

View Comments and Join the Discussion!

Posted-In: Mid-Day Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com