Market Overview

Mid-Afternoon Market Update: Peregrine Pharma Drops After Q4 Results; Quidel Shares Jump


Toward the end of trading Monday, the Dow traded up 0.01 percent to 21,640.45 while the NASDAQ declined 0.04 percent to 6,310.00. The S&P also rose, gaining 0.02 percent to 2,459.76.

Leading and Lagging Sectors

Basic materials shares rose by 0.66 percent in the US market on Monday. Top gainers in the sector included Braskem SA (ADR) (NYSE: BAK), and DRDGOLD Ltd. (ADR) (NYSE: DRD).

In trading on Monday, energy shares fell 0.12 percent. Meanwhile, top losers in the sector included Tesco Corporation (USA) (NASDAQ: TESO), down 5 percent, and SemGroup Corp (NASDAQ: SEMG), down 4 percent.

Top Headline

BlackRock, Inc. (NYSE: BLK) reported weaker-than-expected profit for its second quarter.

BlackRock posted quarterly adjusted earnings of $5.24 per share on revenue of $2.97 billion. However, analysts were expecting earnings of $5.39 per share on sales of $3.01 billion.


Equities Trading UP

Sevcon Inc (NASDAQ: SEV) shares shot up 59 percent to $21.72 after the company agreed to be acquired by BorgWarner Inc. (NYSE: BWA).

Shares of Quidel Corporation (NASDAQ: QDEL) got a boost, shooting up 13 percent to $30.83 after the company announced plans to acquire Alere Triage assets for $400 million plus $40 million in contingent consideration.

Soligenix, Inc. (NASDAQ: SNGX) shares were also up, gaining 27 percent to $2.63. H.C. Wainwright initiated coverage on Soligenix with a Buy rating and a $11.00 price target.

Equities Trading DOWN

TherapeuticsMD Inc (NYSE: TXMD) shares dropped 7 percent to $5.26 following cautious-sounding TX-004HR regulatory update.

Shares of Blue Apron Holdings Inc (NYSE: APRN) were down 11 percent to $6.52 following TheStreet article highlighting Amazon's meal kit delivery patent.

Peregrine Pharmaceuticals (NASDAQ: PPHM) was down, falling around 11 percent to $4.99 as the company reported a wider loss for its fourth quarter on Friday.


In commodity news, oil traded down 0.67 percent to $46.23 while gold traded up 0.51 percent to $1,233.80.

Silver traded up 1.02 percent Monday to $16.095, while copper rose 1.30 percent to $2.726.


European shares closed mostly lower today. The eurozone’s STOXX 600 climbed 0.01 percent, the Spanish Ibex Index fell 0.04 percent, while Italy’s FTSE MIB Index declined 0.03 percent. Meanwhile the German DAX dropped 0.35 percent, and the French CAC 40 slipped 0.10 percent while U.K. shares rose 0.35 percent.


The Empire State manufacturing index dropped to 9.80 in July, versus prior reading of 19.80. Economists were expecting a reading of 15.00.


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