Market Overview

Mid-Afternoon Market Update: Crude Oil Down Over 2%; Depomed Shares Spike Higher

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Toward the end of trading Tuesday, the Dow traded up 0.17 percent to 19,796.30 while the NASDAQ climbed 0.39 percent to 5,404.36. The S&P also rose, gaining 0.41 percent to 2,248.06.

Leading and Lagging Sectors

Basic materials shares gained around 1.14 percent in trading on Tuesday. Meanwhile, top gainers in the sector included McEwen Mining Inc (NYSE: MUX), and Richmont Mines Inc. (USA) (NYSE: RIC).

In trading on Tuesday, utilities shares slipped by 0.15 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 192 percent to $12.86 as the company reported an agreement with the Blue Cross Blue Shield Association's "Center for Clinical Effectiveness" to support enhanced coverage.

Shares of Depomed Inc (NASDAQ: DEPO) got a boost, shooting up 12 percent to $20.09 after the New York Post reported that private equity firm KKR & Co. L.P. (NYSE: KKR) will officially be making a buyout offer for the biotech stock in coming days.

Alon USA Energy, Inc. (NYSE: ALJ) shares were also up, gaining 10 percent to $12.47. 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 73 percent to $1.65 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 32 percent to $2.50. 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 16 percent to $7.78. Goldman Sachs downgraded Endurance International from Neutral to Sell.


Commodities


In commodity news, oil traded down 2.16 percent to $52.56 while gold traded up 0.89 percent to $1,161.90.

Silver traded up 2.60 percent Tuesday to $16.41, while copper fell 0.60 percent to $2.49.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.70 percent, the Spanish Ibex Index rose 0.81 percent, while Italy’s FTSE MIB Index gained 0.04 percent. Meanwhile the German DAX slipped 0.12 percent, and the French CAC 40 gained 0.35 percent while U.K. shares rose 0.49 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.

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

 

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