Market Overview

Mid-Day Market Update: Dow Falls 150 Points; Amarin Shares Spike Higher

Share:

Midway through trading Monday, the Dow traded down 0.58 percent to 26,589.81 while the NASDAQ declined 0.53 percent to 7,944.32. The S&P also fell, dropping 0.57 percent to 2,912.90.

Leading and Lagging Sectors

On Monday, the energy shares rose 1.19 percent. Meanwhile, top gainers in the sector included California Resources Corporation (NYSE: CRC) up 11 percent, and Denbury Resources Inc. (NYSE: DNR) up 8 percent.

In trading on Monday, materials shares fell 1.27 percent.

Top Headline

Sirius XM Holdings Inc (NASDAQ: SIRI) will round out its 15-percent stake in Pandora Media Inc (NYSE: P) by acquiring all remaining shares for $3.5 billion in stock.

By unanimous board approval, Pandora shareholders will receive 1.44 newly issued SiriusXM shares for each Pandora share. The merger of the music industry's largest distribution platforms creates the biggest audio entertainment company in the business. The new company expects to yield $7 billion in pro forma revenue in 2018.

Equities Trading UP

Amarin Corporation plc (NASDAQ: AMRN) shares shot up 236 percent to $10.04 after the company's REDUCE-IT cardiovascular study of Vascepa in LDL-C patients met its primary endpoint.

Shares of AzurRx BioPharma, Inc. ( (NASDAQ: AZRX) got a boost, shooting up 12 percent to $2.9675 after the company's Phase IIa trial of MS1819-SD for exocrine pancreatic insufficiency met its primary endpoints.

Intrexon Corporation (NYSE: XON) shares were also up, gaining 30 percent to $18.83 after announcing advances in development of its microbial platform to produce cannabinoids for medical uses.

Equities Trading DOWN

Altimmune, Inc. (NASDAQ: ALT) shares dropped 45 percent to $14.35. Altimunne reported a $4.9 million common stock offering. Altimmune reported that it has been awarded additional $2.5 million in BARDA funding to support nasoshield development.

Shares of Astrotech Corporation (NASDAQ: ASTC) were down 37 percent to $3.501. Astrotech posted a Q4 loss of $0.63 per share on sales of $45,000.

India Globalization Capital, Inc. (NYSE: IGC) was down, falling around 21 percent to $2.30 after rising 34.88 percent on Friday. India Globalization Capital filed prospectus for sale of up to $20 million in common stock, warrants and units.

Commodities

In commodity news, oil traded up 1.55 percent to $71.88 while gold traded up 0.53 percent to $1,207.70.

Silver traded up 0.15 percent Monday to $14.38, while copper fell 0.47 to $2.844.

Eurozone

European shares were lower today. The eurozone's STOXX 600 dropped 0.56 percent, the Spanish Ibex Index fell 0.76 percent, while Italy's FTSE MIB Index declined 0.81 percent. Meanwhile the German DAX dropped 0.58 percent, and the French CAC 40 fell 0.45 percent while U.K. shares fell 0.44 percent.

Economics

The Chicago Fed National Activity Index rose to a reading of 0.18 for August, versus prior reading of 0.13. However, economists were expecting a reading of 0.02.

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

 

Related Articles (AMRN + ALT)

View Comments and Join the Discussion!

Susquehanna Downgrades Nutanix, Projects Profitability — In 2022

Nike To Report Q1 Results After Kaepernick Ad Launch: A Sell-Side Preview