Mid-Day Market Update: Crude Oil Up Over 1%; Achaogen Shares Plunge

Midway through trading Tuesday, the Dow traded up 0.22 percent to 24,307.09 while the NASDAQ climbed 0.31 percent to 7,554.99. The S&P also rose, gaining 0.21 percent to 2,722.83.

Leading and Lagging Sectors

On Tuesday, the information technology shares surged 0.58 percent. Meanwhile, top gainers in the sector included Ribbon Communications Inc. RBBN up 7 percent, and CLPS Incorporation CLPS up 7 percent.

In trading on Tuesday, telecommunication services shares fell 0.50 percent.

Top Headline

Lennar Corporation LEN reported better-than-expected results for its fiscal second quarter.

Lennar said it earned $1.58 per share in the quarter on revenue of $5.459 billion versus expectations of 45 cents and $5.1 billion.

Equities Trading UP

TSR, Inc. TSRI shares shot up 33 percent to $8.025 after James Hughes requested TSR pursue a sale of the company.

Shares of Lee Enterprises, Incorporated LEE got a boost, shooting up 17 percent to $2.80. The provider of local news and information, and a major platform for advertising said it reached an agreement to manage Berkshire Hathaway's newspaper and digital operations in 30 markets.

Achieve Life Sciences, Inc. ACHV shares were also up, gaining 49 percent to $5.65. The clinical-stage pharmaceutical company said its product candidate cytosine, an aid to smoking cessation, realized positive results from a series of drug metabolism. This suggests cytisine may be administered with other medications without the need to modify the dose of the co-administered drug.

Equities Trading DOWN

Gevo, Inc. GEVO shares dropped 25 percent to $7.44 following announcement of $8 million at-the-market common stock offering.

Shares of SELLAS Life Sciences Group, Inc. SLS were down 16 percent to $3.88. SELLAS Life Sciences reported a proposed 6.017 million share public offering of common stock.

Achaogen, Inc. AKAO was down, falling around 26 percent to $8.90. Achaogen's tryst with the FDA regarding its anti-bacterial agent plazomicin, as expected, ended with a mixed outcome, just as the FDA panel issued a split verdict on it when it met in May. Achaogen announced Tuesday its Zemdri, the trade name for plazomicin, was greenlighted by the FDA for treating adults with complicated urinary tract infections including pyelonephritis, due to certain Enterobacteriaceae for which there's limited or no alternative treatment option.

Commodities

In commodity news, oil traded up 1.1 percent to $68.82 while gold traded down 0.61 percent to $1,261.10.

Silver traded down 0.45 percent Tuesday to $16.255, while copper fell 0.05 to $3.008.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.02 percent, the Spanish Ibex Index rose 0.17 percent, while Italy’s FTSE MIB Index climbed 0.14 percent. Meanwhile the German DAX dropped 0.46 percent, and the French CAC 40 gained 0.07 percent while U.K. shares rose 0.34 percent.

Economics

The S&P Corelogic Case-Shiller home price index increased a seasonally adjusted 0.2 percent in April.

The Conference Board’s consumer confidence index declined to 126.4 in June, versus a revised reading of 128.8 in May. However, economists projected a reading of 128.0.

The Richmond Fed's manufacturing index climbed to 20.00 for June, versus prior reading of 16.00. However, economists were expecting a reading of 15.00.

Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Birmingham at 1:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Houston, Texas at 1:45 p.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.