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Market Overview

Mid-Day Market Update: Crude Oil Down 2.5%; Titan Pharmaceuticals Shares Spike Higher


Midway through trading Monday, the Dow traded up 0.76 percent to 26,230.74 while the NASDAQ climbed 0.94 percent to 7,598.29. The S&P also rose, gaining 0.7 percent to 2,812.34.

Leading and Lagging Sectors

On Monday, the financial shares rose 1.3 percent. Meanwhile, top gainers in the sector included PPDAI Group Inc - ADR (NYSE: PPDF) up 15 percent, and Qudian Inc - ADR (NYSE: QD) up 12 percent.

In trading on Monday, utilities shares fell 0.3 percent.

Top Headline

Swiss pharma giant Roche Holdings AG Basel ADR (OTC: RHHBY) announced early Monday a deal to buy U.S.-based gene therapy company Spark Therapeutics Inc (NASDAQ: ONCE) for $114.50 per share in cash, or a total equity value of $4.8 billion, including about $500 million of net cash expected at close.

The per share value represents a 122.07-percent premium over Spark's Friday closing price of $51.56.


Equities Trading UP

Spark Therapeutics Inc (NASDAQ: ONCE) shares got a boost, shooting up 120 percent to $113.51 after Roche Holdings AG (OTC: RHHBY) announced plans to acquire the company for $114.50 per share in cash.

Shares of Clementia Pharmaceuticals Inc (NASDAQ: CMTA) shot up 74 percent to $25.96 after French company Ipsen announced plans to acquire the company in a transaction worth up to $1.31 billion.

Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) shares were also up, gaining 39 percent to $1.96 after the company reported a partnership with AllianceRx Walgreens to expand patient access to Probuphine.

Equities Trading DOWN

Achieve Life Sciences, Inc. (NASDAQ: ACHV) shares dropped 22 percent to $2.58 after rising 82.32 percent on Friday.

Shares of McDermott International, Inc. (NYSE: MDR) were down 7 percent to $7.18 after reporting downbeat Q4 results.

Synergy Pharmaceuticals Inc (NASDAQ: SGYP) was down, falling around 16 percent to $0.24 following late-Friday Dow Jones report that the company won court permission to draw down remainder of a $155 million bankruptcy financing package.


In commodity news, oil traded down 2.5 percent to $55.84 while gold traded down 0.1 percent to $1,331.80.

Silver traded down 0.2 percent Monday to $15.98, while copper rose 0.2 percent to $2.9535.



European shares were higher today. The eurozone’s STOXX 600 rose 0.3 percent, the Spanish Ibex Index rose 0.2 percent, while Italy’s FTSE MIB Index climbed 1 percent. Meanwhile the German DAX gained 0.5 percent, and the French CAC 40 rose 0.4 percent while U.K. shares rose 0.2 percent.


The Chicago Fed National Activity Index declined to to a reading of -0.43 in January, compared to a reading of +0.05 in December.

U.S. wholesale inventories rose 1.1 percent for December, versus economists’ expectations for a 0.3 percent increase.

The Dallas Fed manufacturing index increased to 13.1 in February, compared to 1 in January.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.


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