Mid-Afternoon Market Update: JetPay Climbs On Acquisition News; Opus Bank Shares Slide

Toward the end of trading Monday, the Dow traded down 0.34 percent to 25,358.24 while the NASDAQ climbed 0.31 percent to 7,471.89. The S&P also fell, dropping 0.32 percent to 2,758.80.

Leading and Lagging Sectors

Monday afternoon, the information technology shares climbed 0.86 percent. Meanwhile, top gainers in the sector included Ceragon Networks Ltd CRNT up 8 percent, and PC Connection, Inc. CNXN up 7 percent.

In trading on Monday, energy shares tumbled 1.47 percent.

Top Headline

Hasbro, Inc. HAS reported weaker-than-expected results for its third quarter.

Hasbro said it earned $1.93 per share in the third quarter on revenue of $1.57 billion. The Street was modeling the company to earn $2.25 per share on revenue of $1.71 billion. Q3 sales of $1.57 billion missed estimates of $1.71 billion.

Equities Trading UP

JetPay Corporation JTPY shares shot up 135 percent to $4.978 after the company announced it would be acquired for $5.05 per share.

Shares of Net Element, Inc. NETE got a boost, shooting up 33 percent to $5.3265 after the company announced the launch of a payment solution for the cannabis industry.

American Railcar Industries, Inc. ARII shares were also up, gaining 51 percent to $69.97 after the company announced it would be acquired for $70 per share.

Equities Trading DOWN

Aduro BioTech, Inc. ADRO shares dropped 35 percent to $4.085 after Merck reported data for STING, a similar treatment.

Shares of Opus Bank OPB were down 18 percent to $20.46 following downbeat earnings for its third quarter.

Adaptimmune Therapeutics plc ADAP was down, falling around 29 percent to $7.61 after the company announced study data at the European Society for Medical Oncology.

Commodities

In commodity news, oil traded down 0.29 percent to $68.92 while gold traded down 0.34 percent to $1,224.50.

Silver traded down 0.48 percent Monday to $14.58, while copper rose 0.18 to $2.783.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.42 percent, the Spanish Ibex Index fell 0.96 percent, while Italy’s FTSE MIB Index dipped 0.60 percent. Meanwhile the German DAX slipped 0.26 percent, and the French CAC 40 dropped 0.62 percent while U.K. shares fell 0.10 percent.

Economics

The Chicago Fed National Activity Index declined to 0.17 for September, versus a revised reading of 0.27 for August.