Market Overview

Mid-Day Market Update: General Cable Rises Following Acquisition News; Ra Pharmaceuticals Shares Plunge

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Midway through trading Monday, the Dow traded up 1.01 percent to 24,477.35 while the NASDAQ declined 0.40 percent to 6,820.55. The S&P also rose, gaining 0.50 percent to 2,655.41.

Leading and Lagging Sectors

On Monday, the financial sector proved to be a source of strength for the market. Leading the sector was strength from Eagle Bancorp, Inc. (NASDAQ: EGBN) and BankUnited (NYSE: BKU).

In trading on Monday, information technology shares fell 0.86 percent.

Top Headline

CVS Health Corp (NYSE: CVS) agreed to acquire Aetna Inc (NYSE: AET) for $69 billion.

CVS will acquire Aetna in a deal worth approximately $69 billion ($77 billion including Aetna's debt), or $207 per share. As part of the agreement, CVS will pay Aetna shareholders $145 for each Aetna share in addition to 0.8378 CVS Health shares.

Equities Trading UP

Astrotech Corp (NASDAQ: ASTC) shares shot up 70 percent to $4.83. Astrotech reported that it has completed its successful 1st Detect demo with Department of Homeland Security and Transportation Security Administration personnel.

Shares of Pyxis Tankers Inc (NASDAQ: PXS) got a boost, shooting up 155 percent to $10.45 after climbing 103.98 percent on Friday. Maxim Group downgraded Pyxis Tankers from Buy to Hold.

General Cable Corporation (NYSE: BGC) shares were also up, gaining 34 percent to $29.22. Prysmian Group announced plans to acquire General Cable for $30.00 per share in cash.

Equities Trading DOWN

Ra Pharmaceuticals Inc (NASDAQ: RARX) shares dropped 30 percent to $10.00 as the company reported reported interim results from Phase 2 study of RA101495 SC in paroxysmal nocturnal hemoglobinuria.

Shares of Foresight Autonomous Holdings ADR (NASDAQ: FNSR) were down 8 percent to $4.34. On Friday, Foresight posted Q3 non-GAAP net loss of $2,086,000, versus a year-ago non-GAAP net loss of $879,000.

Zogenix, Inc. (NASDAQ: ZGNX) was down, falling around 8 percent to $35.82 after the company disclosed new efficacy and safety data from its pivotal Phase 3 clinical trial of ZX008 in Dravet syndrome.

Commodities

In commodity news, oil traded down 1.35 percent to $57.57 while gold traded down 0.42 percent to $1,276.90.

Silver traded down 0.51 percent Monday to $16.305, while copper fell 0.11 percent to $3.089.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 surged 1.07 percent, the Spanish Ibex Index rose 1.2 percent, while Italy’s FTSE MIB Index jumped 1.01 percent. Meanwhile the German DAX gained 1.63 percent, and the French CAC 40 climbed 1.35 percent while U.K. shares rose 0.40 percent.

Economics

U.S. factory orders declined 0.1 percent for October, versus economists’ expectations for a 0.4 percent drop.

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

 

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