Market Overview

Mid-Day Market Update: Monday's Movers, China's Trade, Oil And More

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The Dow Jones Industrial Index spiked 1.03 percent, the S&P 500 added another percent, the NASDAQ Composite was lifted 1 percent, the US Dollar Index rose 0.12 percent, and the crude oil WTI dwindled 0.11 percent to start off the week.

The oil market continues to signal that prices may stay low for a longer time span. Benchmark U.S. oil futures for the month of September are heading toward a six-year low, and contracts for delivery longer than September are dwindling at an even lower rate.

According to The Wall Street Journal, “big voices” in the oil industry alongside Congress are now supporting a move that was considered “unthinkable” in the past: opening the U.S. oil industry to exports. Some economists are hinting that to allow US to export oil will prompt a chain of interactions that may result in a drop in gasoline prices, and according to  WSJ, if the ban on oil exports were lifted on Tuesday, the amount of oil companies that would export oil would be at a lower rate than if the prices were higher.

Moving onto China, exports slid 8.3 percent and imports dwindled 8.1 percent for China in the month of July, representing a weak demand both at a home level and abroad level. Imports in China have fallen for nine straight months. The nation’s export sector, in the past years, has been a major contributor to China’s economic growth, and is now slowing down steeply. Adding to the conflict for exports is the strong Chinese currency, which has been remaining steady against the U.S. dollar. The prices of crude oil, copper, and aluminum have fallen after China’s trade data release.

Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) confirmed a $37 billion deal to acquire Precision Castparts Corp. (NYSE: PCP), boosting the U.S. industrials. This is Buffett’s largest deal ever.

Winners

Aquinox Pharmaceuticals Inc (NASDAQ: AQXP) skyrocketed again another 270 percent after the pharmaceutical company announced positive Phase II LEADERSHIP trial in BPS/IC to treat bladder pain syndrome and interstitial cystitis. The stock was halted six times in Monday’s session.

TETRA Technologies, Inc. (NYSE: TTI) soared 41 percent after the oil and gas service company reported Q2 earnings of $14.9 million after reporting a loss a year earlier. The company had sales of $316.3 million versus analyst expectations of $260.2 million.

Inovio Pharmaceuticals Inc (NASDAQ: INO) was lifted 29 percent after the developer of deoxyribonucleic acid (DNA) immunotherapies and vaccines reported a new partnership with AstraZeneca plc (NYSE: AZN) in a strategic vaccine collaboration and license agreement.

Rentech Nitrogen Partners LP (NYSE: RNF) was heightened 27 percent after the owner and operator of fertilizer businesses announced it will be acquired; CVR Partners LP (NYSE: UAN) announced it will buy Rentech for $544 million, excluding debt and Rentech’s Pasadena plant.

Precision Castparts was up 19 percent after Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) confirmed an acquisition of the company.

Losers

RCS Capital Corp (NYSE: RCAP) dwindled 25 percent.

Karyopharm Therapeutics Inc (NASDAQ: KPTI) declined 18 percent after a worse-than-expected earnings report.

BioScrip Inc (NASDAQ: BIOS) sunk 17 percent after the provider of infusion and home care management solutions reported a Q2 loss of $244.8 million on sales of $262.4 million. Analysts were expecting sales of $269.38 million.

Synthetic Biologics Inc (NYSE: SYN) was down 16 percent after the clinical-stage biotechnology company reported a Q2 loss of $13.6 million, or a loss of $0.19 per share, $0.08 worse than analysts estimates.

Posted-In: News Intraday Update Movers

 

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