Market Overview

Mid-Morning Market Update: Markets Open Lower; Deutsche Bank Plans to Raise Capital

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Following the market opening Monday, the Dow traded down 0.25 percent to 20,954.18 while the NASDAQ declined 0.54 percent to 5,838.83. The S&P also fell, dropping 0.46 percent to 2,372.14.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares slipped by just 0.04 percent in trading on Monday.

In trading on Monday, basic materials shares fell by 1.01 percent. Meanwhile, top losers in the sector included Olympic Steel, Inc. (NASDAQ: ZEUS), down 4 percent, and Albemarle Corporation (NYSE: ALB), down 4 percent.

Top Headline

Deutsche Bank AG (USA) (NYSE: DB) confirmed it was preparing to raise approximately 8 billion euros ($8.47 billion) and consider strategic measures.

The bank announced over the weekend that it will issue 687.5 million new shares to raise the approximate 8 billion euros.

Also, Deutsche Bank will restructure its existing Global Markets, Corporate Finance and Transaction Banking businesses into one single division, which will be called Corporate & Investment Bank.

Other actions include the reduction of Deutsche Bank's legacy assets pool, sale of a minority stake in Deutsche Asset Management through an IPO within two years and disposing riskier business operations.

Equities Trading UP

TG Therapeutics Inc (NASDAQ: TGTX) shares shot up 107 percent to $11.06 after the company disclosed that Phase 3 GENUINE study met its primary endpoint.

Shares of Concert Pharmaceuticals Inc (NASDAQ: CNCE) got a boost, shooting up 54 percent to $14.82. Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) announced plans to acquire CTP-656 from Concert Pharma for $160 million in cash and potential $90 million in milestones.

Dextera Surgical Inc (NASDAQ: DXTR) shares were also up, gaining 45 percent to $1.65 after the company disclosed that MicroCutter 5/80 surgical stapler enabled shorter hospital stays through less invasive lobectomy.

Equities Trading DOWN

Armstrong Flooring Inc (NYSE: AFI) shares dropped 10 percent to $19.75. Armstrong Flooring reported a Q4 loss of $6.3 million on revenue of $271.7 million.

Shares of Shiloh Industries, Inc. (NASDAQ: SHLO) were down around 12 percent to $14.44. Shiloh Industries is expected to release its Q1 results on Thursday, March 9, 2017.

AtriCure Inc. (NASDAQ: ATRC) was down, falling around 7 percent to $17.69. AtriCure disclosed that it has hired Vinayak (Vini) Doraiswamy as its Senior Vice President of Clinical, Regulatory, and Scientific Affairs.

Commodities

In commodity news, oil traded down 0.24 percent to $53.20 while gold traded up 0.60 percent to $1,233.90.

Silver traded up 0.96 percent Monday to $17.91, while copper fell 1.54 percent to $2.66.

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.42 percent, the Spanish Ibex Index rose 0.04 percent, while Italy’s FTSE MIB Index declined 0.51 percent. Meanwhile the German DAX declined 0.42 percent, and the French CAC 40 fell 0.40 percent while U.K. shares fell 0.40 percent.

Economics

U.S. factory orders rose 1.20 percent for January, versus economists’ expectations for a 1.00 percent gain.

The TD Ameritrade Investor Movement Index for February is scheduled for release at 12:30 p.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Washington, D.C. at 3:00 p.m. ET.

Posted-In: Earnings News Eurozone Commodities Global Intraday Update Markets Movers

 

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