Market Overview

Mid-Day Market Update: Reebonz Falls Following First-Half Results; Plus Therapeutics Shares Climb

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Midway through trading Monday, the Dow traded down 0.14% to 26896.43 while the NASDAQ fell 0.08% to 8111.43. The S&P also fell, dropping 0.07% to 2,990.11.

Leading and Lagging Sectors

Consumer staples shares climbed 0.5% on Monday. Meanwhile, top gainers in the sector included PriceSmart, Inc. (NASDAQ: PSMT), up 16%, and 111 Inc - ADR (NASDAQ: YI), up 6%.

In trading on Monday, financial shares fell 0.4%.

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 39% to $11.12 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 $2.96 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 36% to $4.59 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 35% to $1.67 after the company reported first-half results

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 25% to $16.95 after the company announced the departure of its CEO, COO, and president.
 

Commodities

In commodity news, oil traded down 0.2% to $57.99, while gold traded up 1% to $1,530.40.

Silver traded up 4.4% Monday to $18.64, while copper fell 0.3% to $2.599.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.98%, the Spanish Ibex Index fell 1.25%, while Italy’s FTSE MIB Index slipped 1.23%. Meanwhile, the German DAX dropped 1.24%, and the French CAC 40 declined 1.2% while UK shares fell 0.31%.

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

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-Day Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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