Market Overview

Mid-Afternoon Market Update: Fang Holdings Drops Following Q3 Results; Recro Pharma Shares Surge

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Toward the end of trading Monday, the Dow traded down 0.13 percent to 19,126.46 while the NASDAQ declined 0.28 percent to 5,384.01. The S&P also fell, dropping 0.24 percent to 2,208.13.

Leading and Lagging Sectors

Monday afternoon, utilities shares gained by 1.36 percent. Meanwhile, top gainers in the sector included NRG Energy Inc (NYSE: NRG), and American Midstream Partners LP (NYSE: AMID).

In trading on Monday, healthcare shares fell by 0.68 percent. Meanwhile, top losers in the sector included Celldex Therapeutics, Inc. (NASDAQ: CLDX), down 8 percent, and BioTime, Inc. (NYSE: BTX), down 7 percent.

Top Headline

Edwards Lifesciences Corp (NYSE: EW) announced plans to buy Valtech Cardio for up to $690 million. Edwards Lifesciences will acquire the company for $340 million in cash and stock.

The company also announced a $1 billion buyback plan.

Equities Trading UP

PhaseRx Inc (NASDAQ: PZRX) shares shot up 145 percent to $2.76 as the company reported that it has received orphan drug designation from the FDA for PRX-OTC for the treatment of ornithine transcarbamylase deficiency.

Shares of Recro Pharma Inc (NASDAQ: REPH) got a boost, shooting up 22 percent to $9.50 after it announced positive top-line results from the second of the two late-stage trials of intra-venous meloxicam meant to treat acute post-operative pain.

Time Inc (NYSE: TIME) shares were also up, gaining 18 percent to $16.30. Time rejected an $18 per share bid from Edgar Bronfman Jr., the New York Post reported.


Equities Trading DOWN

BOS Better OnLine Sol (USA) (NASDAQ: BOSC) shares dropped 14 percent to $2.03. BOS Better Online Solutions posted a Q3 loss of $0.08 per share.

Shares of Fang Holdings Ltd (NYSE: SFUN) were down 12 percent to $3.01. Fang Holdings posted a Q3 loss of $0.01 per share on revenue of $250.1 million.

Advanced Accelerator Application SA(ADR) (NASDAQ: AAAP) was down, falling around 7 percent to $31.49. Advanced Accelerator Applications reported a Q3 loss of $7 million on revenue of $30.0 million.


Commodities


In commodity news, oil traded up 2.54 percent to $47.23 while gold traded up 1.10 percent to $1,194.00.

Silver traded up 0.85 percent Monday to $16.70, while copper fell 0.35 percent to $2.67.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 dropped 0.77 percent, the Spanish Ibex Index fell 0.64 percent, while Italy’s FTSE MIB Index slipped 1.81 percent. Meanwhile the German DAX dropped 1.09 percent, and the French CAC 40 slipped 0.88 percent while U.K. shares fell 0.60 percent.

Economics

The Dallas Fed manufacturing business index rose to 10.20 for November, versus a prior reading of -1.50.

Posted-In: Earnings News Eurozone Commodities M&A Global Intraday Update Markets

 

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