Market Overview

Mid-Afternoon Market Update: Art's-Way Manufacturing Drops After Q1 Results; Navidea Biopharmaceuticals Shares Climb

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Toward the end of trading Monday, the Dow traded down 0.41 percent to 26315.95 while the NASDAQ climbed 0.01 percent to 7939.87. The S&P also fell, dropping 0.05 percent to 2,891.32.

Leading and Lagging Sectors

Monday afternoon, the energy shares rose 0.3 percent. Meanwhile, top gainers in the sector included Frontline Ltd. (NYSE: FRO) up 12 percent, and Laredo Petroleum, Inc. (NYSE: LPI) up 12 percent.

In trading on Monday, industrial shares fell 0.9 percent.

Top Headline

U.S. factory orders fell 0.5 percent for February, versus economists’ expectations for a 0.5 percent drop.

Factory orders, ex-transportation, rose 0.3 percent for February.

Equities Trading UP

Navidea Biopharmaceuticals, Inc (NYSE: NAVB) shares got a boost, shooting up 19 percent to $0.1661 after the company reported it received FDA feedback related to its Rheumatoid Arthritis trial for Phase 2B and the FDA said it would continue to work with the company for Phase 3 Trial.

Shares of Nordic American Offshore Ltd. (NYSE: NAO) shot up 33 percent to $3.3702 following news lenders committed to a new $132.9 million term loan facility. The company also announced a deal to buy 13 vessels from Scorpio Offshore and a $20 million common stock purchase deal.

New Age Beverages Corporation (NASDAQ: NBEV) shares were also up, gaining 25 percent to $5.96 following news the company's Marley Mate drink will be available at Walmart stores.

Equities Trading DOWN

Social Reality, Inc. (NASDAQ: SRAX) shares dropped 8 percent to $4.13 after the company priced a 1.65 million share offering at $4 per share. The company also announced audit committee findings identified 8 previously filed financial statements could no longer be relied upon.

Shares of Art's-Way Manufacturing Co., Inc. (NASDAQ: ARTW) were down 12 percent to $1.9196 following Q1 results. Art's-Way Manufacturing posted Q1 loss of $0.14 per share on sales of $4.124 million.

BP Prudhoe Bay Royalty Trust (NYSE: BPT) was down, falling around 16 percent to $22.95 after the company cut its dividend from $1 to $0.35 per share and announced actual average daily production for the quarter of 77,371 BBLS.

Commodities

In commodity news, oil traded up 1.9 percent to $64.28 while gold traded up 0.5 percent to $1,301.90.

Silver traded up 0.9 percent Monday to $15.215, while copper rose 1.4 percent to $2.935.

 

Eurozone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.19 percent, the Spanish Ibex Index fell 0.76 percent, while Italy’s FTSE MIB Index rose 0.06 percent. Meanwhile the German DAX dropped 0.39 percent, and the French CAC 40 fell 0.08 percent while U.K. shares rose 0.07 percent.

Economics

U.S. factory orders fell 0.5 percent for February, versus economists’ expectations for a 0.5 percent drop.

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

 

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