Market Overview

Mid-Day Market Update: FutureFuel Falls After Q4 Results; Dermira Shares Jump

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Midway through trading Monday, the Dow traded down 0.15 percent to 25,809.65 while the NASDAQ declined 0.06 percent to 7,684.03. The S&P rose 0.04 percent to 2,823.67.

Leading and Lagging Sectors

On Monday, the energy shares climbed 1.1 percent. Meanwhile, top gainers in the sector included American Midstream Partners, LP (NYSE: AMID) up 28 percent, and Smart Sand, Inc. (NASDAQ: SND) up 11 percent.

In trading on Monday, communication services shares fell 0.8 percent.

Top Headline

Fidelity National Information Servcs Inc (NYSE: FIS) reached an agreement to buy Worldpay, Inc. (NYSE: WP), an e-commerce and payments company for around $34 billion.

The combination of FIS and Worldpay will create a new entity that will offer a best-in-class enterprise banking, payments, capital markets and global e-commerce capabilities, the companies said in a press release. The companies combined for $12.3 billion in pro forma annual revenue in 2018.

 

Equities Trading UP

Daré Bioscience, Inc. (NASDAQ: DARE) shares got a boost, shooting up 140 percent to $2.16 after the company published positive clinical findings for Tamoxifen for the treatment of vulvar and vaginal atrophy in a medical journal.

Shares of Dermira, Inc. (NASDAQ: DERM) shot up 92 percent to $13.10 after an announcement from the company regarding a midstage trial involving its investigational candidate for atopic dermatitis. Dermira reported positive results ahead of the market open Monday from a Phase 2b dose-ranging study of lebrikizumab that is being evaluated for treating adult patients with moderate-to-severe atopic dermatitis.

PhaseBio Pharmaceuticals, Inc. (NASDAQ: PHAS) shares were also up, gaining 54 percent to $5.72 after the New England Journal of Medicine published the positive Phase 1 results for the company's PB2452.

Equities Trading DOWN

Aerpio Pharmaceuticals, Inc. (NASDAQ: ARPO) shares dropped 69 percent to $1.32 after the company announced that its Phase 2 TIME-2b study of AKB-9778 did not meet its primary endpoint.

Shares of NII Holdings, Inc. (NASDAQ: NIHD) were down 30 percent to $2.2325 after the company reported worse-than-expected Q4 sales results. The company also announced the sale of Nextel Brazil to America Movil.

FutureFuel Corp. (NYSE: FF) was down, falling around 22 percent to $13.92 after the company reported Q4 EPS of $0.04, down from $0.36 last year and Q4 sales of $65.51 million, down from $75.26 million last year.

Commodities

In commodity news, oil traded up 0.7 percent to $58.94 while gold traded up 0.1 percent to $1,303.40.

Silver traded up 0.1 percent Monday to $15.34, while copper rose 0.1 percent to $2.906.

 

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.09 percent, the Spanish Ibex Index rose 0.55 percent, while Italy’s FTSE MIB Index rose 0.78 percent. Meanwhile the German DAX declined 0.37 percent, and the French CAC 40 gained 0.01 percent while U.K. shares rose 0.86 percent.

Economics

The National Association of Home Builders’ housing market index was unchanged at a reading of 62 for March. However, economists were expecting a reading of 63.

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

 

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