Market Overview

Mid-Day Market Update: Inotek Tumbles After Disappointing Phase 3 Trial; Interpace Diagnostics Shares Surge

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Midway through trading Tuesday, the Dow traded up 0.33 percent to 19,826.90 while the NASDAQ climbed 0.58 percent to 5,414.29. The S&P also rose, gaining 0.56 percent to 2,251.43.

Leading and Lagging Sectors

Basic materials shares gained around 1.23 percent in trading on Tuesday. Meanwhile, top gainers in the sector included McEwen Mining Inc (NYSE: MUX), and Gold Fields Limited (ADR) (NYSE: GFI).

In trading on Tuesday, utilities shares slipped by 0.24 percent. Meanwhile, top losers in the sector included Pure Cycle Corporation (NASDAQ: PCYO), down 4 percent, and Artesian Resources Corporation (NASDAQ: ARTNA), down 3 percent.

Top Headline

Delek US Holdings, Inc. (NYSE: DK) agreed to acquire remaining outstanding shares of Alon USA Energy, Inc. (NYSE: ALJ) for $464 million..

The implied price of $12.13 per share represents a 6.6 percent premium over Alon's closing price on Friday.

Equities Trading UP

Interpace Diagnostics Group Inc (NASDAQ: IDXG) shares shot up 156 percent to $11.24 as the company reported an agreement with the Blue Cross Blue Shield Association's "Center for Clinical Effectiveness" to support enhanced coverage.

Shares of First NBC Bank Holding Company (NASDAQ: FNBC) got a boost, shooting up 8 percent to $7.91. First NBC agreed to sell nine branches, and certain assets and liabilities to Whitney Bank. First NBC Bank also appointed Crowe Horwath LLP as its new independent auditor for the year ended December 31, 2016.

Alon USA Energy, Inc. (NYSE: ALJ) shares were also up, gaining 8 percent to $12.34. Delek US Holdings, Inc. (NYSE: DK) agreed to acquire remaining outstanding shares of Alon USA.


Equities Trading DOWN

Inotek Pharmaceuticals Corp (NASDAQ: ITEK) shares dropped 71 percent to $1.75 after the company disclosed that its Phase 3 trial of Trabodenoson for the treatment for Glaucoma did not meet its primary endpoint.

Shares of Sito Mobile Ltd (NASDAQ: SITO) were down around 27 percent to $2.68. SITO Mobile expects Q4 preliminary media placement revenue of $7.3 million to $7.6 million.

Endurance International Group Hldgs Inc (NASDAQ: EIGI) was down, falling around 15 percent to $7.95. Goldman Sachs downgraded Endurance International from Neutral to Sell.


Commodities


In commodity news, oil traded up 0.34 percent to $53.90 while gold traded up 0.69 percent to $1,159.60.

Silver traded up 3.04 percent Tuesday to $16.48, while copper fell 0.38 percent to $2.50.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.66 percent, the Spanish Ibex Index rose 0.74 percent, while Italy’s FTSE MIB Index gained 0.23 percent. Meanwhile the German DAX slipped 0.20 percent, and the French CAC 40 gained 0.45 percent while U.K. shares rose 0.39 percent.

Economics

The Markit manufacturing PMI rose to 54.30 for December, versus a prior reading of 54.20. Economists were expecting a reading of 54.20.

The ISM manufacturing index increased to 54.70 in December, versus a previous reading of 53.20. However, economists projected a reading of 53.50.

U.S. construction spending rose 0.90 percent for November, versus economists’ expectations for a 0.50 percent growth.

The Gallup's Economic Confidence Index for December is schedule for release at 2:00 p.m. ET.

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

 

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