Mid-Afternoon Market Update: Crude Oil Down Over 1%; BioLife Solutions Shares Move Higher

Toward the end of trading Monday, the Dow traded up 0.63 percent to 18,261.80 while the NASDAQ climbed 0.79 percent to 4,995.92. The S&P also rose, gaining 0.51 percent to 2,140.81.

Leading and Lagging Sectors

On Monday, basic materials shares surged by 1.1 percent. Top gainers in the sector included Cliffs Natural Resources Inc CLF and Endeavour Silver Corp EXK.

In trading on Monday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included Atlantic Power Corp AT, down 2 percent, and Pampa Energia S.A. (ADR) PAM, down 4 percent.

Top Headline

Bank Of The Ozarks Inc OZRK reported better-than-expected earnings for its second quarter on Monday.

Bank of the Ozarks disclosed net income of $54.5 million for the second quarter compared to $44.8 million representing an increase of 21.7 percent. On a per share basis, earnings grew 17.6 percent to $0.60 from $0.51 in the year-ago quarter. This was higher by a penny from the Street analysts' expectations.

Equities Trading UP

BioLife Solutions Inc BLFS shares shot up 65 percent to $2.59 as the company announced a 10 year supply contract with Kite Pharma Inc KITE.

Shares of Sagent Pharmaceuticals Inc SGNT got a boost, shooting up 40 percent to $21.65 as the company agreed to be acquired by Nichi-Iko Pharmaceutical for $21.75 per share. RBC Capital downgraded Sagent Pharmaceuticals from Outperform to Sector Perform.

Resolute Energy Corp REN shares were also up, gaining 47 percent to $5.59. Wunderlich upgraded the rating on Resolute Energy from Hold to Buy, while raising the price target from $4 to $8. Northland Securities also upgraded the stock from Market Perform to Outperform.

Equities Trading DOWN

Echo Therapeutics Inc ECTE shares dropped 20 percent to $1.44. Echo Therapeutics’ common stock will be suspended on Nasdaq at the opening of business on July 12, 2016. The company’s common stock will trade on the OTCQB® Venture Market.

Shares of C.H. Robinson Worldwide, Inc. CHRW were down 4 percent to $71.69. UBS downgraded C.H. Robinson Worldwide from Neutral to Sell.

Vicon Industries, Inc. VII was down, falling around 22 percent to $0.82.

Commodities

In commodity news, oil traded down 1.26 percent to $44.84 while gold traded down 0.17 percent to $1,356.10.

Silver traded up 1.12 percent Monday to $20.33, while copper rose 1.25 percent to $2.15.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.64 percent, the Spanish Ibex Index climbed 1.46 percent, while Italy’s FTSE MIB Index rose 1.21 percent. Meanwhile the German DAX gained 2.12 percent, and the French CAC 40 climbed 1.76 percent, while U.K. shares rose 1.40 percent.

Economics

Cleveland Federal Reserve Bank President Loretta J. Mester is set to speak in Sydney, Australia at 9:30 p.m. ET.