Market Overview

Mid-Morning Market Update: Markets Open Lower; Greenbriar To Acquire Arotech

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Following the market opening Monday, the Dow traded down 0.28% to 26859.51 while the NASDAQ fell 0.26% to 8096.92. The S&P also fell, dropping 0.19% to 2,986.40.

Leading and Lagging Sectors

Consumer staples shares climbed 0.4% on Monday. Meanwhile, top gainers in the sector included PriceSmart, Inc. (NASDAQ: PSMT), up 15%, and 111 Inc - ADR (NASDAQ: YI), up 6%.

In trading on Monday, health care shares fell 0.3%.

Top Headline

Arotech Corporation (NASDAQ: ARTX) agreed to be acquired for by Greenbriar for $3.00 per share in cash, representing an aggregate equity value of approximately $80.8 million.

The cash consideration represents around 32.7% premium over Arotech’s closing share price on September 20, 2019.
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Equities Trading UP

Plus Therapeutics Inc (NASDAQ: PSTV) shares shot up 55% to $12.45 after the company received $4.6 million in reimbursements from BARDA for the company's work from 2012 through 2019.

Shares of Arotech Corporation (NASDAQ: ARTX) got a boost, shooting up 31% to $2.95 after the company announced it would be acquired by Greenbriar for $3 per share in cash.

Avadel Pharmaceuticals PLC (NASDAQ: AVDL) shares were also up, gaining 51% to $5.09 after the company announced an FDA agreement to reduce the sample size for its ongoing Phase 3 study of Once-Nightly FT218.

Equities Trading DOWN

Reebonz Holding Ltd (NASDAQ: RBZ) shares tumbled 32% to $1.76 after the company reported its first half sales of 2019 lower than last year.

Shares of Onconova Therapeutics Inc (NASDAQ: ONTX) were down 22% to $1.25. Onconova Therapeutics reported 2.136 million share registered direct offering of common stock, priced at $1.60 per share.

Akcea Therapeutics Inc (NASDAQ: AKCA) was down, falling 20% to $18.02 after the company announced the departure of its CEO, COO, and president.
 

Commodities

In commodity news, oil traded down 0.5% to $57.80, while gold traded up 0.6% to $1,524.30.

Silver traded up 3.2% Monday to $18.415, while copper fell 1% to $2.58.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.8%, the Spanish Ibex Index fell 1.1%, while Italy’s FTSE MIB Index slipped 1.2%. Meanwhile, the German DAX dropped 1.1%, and the French CAC 40 declined 1.1% while UK shares fell 0.4%.

Economics

The Chicago Fed National Activity Index increased to 0.10 in August, versus a revised reading of -0.41 in the prior month. However, analysts were expecting a reading of -0.35.

The IHS Markit flash manufacturing PMI climbed to 51.0 in September, versus a reading of 50.3 in the prior month

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

St. Louis Federal Reserve Bank President James Bullard will speak in Effingham, Illinois at 1:00 p.m. ET.

San Francisco Federal Reserve Bank President Mary Daly is set to speak in Salem, Oregon at 2:30 p.m. ET.

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

 

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