Mid-Day Market Update: Dow Down 350 Points; Tellurian Shares Plunge

Midway through trading Tuesday, the Dow traded down 1.41 percent to 24,635.21 while the NASDAQ declined 0.86 percent to 7,680.47. The S&P also fell, dropping 0.74 percent to 2,753.32.

Leading and Lagging Sectors

On Tuesday, the telecommunication services shares surged 1.57 percent. Meanwhile, top gainers in the sector included Sify Technologies Limited SIFY up 3 percent, and Cincinnati Bell Inc. CBB up 3 percent.

In trading on Tuesday, materials shares fell 2.23 percent.

Top Headline

Roche announced plans to acquire outstanding shares of Foundation Medicine, Inc. FMI for $2.4 billion.

The offer price of $137 per share represents a 29 percent premium over FMI's closing price on Monday.

Equities Trading UP

Gevo, Inc. GEVO shares shot up 75 percent to $22.2489. Gevo shares surged around 262 percent on Monday after the EPA announced it has approved up to a 16 percent blend of isobutanol for use in automobiles.

Shares of Foundation Medicine, Inc. FMI got a boost, shooting up 28 percent to $136.60 after Roche announced plans to acquire outstanding shares of FMI for $137 per share in cash.

Neptune Technologies & Bioressources Inc. NEPT shares were also up, gaining 38 percent to $3.38 after the company reported a multi-year deal with Canopy Growth for supplementing of Canopy's extraction, refinement, and extract product formulation capacity.

Equities Trading DOWN

PagSeguro Digital Ltd. PAGS shares dropped 13 percent to $28.00 after reporting a follow-on offering. Credit Suisse downgraded PagSeguro Digital from Neutral to Underperform.

Shares of Tellurian Inc. TELL were down 10 percent to $9.745. Tellurian priced its 12 million share offering of common stock for gross proceeds of $118.8 million.

PTC Therapeutics, Inc. PTCT was down, falling around 21 percent to $37.85 after rising 27.51 percent on Monday.

Commodities

In commodity news, oil traded down 1.79 percent to $64.67 while gold traded down 0.20 percent to $1,277.50.

Silver traded down 0.64 percent Tuesday to $16.335, while copper fell 1.74 to $3.0745.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.70 percent, the Spanish Ibex Index fell 0.14 percent, while Italy’s FTSE MIB Index dipped 0.07 percent. Meanwhile the German DAX dropped 1.22 percent, and the French CAC 40 fell 1.10 percent while U.K. shares fell 0.36 percent.