Mid-Day Market Update: Dow Gains 100 Points; Performant Financial Shares Tumble

Midway through trading Monday, the Dow traded up 0.47 percent to 21,485.00 while the NASDAQ climbed 1.22 percent to 6,227.04. The S&P also rose, gaining 0.67 percent to 2,449.50.

Leading and Lagging Sectors

Technology shares rose by 1.35 percent in the US market on Monday. Top gainers in the sector included AXT Inc AXTI, magicJack VocalTec Ltd CALL, and MakeMyTrip Limited MMYT.

In trading on Monday, utilities shares fell by 0.17 percent. Meanwhile, top losers in the sector included American Midstream Partners LP AMID, down 6 percent, and RGC Resources Inc. RGCO, down 3 percent.

Top Headline

EQT Corporation EQT announced plans to buy Rice Energy Inc RICE for $6.7 billion.

The deal is expected to close in the fourth quarter of 2017.

Equities Trading UP

Clovis Oncology Inc CLVS shares shot up 47 percent to $88.39 after the company released encouraging late-stage data from an ongoing trial called ARIEL3. Top-line data from the phase 3 ARIEL3 trial successfully achieved its primary endpoint of improved progression-free survival in each of the three populations studied, Clovis stated. Moreover, PFS was also improved among the rucaparib group compared with placebo by blinded independent central review, a key secondary endpoint.

Shares of Rice Energy Inc RICE got a boost, shooting up 25 percent to $24.67 after EQT announced plans to buy the company for $6.7 billion.

CAI International Inc CAI shares were also up, gaining 13 percent to $23.77 after the company reported an expansion of its revolving credit facility. CAI also expects Q2 earnings of $0.55 to $0.58 per share.

Equities Trading DOWN

Performant Financial Corp PFMT shares dropped 30 percent to $1.76 after the company reported the termination of student loan recovery contract with its principal customer, Great Lakes Higher Education Guaranty Corp.

Shares of EQT Corporation EQT were down 9 percent to $53.46 after the company announced plans to buy Rice Energy for $6.7 billion.

Celsion Corporation CLSN was down, falling around 23 percent to $2.45 after the company announced plans to sell 2 million shares of stock or pre-funded warrants at price of $2.75 per share.

Commodities

In commodity news, oil traded up 0.49 percent to $44.96 while gold traded down 0.55 percent to $1,249.60.

Silver traded down 0.91 percent Monday to $16.51, while copper rose 0.95 percent to $2.6035.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.96 percent, the Spanish Ibex Index rose 1.13 percent, while Italy’s FTSE MIB Index surged 0.75 percent. Meanwhile the German DAX gained 1.19 percent, and the French CAC 40 climbed 1.22 percent while U.K. shares rose 0.89 percent.

Economics

President Federal Reserve Bank of Chicago Charles Evans will speak in New York City at 7:00 p.m. ET.