Market Overview

Mid-Day Market Update: Electronics for Imaging Surges Following Acquisition News; Reebonz Shares Plummet

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Midway through trading Monday, the Dow traded down 0.26 percent to 26344.13 while the NASDAQ declined 0.45 percent to 7,948.01. The S&P also fell, dropping 0.27 percent to 2,899.47.

Leading and Lagging Sectors

On Monday, the consumer staples shares rose 0.4 percent. Meanwhile, top gainers in the sector included Dean Foods Company (NYSE: DF) up 8 percent, and B&G Foods, Inc. (NYSE: BGS) up 2 percent.

In trading on Monday, real estate shares fell 0.8 percent.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported mixed results for its first quarter on Monday.

Goldman Sachs said it earned $5.71 per share in the first quarter on revenue of $8.807 billion versus expectations of $4.89 per share and $9.04 billion. Net earnings for the quarter fell from $2.832 billion in the same quarter last year to $2.251 billion as total revenue fell 13 percent.

By segment, Investment Banking revenue was unchanged year-over-year at $1.81 billion, Institutional Client Services revenue fell 18 percent to $3.61 billion, Investing & Lending revenue fell 14 percent to $1.84 billion.

Equities Trading UP

Electronics for Imaging, Inc. (NASDAQ: EFII) shares got a boost, shooting up 27 percent to $37.24 after the company agreed to be acquired by an affiliate of Siris Capital Group, LLC in all-cash transaction valued at approximately $1.7 billion.

Shares of Fibrocell Science, Inc. (NASDAQ: FCSC) shot up 48 percent to $2.63 after the company disclosed an agreement with Castle Creek Pharmaceuticals to develop and commercialize FCX-007. Fibrocell will receive a $30M upfront payment.

Bio-Path Holdings, Inc. (NASDAQ: BPTH) shares were also up, gaining 49 percent to $23.27 after the company withdrew its S-1 registration form, indicating it will not dilute shares.

Equities Trading DOWN

Reebonz Holding Limited (NASDAQ: RBZ) shares dropped 49 percent to $5.85 after the company priced a $10.8 million offering at $5 for a share and warrant.

Shares of Achaogen, Inc. (NASDAQ: AKAO) were down 54 percent to $0.2262 after the company filed for chapter 11 bankruptcy protection.

China Recycling Energy Corporation (NASDAQ: CREG) was down, falling around 25 percent to $0.7005 after the company reported 2018 sales fell 25% year-over-year and announced a 2.36 million share offering.

Commodities

In commodity news, oil traded down 0.9 percent to $63.32 while gold traded down 0.4 percent to $1,289.70.

Silver traded down 0.7 percent Monday to $14.86, while copper fell 0.8 percent to $2.9225.

 

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.02 percent, the Spanish Ibex Index rose 0.08 percent, while Italy’s FTSE MIB Index fell 0.01 percent. Meanwhile the German DAX climbed 0.07 percent, and the French CAC 40 slipped 0.02 percent while U.K. shares fell 0.09 percent.

Economics

The Empire State manufacturing index increased to 10.1 in April, compared to 3.7 in the previous month.

The Treasury International Capital report for February will be released at 4:00 p.m. ET.

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

 

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