Market Overview

Mid-Morning Market Update: Markets Mostly Lower; Teva's Preventive Migraine Treatment Approved By FDA

Share:

Following the market opening Monday, the Dow traded up 0.01 percent to 26,158.39 while the NASDAQ declined 0.95 percent to 7,934.09. The S&P also fell, dropping 0.23 percent to 2,898.16.

Leading and Lagging Sectors

Monday morning, the energy shares rose 0.59 percent. Meanwhile, top gainers in the sector included Apergy Corporation (NYSE: APY) up 4 percent, and Evolution Petroleum Corporation (NYSE: EPM) up 5 percent.

In trading on Monday, consumer discretionary shares fell 0.82 percent.

Top Headline

Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE: TEVA) — has struggled amid sagging sales of its blockbuster multiple sclerosis treatment Capaxone due to a generic launch in 2017 and its debt burden following the purchase of Allergan plc (NYSE: AGN)'s generic unit — has received some relief from the FDA.

The Israeli drugmaker's migraine drug was approved late Friday. Teva said the FDA approved Ajovy, chemically a fremanezumab-vfrm injection, for the preventive treatment of migraine in adults.

Equities Trading UP

Cool Holdings, Inc. (NASDAQ: AWSM) shares shot up 30 percent to $6.73 following a press release highlighting the company's new OneClick Apple Premium Reseller store in the Dominican Republic.

Shares of Senomyx, Inc. (NASDAQ: SNMX) got a boost, shooting up 41 percent to $1.48 after Firmenich announced plans to acquire Senomyx for $1.50 per share in cash.

Select Income REIT (NASDAQ: SIR) shares were also up, gaining 15 percent to $23.12. Government Properties Income Trust and Select Income REIT agreed to merge to create a real estate investment trust.

Equities Trading DOWN

Government Properties Income Trust (NYSE: GOV) shares dropped 17 percent to $14.04. Government Properties Income Trust and Select Income REIT agreed to merge to create a real estate investment trust.

Shares of Qutoutiao Inc. (NASDAQ: QTT) were down 18 percent to $13.125 after climbing 128.14 percent on Friday.

MAM Software Group, Inc. (NASDAQ: MAMS) was down, falling around 6 percent to $7.75. MAM Software Group reported Q4 earnings of $0.08 per share on sales of $9.53 million. The company expects FY19 sales growth of 10 percent and adjusted EBITDA of $6.2 million to $6.7 million.

Commodities

In commodity news, oil traded up 0.52 percent to $69.35 while gold traded up 0.21 percent to $1,203.60.

Silver traded up 0.45 percent Monday to $14.205, while copper fell 0.47 to $2.6335.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.07 percent, the Spanish Ibex Index rose 0.57 percent, while Italy’s FTSE MIB Index climbed 0.82 percent. Meanwhile the German DAX declined 0.36 percent, and the French CAC 40 fell 0.04 percent while U.K. shares fell 0.10 percent.

Economics

The Empire State manufacturing index declined to 19 points for September, compared to 25.6 in August. However, economists were projecting a reading of 23.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

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

 

Related Articles (APY + AGN)

View Comments and Join the Discussion!

Cramer's Cautious Take On Cannabis Stocks: 'Your Gains Could Go Up In Smoke'

Amid Pot ETF's Rally, Shorts Stick With Some Of Its Holdings