Mid-Day Market Update: Crude Oil Down 1%; Galapagos Shares Spike Higher

Midway through trading Monday, the Dow traded down 0.11% to 27,300.75 while the NASDAQ fell 0.09% to 8,236.79. The S&P also fell, dropping 0.15% to 3,009.12.

Leading and Lagging Sectors

Real estate shares rose 0.3% on Monday. Meanwhile, top gainers in the sector included Stratus Properties Inc. STRS, up 5%, and CIM Commercial Trust Corporation CMCT, up 4%.

In trading on Monday, energy shares fell 0.8%.

Top Headline

Citigroup Inc C reported better-than-expected results for its second quarter.

Citigroup posted quarterly earnings of $1.95 per share on revenue of $18.76 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $18.49 billion.

Equities Trading UP

Capricor Therapeutics, Inc. CAPR shares shot up 150% to $8.06 after the company announced its interim analysis in the HOPE-2 trial to treat patients with duchenne muscular dystrophy showed statistically significant results.

Shares of Carolina Trust BancShares, Inc. CART got a boost, shooting up 31% to $10.00. Carolina Financial Corporation CARO announced plans to acquire Carolina Trust BancShares.

Galapagos NV GLPG shares were also up, gaining 17% to $171.18 after the company announced it has entered into a research and development collaboration with Gilead Sciences, Inc. GILD. Gilead said it will make a $3.95-billion upfront payment and $1.1-billion equity investment in the Belgian pharmaceutical company, according to a Sunday press release.Galapagos intends to use the proceeds to expand its research and development programs.

Equities Trading DOWN

Callon Petroleum Company CPE shares tumbled 15% to $5.45 after the company announced it will acquire Carrizo Oil & Gas for $3.2 billion.

Shares of ShiftPixy, Inc. PIXY were down 18% to $0.6007 after the company postponed its Q3 earnings to an undisclosed date.

YogaWorks, Inc. YOGA was down, falling 41% to $0.3825 after the company announced it will delist its shares from Nasdaq.

Commodities

In commodity news, oil traded down 1% to $59.60, while gold traded up 0.1% to $1,413.20.

Silver traded up 0.9% Monday to $15.37, while copper rose 0.5% to $2.707.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.23%, the Spanish Ibex Index rose 0.33%, while Italy’s FTSE MIB Index slipped 0.02%. Meanwhile, the German DAX gained 0.52%, and the French CAC 40 rose 0.1% while UK shares rose 0.34%.

Economics

The Empire State manufacturing index rose 12.9 points to 4.3 in July. However, economists were projecting a reading of 0.5.