Market Overview

Mid-Day Market Update: El Paso Electric Rises On Acquisition News; DelMar Pharmaceuticals Shares Plummet

Share:

Midway through trading Monday, the Dow traded up 0.08 percent to 24,835 while the NASDAQ fell 0.68 percent to 7,402. The S&P also fell, dropping 0.06 percent to 2,750.

Leading and Lagging Sectors

Materials shares rose 1.7 percent on Monday. Meanwhile, top gainers in the sector included DRDGOLD Limited (NYSE: DRD), up 9 percent, and Eldorado Gold Corporation (NYSE: EGO), up 9 percent.

In trading on Monday, communication services shares fell by 2 percent.

Top Headline

Within a week after rumors swirled of a potential sale, Cypress Semiconductor Corporation (NASDAQ: CY) confirmed it has agreed to be acquired by Infineon Technologies AG (OTC: IFNNY) for $23.85 per share in cash, translating to an enterprise value of 9 billion euros, or $10.05 billion.

The per share offer price represented a 46-percent premium to the 30-day volume-weighted average price for the period ending May 28, the day prior to the one when reports of a potential sale emerged.

Equities Trading UP

Genocea Biosciences, Inc. (NASDAQ: GNCA) shares shot up 45 percent to $8.14 after the company presented results from its ongoing Phase 1/2a trial for GEN-009, the company's lead neoantigen vaccine candidate, at ASCO 2019.

Shares of Cypress Semiconductor Corporation (NASDAQ: CY) got a boost, shooting up 25 percent to $22.23. Cypress Semiconductor confirmed it has agreed to be acquired by Infineon Technologies AG (OTC: IFNNY) for $23.85 per share in cash, translating to an enterprise value of 9 billion euros, or $10.05 billion.

El Paso Electric Company (NYSE: EE) shares were also up, gaining 14 percent to $66.50 after the company announced it would be acquired by the Infrastructure Investments Fund for $68.25 per share in cash.

Equities Trading DOWN

DelMar Pharmaceuticals, Inc (NASDAQ: DMPI) shares tumbled 44 percent to $2.2800 after the company announced a $3.6 million registered direct offering.

Shares of Aduro BioTech, Inc. (NASDAQ: ADRO) were down 27 percent to $2.3803. Aduro Biotech and Novartis presented results from ongoing Phase 1b study of STING agonist ADU-S100 (MIW815) in combination with anti-PD-1 monoclonal antibody spartalizumab (PDR001) in patients with advanced solid tumors or lymphomas at the ASCO 2019.

FTD Companies, Inc. (NASDAQ: FTD) was down, falling 72 percent to $0.2152 after the company filed voluntary Chapter 11 petitions to facilitate the completion of strategic initiatives. The company will also be delisted from the Nasdaq..

Commodities

In commodity news, oil traded down 0.6 percent to $53.20, while gold traded up 1 percent to $1,323.60.

Silver traded up 1.2 percent Monday to $14.74, while copper rose 0.4 percent to $2.6495.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.36 percent, the Spanish Ibex Index rose 0.1 percent, while Italy’s FTSE MIB Index rose 0.28 percent. Meanwhile, the German DAX climbed 0.49 percent, and the French CAC 40 climbed 0.57 percent while UK shares rose 0.32 percent.

Economics

The final reading of manufacturing PMI is slipped to 50.5 for May, versus initial reading of 50.6.

The ISM manufacturing index fell to 52.1 in May, compared to 52.8 in April. However, economists were expecting a reading of 52.6.

U.S. construction spending was unchanged for April, versus economists’ expectations for a 0.3 percent rise.

St. Louis Federal Reserve Bank President James Bullard is set to speak at the Union League Club of Chicago at 1:25 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly will speak in Singapore at 9:45 p.m. ET.

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

 

Related Articles (CY + ADRO)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

BMO Downgrades Cree On Valuation, Says LED Maker Has Unique Positioning

Treasury Yields Drop To New Lows As Trade War Takes Bite Out Of Global Economy