Market Overview

Mid-Afternoon Market Update: OPKO Health Rises On Q3 Earnings; Lumentum Shares Plummet

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Toward the end of trading Monday, the Dow traded down 1.76 percent to 25,532.63 while the NASDAQ declined 2.44 percent to 7,226.30. The S&P also fell, dropping 1.54 percent to 2,738.27.

Leading and Lagging Sectors

Monday afternoon, the real estate shares climbed 0.7 percent. Meanwhile, top gainers in the sector included CoreCivic, Inc. (NYSE: CXW) up 3 percent, and W. P. Carey Inc. (NYSE: WPC) up 3 percent.

In trading on Monday, information technology shares fell 3.1 percent.

Top Headline

athenahealth, Inc (NASDAQ: ATHN) gained 9.5 percent to $131.83 after the company agreed to be acquired by Veritas Capital and hedge fund Elliott Management for $5.7 billion, or $135 per share in cash.

Equities Trading UP

Apptio Inc (NASDAQ: APTI) shares shot up 51 percent to $37.60 after the company agreed to be acquired by private equity firm Vista Equity Partners for around $1.94 billion.

Shares of athenahealth, Inc. (NASDAQ: ATHN) got a boost, shooting up 10 percent to $131.91 after the company agreed to be acquired by Veritas Capital for $135 per share in cash.

OPKO Health, Inc. (NASDAQ: OPK) shares were also up, gaining 21 percent to $3.735 after the company reported upbeat earnings for its third quarter.

Equities Trading DOWN

Lumentum Holdings Inc (NASDAQ: LITE) shares dropped 30 percent to $39.02 after the company cut Q2 guidance.

Shares of GNC Holdings, Inc. (NYSE: GNC) were down 20 percent to $3.377 after the company reported downbeat earnings for its third quarter on Friday.

Infinity Pharmaceuticals Inc. (NASDAQ: INFI) was down, falling around 39 percent to $1.47. JP Morgan downgraded Infinity Pharmaceuticals (NASDAQ: INFI) from Neutral to Underweight, while Wells Fargo downgraded the stock from Outperform to Market Perform.

Commodities

In commodity news, oil traded down 0.3 percent to $60.01 while gold traded down 0.46 percent to $1,203.10.

Silver traded down 0.88 percent Monday to $14.015, while copper fell 0.34 percent to $2.6755.

Eurozone

European shares closed lower today. The eurozone's STOXX 600 declined 1.01 percent, the Spanish Ibex Index fell 0.64 percent, while Italy's FTSE MIB Index dropped 1.05 percent. Meanwhile the German DAX fell 1.77 percent, and the French CAC 40 fell 0.93 percent while U.K. shares fell 0.74 percent.

Economics

San Francisco Federal Reserve Bank President Mary Daly is set to speak in Idaho Falls, Idaho at 2:30 p.m. ET.

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

 

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