Market Overview

Mid-Afternoon Market Update: Dow Up 100 Points; Zynerba Shares Fall After ZYN001 Study Fails To Meet Top-Line Results

Share:

Toward the end of trading Thursday, the Dow traded up 0.42 percent to 24,275.15 while the NASDAQ climbed 0.74 percent to 7,558.15. The S&P also rose, gaining 0.54 percent to 2,727.95.

Leading and Lagging Sectors

Thursday afternoon, the information technology shares climbed 1.12 percent. Meanwhile, top gainers in the sector included Travelzoo (NASDAQ: TZOO) up 7 percent, and Akoustis Technologies, Inc. (NASDAQ: AKTS) up 16 percent.

In trading on Thursday, telecommunication services shares fell 0.02 percent.

Top Headline

Zebra Technologies (NASDAQ: ZBRA) announced plans to acquire Xplore Technologies Corp. (NASDAQ: XPLR) for $6 per share in cash.

 

Equities Trading UP

Differential Brands Group Inc. (NASDAQ: DFBG) shares shot up 83 percent to $5.64 in reaction to an M&A announcement. The portfolio of global consumer brands said in an 8-k filing it has agreed to acquire a large portion of Global Brands Group's North American business for $1.38 billion.

Shares of Xplore Technologies Corp. (NASDAQ: XPLR) got a boost, shooting up 44 percent to $5.95 after Zebra Technologies (NASDAQ: ZBRA) announced plans to acquire the company for $6 per share in cash. Xplore Technologies posted a Q4 loss of $0.05 per share on sales of $20.34 million.

Ability Inc. (NASDAQ: ABIL) shares were also up, gaining 38 percent to $8.92.

Equities Trading DOWN

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) shares dropped 8 percent to $8.86 after the company ended a clinical study for a tetrahydrocannabinol patch. The Phase 1 study for the ZYN001 patch did not achieve targeted top-line results, Zynerba said in a statement.

Shares of Clean Energy Fuels Corp. (NASDAQ: CLNE) were down 12 percent to $3.28. Raymond James downgraded Clean Energy Fuels from Market Perform to Underperform.

American Superconductor Corporation (NASDAQ: AMSC) was down, falling around 15 percent to $6.03. On Tuesday, American Superconductor reported settlement with Sinovel Wind Group.

 

Commodities

In commodity news, oil traded down 0.84 percent to $73.52 while gold traded up 0.37 percent to $1,258.20.

Silver traded up 0.20 percent Thursday to $16.075, while copper fell 2.76 to $2.8365.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.41 percent, the Spanish Ibex Index rose 1.11 percent, while Italy’s FTSE MIB Index gained 1.05 percent. Meanwhile the German DAX gained 1.19 percent, and the French CAC 40 climbed 0.86 percent while U.K. shares rose 0.40 percent.

Economics

Private-sector employers added 177,000 jobs in June, Automatic Data Processing Inc. reported. Economists were expecting a gain of 190,000 jobs.

Initial jobless claims increased 3,000 to 231,000 in the latest week. Economists were projecting claims to reach 231,000.

The Markit services PMI came in at 56.50 for June, versus economists’ expectations for a reading of 56.50.

The ISM non-manufacturing index rose to 59.10 in June, versus prior reading of 58.60. However, economists were projecting a reading of 58.30.

U.S. crude supplies rose by 1.2 million barrels for the week ended June 29, the Energy Information Administration reported. Analysts estimated a decline of 4.5 million barrels. Gasoline stockpiles dropped 1.5 million barrels, while distillate stockpiles gained 100,000 barrels for the week.

The Federal Open Market Committee released minutes of its meeting.

Data on money supply for the latest week will be released at 4:30 p.m. ET.

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

 

Related Articles (AKTS + ABIL)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Elon Musk Takes Aim At Media Again As Tesla's Stock Moves Lower

The Best-Performing Asset Classes During Fed Tightening