Mid-Afternoon Market Update: Crude Oil Down 5%; SunCoke Energy Shares Dip Following Q3 Results
Toward the end of trading Monday, the Dow traded up 0.16 percent to 17,112.58 while the NASDAQ rose 0.13 percent to 4,836.58. The S&P also rose, gaining 0.01 percent to 2,014.97.
Leading and Lagging Sectors
In trading on Monday, energy shares slipped by 1.50 percent. Meanwhile, top losers in the sector included SunCoke Energy Inc (NYSE: SXC), down 27 percent, and Stone Energy Corporation (NYSE: SGY), off 17 percent.
Dell Inc agreed to buy EMC Corporation (NYSE: EMC) in a deal valued at around $67 billion.
Dell is offering $33.15 per EMC share in cash and stock to buy EMC. EMC also reported Q3 preliminary EPS of $0.43 and revenue of $6.05 billion to $6.08 billion.
Equities Trading UP
Blue Buffalo Pet Products Inc (NASDAQ: BUFF) shares shot up 6 percent to $19.77. Morgan Stanley upgraded Blue Buffalo Pet Products from Equal-weight to Overweight, while maintaining a price target of $24.
Shares of Celsion Corporation (NASDAQ: CLSN) got a boost, shooting up 9 percent to $2.01 after the company reported preclinical data for its GEN-1 IL-12 immunotherapy in combination with avastin and doxil for ovarian cancer.
EMC Corporation (NYSE: EMC) shares were also up, gaining 2 percent to $28.40 after Dell Inc agreed to buy EMC in a deal valued at around $67 billion. EMC reported Q3 preliminary EPS of $0.43 and revenue of $6.05 billion to $6.08 billion.
Equities Trading DOWN
SunCoke Energy Inc (NYSE: SXC) shares tumbled 27 percent to $7.14. Suncoke Energy reported a Q3 loss of $0.36 per share on revenue of $336.9 million. The company now expects full year 2015 consolidated adjusted EBITDA of $180 million to $190 million.
Sientra Inc (NASDAQ: SIEN) was down, falling 13 percent to $6.09. The company reported that it has placed a temporary hold on sales of Sientra devices manufactured by Silimed.
In commodity news, oil traded down 5 percent to $47.15, while gold traded up 0.52 percent to $1,161.90.
Silver traded up 0.23 percent Monday to $15.86, while copper fell 0.08 percent to $2.41.
European shares closed mostly lower today. The eurozone's STOXX 600 declined 0.28 percent, the Spanish Ibex Index fell 0.61 percent, while Italy's FTSE MIB Index dipped 0.75 percent. Meanwhile, the German DAX climbed 0.23 percent, and the French CAC 40 slipped 0.27 percent, while U.K. shares fell 0.70 percent.
Federal Reserve governor Lael Brainard will give a speech on the economic outlook in Washington at 4:30 p.m. ET.
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