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Market Overview

Mid-Day Market Update: Crude Oil Surges 5.5%; ConforMIS Shares Tumble

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Midway through trading Monday, the Dow traded down 0.27 percent to 16,597.44 while the NASDAQ declined 0.31 percent to 4,813.23. The S&P also fell, dropping 0.39 percent to 1,981.13.

Leading and Lagging Sectors

In trading on Monday, energy shares climbed by 0.83 percent. Meanwhile, top gainers in the sector included Arch Coal Inc (NYSE: ACI), up 22 percent, and Peabody Energy Corporation (NYSE: BTU), up 11 percent.

Utilities shares dipped by 1.79 percent in Monday’s trading. Meanwhile, top losers in the sector included Companhia Energetica Minas Gerais (ADR) (NYSE: CIG), down 6 percent, and Consolidated Water Co. Ltd. (NASDAQ: CWCO), off 5 percent.

Top Headline

Blyth, Inc. (NYSE: BTH) agreed to be acquired by The Carlyle Group LP (NASDAQ: CG) for $98 million.

Carlyle Group will pay 6.00 per share for Blyth, representing a premium of around 105 percent to Blyth’s closing price on Friday.

Equities Trading UP

The Medicines Company (NASDAQ: MDCO) shares shot up 19 percent to $39.88 following the announcement of positive ALN-PCSsc study results.

Shares of Blyth, Inc. (NYSE: BTH) got a boost, shooting up 104 percent to $5.95 after the company agreed to be acquired by The Carlyle Group LP (NASDAQ: CG) for $6.00 per share, or $98 million.

J C Penney Company Inc (NYSE: JCP) shares were also up, gaining 4 percent to $9.27. Deutsche Bank upgraded JC Penney from Hold to Buy and raised the price target from $10.00 to $12.00.

Equities Trading DOWN

ConforMIS Inc (NASDAQ: CFMS) shares tumbled 19 percent to $16.01 after the company lowered its FY15 revenue outlook. ConforMIS also reported that it has begun a voluntary recall of specific serial numbers of patient-specific instrumentation for the iUni, iDuo and iTotal systems.

Shares of Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA) were down 6 percent to $9.28. Ariad Pharmaceuticals shares jumped 41.69 percent Friday, on a report from the Boston Globe that the biotech company was in talks to sell itself to Baxalta Inc (NYSE: BXLT), according to sources.

IAMGOLD Corp (USA) (NYSE: IAG) was down, falling 2 percent to $1.68. Gold futures declined 0.53 percent to $1,128.00 an ounce.

Commodities

In commodity news, oil traded up 5.51 percent to $47.71, while gold traded down 0.07 percent to $1,133.20.

Silver traded up 0.28 percent Monday to $14.59, while copper fell 0.43 percent to $2.34.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.13 percent, the Spanish Ibex Index fell 0.91 percent, while Italy’s FTSE MIB Index dropped 0.24 percent. Meanwhile, the German DAX slipped 0.38 percent, and the French CAC 40 dropped 0.47 percent.

Economics

The Chicago PMI declined to a reading of 54.4 in August, versus a reading of 54.7 in July. Economists were expecting a reading of 54.7.

The Dallas Fed manufacturing business index dipped to a reading of -15.80 in August, versus a prior reading of -4.60. However, economists were expecting a reading of -2.50.

Data on farm prices for August will be released at 3:00 p.m. ET.

 

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