Market Overview

Mid-Day Market Update: NASDAQ Falls Over 1%; ASLAN Pharmaceuticals Shares Surge

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Midway through trading Monday, the Dow traded down 0.57% to 27,890.43 while the NASDAQ fell 1.18% to 8,563.59. The S&P also fell, dropping 0.72% to 3,118.34.

Leading and Lagging Sectors

Energy shares climbed 0.4% on Monday. Meanwhile, top gainers in the sector included The Antero Resources Corp (NYSE: AR), up 2%, and Apergy Corp (NYSE: APY), up 2%.

In trading on Monday, information technology shares fell 1.7%.

Top Headline

Hostess Brands Inc (NASDAQ: TWNK) will acquire Voortman Cookies, a manufacturer of branded wafers and sugar-free specialty cookies, from Swander Pace Capital for approximately $320 million in cash. The transaction is expected to close in early January.

The company plans to finance the $320 million transaction by using cash on its balance sheet, along with secured financing commitments from Credit Suisse and Citi.

Equities Trading UP

Kodiak Sciences Inc. (NASDAQ: KOD) shares shot up 85% to $54.77 after the company reported the sale of future royalties on KSI-301 for $225 million to Baker Bros. Advisors.

Shares of ASLAN Pharmaceuticals Limited (NASDAQ: ASLN) got a boost, shooting up 55% to $5.90. Aslan, which has its ADSs listed on the Nasdaq, announced positive dataMonday from the lowest-dose cohort of its ongoing multiple dose study of ASLAN004, which is being evaluated for moderate-to-severe atopic dermatitis.

NF Energy Saving Corporation (NASDAQ: BIMI) shares were also up, gaining 30% to $3.4077 after the company announced it would acquire Chongqing Guanzan Technology for RMB 100 million.

Equities Trading DOWN

Roku, Inc. (NASDAQ: ROKU) shares tumbled 16% to $134.32. Morgan Stanley downgraded Roku from Equal-Weight to Underweight and announced a $110 price target.

Shares of Aqua Metals, Inc. (NASDAQ: AQMS) were down 46% to $0.7247 after the company announced a significant fire in one of its plants. The company reported it suffered significant fire damage in the AquaRefining area of the plant.

Just Energy Group Inc. (NYSE: JE) was down, falling 15% to $2.3196 after the company announced it would suspend its dividend on its Series A preferred stock.

Commodities

In commodity news, oil traded up 1.5% to $55.99, while gold traded down 0.2% to $1,469.70.

Silver traded down 0.4% Monday to $17.04, while copper fell 0.1% to $2.661.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.31%, the Spanish Ibex Index fell 1.76%, while Italy’s FTSE MIB Index declined 1.88%. Meanwhile, the German DAX dropped 1.7%, and the French CAC 40 fell 1.71% while UK shares fell 0.69%.

Economics

The IHS Markit manufacturing PMI rose to 52.6 in November, compared to a preliminary reading of 52.2 and versus 51.3 in October.

The ISM manufacturing PMI declined to 48.1 in November, compared to 48.3 in October.

Construction spending fell 0.8% in October 2019, versus a revised 0.3% decline in the prior month.

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

 

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