Market Overview

Mid-Afternoon Market Update: Silver Spring Networks Climbs On Acquisition News; Finish Line Shares Plunge


Toward the end of trading Monday, the Dow traded up 0.28 percent to 22,330.17 while the NASDAQ climbed 0.10 percent to 6,454.73. The S&P also rose, gaining 0.08 percent to 2,502.16.

Leading and Lagging Sectors

Monday afternoon, the basic materials shares surged 0.57 percent. Meanwhile, top gainers in the sector included CF Industries Holdings, Inc. (NYSE: CF), up 7 percent, and Intrepid Potash, Inc. (NYSE: IPI), up 7 percent.

In trading on Monday, utilities shares fell 0.73 percent. Meanwhile, top losers in the sector included Korea Electric Power Corporation (ADR) (NYSE: KEP), down 2 percent, and South Jersey Industries Inc (NYSE: SJI) down 2 percent.

Top Headline

Defense giant Northrop Grumman Corporation (NYSE: NOC) confirmed Monday it will buy Orbital ATK Inc (NYSE: OA), the maker of the Pegasus rocket and a vast array of other aerospace and defense systems, in a $9.2 billion deal.

Orbital holders will receive $134.50 a share in cash, the companies said in a statement Monday. The price is 22 percent above the stock’s closing level Friday. Northrop also will assume $1.4 billion in net debt.

Equities Trading UP

Nabriva Therapeutics plc (NASDAQ: NBRV) shares shot up 37 percent to $9.38 after the company disclosed that its Phase 3 trial evaluating IV and oral lefamulin met all primary FDA and EMA endpoints.

Shares of Silver Spring Networks Inc (NYSE: SSNI) got a boost, shooting up 24 percent to $16.11. Itron, Inc. (NASDAQ: ITRI) announced plans to acquire Silver Spring Networks for $16.25 per share.

Orbital ATK Inc (NYSE: OA) shares were also up, gaining 20 percent to $132.31. Northrop Grumman announced plans to buy Orbital ATK in a $9.2 billion deal.

Equities Trading DOWN

Finish Line Inc (NASDAQ: FINL) shares dropped 7 percent to $9.77. Piper Jaffray downgraded Finish Line from Neutral to Underweight. Finish Line is expected to release Q2 results on September 22, 2017.

Shares of Neos Therapeutics Inc (NASDAQ: NEOS) were down 6 percent to $8.67. Neos Therapeutics disclosed that it has received the FDA approval for Adzenys ER.

Teladoc Inc (NASDAQ: TDOC) was down, falling around 6 percent to $33.70. First Baird downgraded Teladoc from Outperform to Neutral.


In commodity news, oil traded down 0.26 percent to $49.76 while gold traded down 1.14 percent to $1,310.10.

Silver traded down 3.06 percent Monday to $17.16, while copper rose 0.68 percent to $2.969.


European shares closed higher today. The eurozone’s STOXX 600 surged 0.33 percent, the Spanish Ibex Index rose 0.20 percent, while Italy’s FTSE MIB Index surged 0.61 percent. Meanwhile the German DAX climbed 0.32 percent, and the French CAC 40 gained 0.30 percent while U.K. shares rose 0.52 percent.


The NAHB Housing Market Index slipped to 64.00 for September, versus prior reading of 68.00. However, economists were expecting a reading of 67.00.

The Treasury International Capital data for July will be released at 4:00 p.m. ET.


Related Articles (FINL + CF)

View Comments and Join the Discussion!

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