Market Overview

Mid-Afternoon Market Update: IXYS Surges On Acquisition News; Uni-Pixel Shares Plunge

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Toward the end of trading Monday, the Dow traded down 0.12 percent to 21,787.38 while the NASDAQ climbed 0.20 percent to 6,277.94. The S&P also fell, dropping 0.04 percent to 2,442.11.

Leading and Lagging Sectors

Monday afternoon, the healthcare shares climbed by 0.51 percent. Meanwhile, top gainers in the sector included Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), up 9 percent, and Immunomedics, Inc. (NASDAQ: IMMU), up 13 percent.

In trading on Monday, energy shares fell 0.65 percent. Meanwhile, top losers in the sector included CARBO Ceramics Inc. (NYSE: CRR), down 7 percent, and Carrizo Oil & Gas Inc (NASDAQ: CRZO) down 9 percent.

Top Headline

Gilead Sciences, Inc. (NASDAQ: GILD) announced plans to buy Kite Pharma Inc (NASDAQ: KITE) for around $11.9 billion in cash.

The deal provides for Gilead buying Kite at $180 per share in cash. The transaction value represents a 29.4 percent premium over Kite Pharma's closing price of $139.10 last Friday.

Equities Trading UP

MaxPoint Interactive Inc (NASDAQ: MXPT) shares shot up 149 percent to $13.70 after the company agreed to be acquired by Valassis for $13.86 per share in cash.

Shares of IXYS Corporation (NASDAQ: IXYS) got a boost, shooting up 38 percent to $22.02 after the company agreed to be acquired by Littelfuse, Inc. (NASDAQ: LFUS) for around $750 million.

Kite Pharma Inc (NASDAQ: KITE) shares were also up, gaining 28 percent to $178.35. Gilead Sciences, Inc. (NASDAQ: GILD) announced plans to buy Kite Pharma for around $11.9 billion.

Equities Trading DOWN

Uni-Pixel Inc (NASDAQ: UNXL) shares dropped 74 percent to $0.0672. Uni-Pixel announced plans to file for Chapter 11 bankruptcy in the next one to two business days.

Shares of Genesco Inc. (NYSE: GCO) were down 9 percent to $25.20. Susquehanna downgraded Genesco from Positive to Neutral.

Malibu Boats Inc (NASDAQ: MBUU) was down, falling around 6 percent to $25.88. B. Riley downgraded Malibu Boats from Buy to Neutral.

Commodities

In commodity news, oil traded down 3.26 percent to $46.31 while gold traded up 1.22 percent to $1,313.70.

Silver traded up 2.18 percent Monday to $17.505, while copper rose 1.01 percent to $3.0875.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 declined 0.48 percent, the Spanish Ibex Index fell 0.57 percent, while Italy’s FTSE MIB Index fell 0.09 percent. Meanwhile the German DAX declined 0.37 percent, and the French CAC 40 slipped 0.48 percent while U.K. shares fell 0.08 percent.

Economics

The advanced trade deficit in goods increased 1.78 percent to $65.1 billion in July. However, economists were expecting a trade deficit of $64.5 billion. Wholesale inventories rose 0.4 percent in July.

The Dallas Fed manufacturing business index rose to 17.00 for August, versus prior reading of 16.80. Economists projected a reading of 16.50.

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

 

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