Market Overview

Mid-Day Market Update: Crude Oil Down Over 2%; Endocyte Shares Spike Higher

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Midway through trading Monday, the Dow traded up 0.20 percent to 22,449.56 while the NASDAQ climbed 0.41 percent to 6,522.80. The S&P also rose, gaining 0.25 percent to 2,525.59.

Leading and Lagging Sectors

On Monday, the healthcare shares surged 0.79 percent. Meanwhile, top gainers in the sector included Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL), up 30 percent, and Endocyte, Inc. (NASDAQ: ECYT), up 72 percent.

In trading on Monday, energy shares fell 0.44 percent. Meanwhile, top losers in the sector included CGG SA (ADR) (NYSE: CGG), down 6 percent, and SM Energy Co (NYSE: SM) down 4 percent.

Top Headline

Cal-Maine Foods Inc (NASDAQ: CALM) reported a wider-than-expected loss for its first quarter on Monday.

Cal-Maine reported a Q1 loss of $0.33 per share on sales of $262.8 billion. However, analysts were expecting a loss of $0.22 per share on sales of $273.7 million.

Equities Trading UP

Alphatec Holdings Inc (NASDAQ: ATEC) shares shot up 22 percent to $2.75. Alphatec named Patrick Miles as Executive Chairman and Quentin Blackford as a member of the Board.

Shares of Synchronoss Technologies, Inc. (NASDAQ: SNCR) got a boost, shooting up 21 percent to $11.25 after the company disclosed Friday that it remains in active discussions with multiple parties.

Endocyte, Inc. (NASDAQ: ECYT) shares were also up, gaining 88 percent to $2.66 after the company reported worldwide license of PSMA-617 from ABX GmbH.

Equities Trading DOWN

Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN) shares dropped 13 percent to $32.44 after the company reported topline data from spinocerebellar ataxia Phase 2/3 trial.

Shares of CyberOptics Corporation (NASDAQ: CYBE) were down 21 percent to $12.87 after the company reported a $3 million buyback plan and lowered its Q3 outlook.

Seres Therapeutics Inc (NASDAQ: MCRB) was down, falling around 21 percent to $12.74 after the company reported topline results from SER-287 Phase 1b study in patients with Ulcerative Colitis.

Commodities

In commodity news, oil traded down 2.44 percent to $50.41 while gold traded down 0.51 percent to $1,278.30.

Silver traded down 0.07 percent Monday to $16.665, while copper fell 0.39 percent to $2.9435.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.36 percent, the Spanish Ibex Index fell 1.61 percent, while Italy’s FTSE MIB Index rose 0.32 percent. Meanwhile the German DAX gained 0.34 percent, and the French CAC 40 gained 0.28 percent while U.K. shares rose 0.74 percent.

Economics

The Markit manufacturing PMI rose to 53.10 for September, versus prior reading of 53.00. However, economists were expecting a reading of 53.00.

The ISM manufacturing index gained to 60.80 in September, versus previous reading of 58.80. Economists projected a reading of 58.00.

U.S. construction spending rose 0.5 percent for August, versus economists’ expectations for a 0.4 percent gain.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak in El Paso, Texas at 2:00 p.m. ET.

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

 

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