Market Overview

Mid-Afternoon Market Update: Crude Oil Down 1.5%; C&J Energy Services Shares Spike Higher

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Toward the end of trading Monday, the Dow traded up 0.20% to 26,141.97 while the NASDAQ rose 0.81% to 7,859.85. The S&P also rose, gaining 0.25% to 2,894.11.

Leading and Lagging Sectors

Real estate shares rose 1.1% on Monday. Meanwhile, top gainers in the sector included Innovative Industrial Properties, Inc. (NYSE: IIPR), up 9%, and Office Properties Income Trust (NYSE: OPI), up 8%.

In trading on Monday, materials shares fell by 0.9%.

Top Headline

Array BioPharma (NASDAQ: ARRY) announced it will be acquired by Pfizer (NYSE: PFE) for $48 per share in cash for a total value of around $11.4 billion.

Array’s portfolio of medicines includes cancer treatment for metastatic melanoma. In the U.S., colorectal cancer is the third most common type of cancer in men and women and an estimated 140,250 patients were diagnosed with cancer of the colon or rectum in 2018.

Equities Trading UP

Sotheby's (NYSE: BID) shares shot up 59% to $56.15 after the company announced it will be acquired by BidFair for $57 per share in cash. The offer price represents a premium of 61% to Sotheby's closing price on Friday.

Shares of Array BioPharma Inc. (NASDAQ: ARRY) got a boost, shooting up 57% to $46.31 after Pfizer Inc. (NYSE: PFE) announced plans to acquire Array BioPharma for $48 per share in cash.

C&J Energy Services Inc (NYSE: CJ) shares were also up, gaining 25% to $13.35 following merger news. Keane Group Inc (NYSE: FRAC) announced plans to buy C&J Energy for $745.7 million in an all-stock transaction.

Equities Trading DOWN

VBI Vaccines Inc. (NASDAQ: VBIV) shares tumbled 67% to $0.6302 following the release of data from a late-stage study of its hepatitis B virus vaccine candidate. The thinly traded micro-cap biotech said the Phase 3 study dubbed PROTECT showed that both the co-primary endpoints were met but not the secondary endpoint. The trialevaluated the efficacy and safety of a 10-microgram dose of Sci-B-Vac, its trivalent HBV, compared with a 20-microgram dose of comparator vaccine Engerix-B. Engerix B, marketed by GlaxoSmithKline, is the current standard of care.

Shares of Flex Pharma, Inc. (NASDAQ: FLKS) were down 20% to $0.5121 after the company announced more shareholder votes are required to complete its merger with Salarius Pharma despite “overwhelming support.”

Ampio Pharmaceuticals, Inc. (NYSE: AMPE) was down, falling 30% to $0.4893 after the company priced a 25.32 million share common stock offering at $0.40 per share.

Commodities

In commodity news, oil traded down 1.5% to $51.71, while gold traded down 0.2% to $1,342.40.

Silver traded up 0.1% Monday to $14.81, while copper rose 0.8% to $2.6505.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.09%, the Spanish Ibex Index fell 0.68%, while Italy’s FTSE MIB Index gained 0.07%. Meanwhile, the German DAX slipped 0.09%, and the French CAC 40 rose 0.43% while UK shares rose 0.16%.

Economics

The Empire State manufacturing index declined 26.4 points to a reading of -8.6 in June. However, economists were projecting a reading of 11.

The NAHB housing market index fell to 64 for June, versus prior reading of 66. However, economists projected a reading of 67.

The Treasury International Capital report for April is schedule for release at 4:00 p.m. ET.

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

 

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