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

Midway through trading Monday, the Dow traded up 1.03 percent to 26,729.91 while the NASDAQ climbed 0.52 percent to 8,088.07. The S&P also rose, gaining 0.71 percent to 2,934.61.

Leading and Lagging Sectors

On Monday, the energy shares rose 1.38 percent. Meanwhile, top gainers in the sector included Ultra Petroleum Corp UPL up 11 percent, and PHI INC PHII up 7 percent.

In trading on Monday, utilities shares fell 0.55 percent.

Top Headline

Cal-Maine Foods Inc CALM reported weaker-than-expected results for its first quarter.

Cal-Maine posted quarterly adjusted earnings of $0.26 per share on sales of $340.6 million. However, analysts were expecting earnings of $0.49 per share on sales of $350.5 million.

Equities Trading UP

Tesla, Inc. TSLA shares shot up 16 percent to $306.001. Independent Research upgraded Tesla from Sell to Hold.

Shares of iFresh Inc IFMK got a boost, shooting up 23 percent to $2.74 after the company announced an agreement to distribute Hainan Chunguang products in the US.

Tilray, Inc. TLRY shares were also up, gaining 15 percent to $165.7457 after the company disclosed that its High Park Farms subsidiary received sales license from Health Canada to sell cannabis under the access to cannabis for medical purposes regulations.

Equities Trading DOWN

Akorn, Inc. AKRX shares dropped 54 percent to $5.95 after a Delaware court upheld Fresenius' termination of a merger with the company.

Shares of AVROBIO, Inc. AVRO were down 43 percent to $29.73. AVROBIO received no objection to clinical trial application from Health Canada for AVR-RD-02 gene therapy for gaucher disease.

Infinera Corporation INFN was down, falling around 17 percent to $6.025. MKM Partners downgraded Infinera from Neutral to Sell and lowered the price target from $10 to $5.50.

Commodities

In commodity news, oil traded up 1.28 percent to $74.19 while gold traded down 0.39 percent to $1,191.50.

Silver traded down 1.88 percent Monday to $14.435, while copper fell 0.94 to $2.7785.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 gained 0.25 percent, the Spanish Ibex Index rose 0.21 percent, while Italy’s FTSE MIB Index declined 0.63 percent. Meanwhile the German DAX climbed 0.74 percent, and the French CAC 40 rose 0.26 percent while U.K. shares fell 0.09 percent.

Economics

The Markit manufacturing PMI came in at 55.60 for September, versus economists’ estimates for a reading of 55.60.

The ISM manufacturing index declined to 59.80 for September, versus prior reading of 61.30. However, economists were expecting a reading of 60.10.

U.S. construction spending rose 0.1 percent for August, versus economists’ expectations for a 0.4 percent increase.