Mid-Day Market Update: SIFCO Industries Rises After Q4 Results; PG&E Shares Plunge

Midway through trading Monday, the Dow traded up 0.64% to 28314.18 while the NASDAQ rose 1.07% to 8828.05. The S&P also rose, gaining 0.86% to 3,196.20.

Leading and Lagging Sectors

Energy shares climbed 1.4% on Monday. Meanwhile, top gainers in the sector included Overseas Shipholding Group Inc. OSG, up 11%, and Renewable Energy Group Inc REGI, up 11%.

In trading on Monday, real estate shares fell 0.1%.

Top Headline

International Flavors & Fragrances Inc IFF announced plans to merge with DuPont's nutrition & biosciences business in a deal that will value the combined company at $45.4 billion on an enterprise value basis.

Equities Trading UP

Mirum Pharmaceuticals, Inc. MIRM shares shot up 109% to $17.08 after the company announced it completed a successful pre-NDA meeting with the FDA for its Maralixibat.

Shares of Axsome Therapeutics, Inc. AXSM got a boost, shooting up 75% to $81.71 following a positive clinical readout. A Phase 3 study dubbed GEMINI that evaluated Axsome'sAXS-05 —an oral investigational NMDA receptor antagonist with multimodal activity —in major depressive disorder met the primary endpoint, the company said Monday.

SIFCO Industries, Inc. SIF shares were also up, gaining 23% to $3.3233 following Q4 results. SIFCO Industries posted Q4 earnings of $0.43 per share, versus a year-ago loss of $0.49 per share.

Equities Trading DOWN

Wave Life Sciences Ltd. WVE shares tumbled 53% to $17.76 after the company announced it would discontinue the development of its Suvodirsen for Duchenne muscular dystrophy.

Shares of Gossamer Bio, Inc. GOSS were down 37% to $15.86 after drug company Novartis discontinued development of a treatment that shares characteristics with Gossamer's lead candidate.

PG&E Corporation PCG was down, falling 11% to $9.97 after California Governor Gavin Newsom rejected the company's bankruptcy reorganization proposal.

Commodities


In commodity news, oil traded up 0.3% to $60.23, while gold traded down 0.1% to $1,479.30.

Silver traded up 0.1% Monday to $17.035, while copper rose 1.1% to $2.812.

Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 1.52%, the Spanish Ibex Index rose 1.31%, while Italy’s FTSE MIB Index rose 0.84%. Meanwhile, the German DAX gained 0.97%, and the French CAC 40 rose 1.33% while UK shares rose 2.7%.

Economics

The Empire State manufacturing index rose to 3.5 in December, versus prior reading of 2.9. However, analysts were expecting a reading of 3.5.

The IHS Markit composite PMI climbed to 52.2 in December, compared to 52 in the prior month. The services PMI jumped to 52.2 in December, versus 51.6 in the prior month.

The NAHB housing market index rose to 76 in December, versus a revised reading of 71 in November.

The Treasury International Capital report for October will be released at 4:00 p.m. ET.