Market Overview

Mid-Day Market Update: Thor Industries Surges On Earnings Beat; Benitec Biopharma Shares Slide

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Midway through trading Monday, the Dow traded up 0.36% to 26,916.91 while the NASDAQ rose 0.41% to 7,971.21. The S&P also rose, gaining 0.41% to 2,974.05.

Leading and Lagging Sectors

Health care shares climbed 0.8% on Monday. Meanwhile, top gainers in the sector included Dova Pharmaceuticals, Inc. (NASDAQ: DOVA), up 38%, and Stealth BioTherapeutics Corp (NASDAQ: MITO), up 19%.

In trading on Monday, energy shares fell 0.3%.

Top Headline

Cal-Maine Foods Inc (NASDAQ: CALM) reported weaker-than-expected results for its first quarter.

Cal-Maine Foods posted a first-quarter loss of 94 cents per share, which missed the analyst consensus estimate of an 89-cent loss. The company reported quarterly sales of $241.2 million, which missed the analyst consensus estimate of $254.52 million.

Equities Trading UP

Dova Pharmaceuticals Inc (NASDAQ: DOVA) shares shot up 39% to $28.00 in reaction to a buyout deal. Dova said Monday it has entered into an agreement to be bought by Swedish Orphan Biovitrum, or SOBI, for $27.50 per share in cash, along with one non-tradeable contingent value right, or CVR, that entitles Dova shareholders to receive an additional $1.50 per share in cash upon regulatory approval of Doptelet.

Shares of Thor Industries, Inc. (NYSE: THO) got a boost, shooting up 19% to $58.07 after the company reported better-than-expected Q4 EPS results.

Seattle Genetics, Inc. (NASDAQ: SGEN) shares were also up, gaining 14% to $86.66 after Piper Jaffray maintained an Overweight rating on the stock and raised the price target from $75 to $95. Piper Jaffray raised the price target after Seattle Genetics presented compelling initial data from the EV-103 study, which compares favorably to the current standard of care. It also sees the potential for further upside from additional UBS opportunities.

Equities Trading DOWN

Ocugen Inc (NASDAQ: OCGN) shares tumbled 75% to $2.46. Ocugen announced the completion of its merger with Histogenics Corporation. Ocugen and CanSinoBIO reported a strategic partnership for gene therapy co-development and manufacturing.

Shares of Benitec Biopharma Limited (NASDAQ: BNTC) were down 17% to $0.6962 after reporting a $2.25 million registered direct offering.

Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) was down, falling 23% to $5.16. Bank of America downgraded Adamas Pharmaceuticals from Neutral to Underperform.
 

Commodities

In commodity news, oil traded down 1% to $55.35, while gold traded down 1.1% to $1,490.60.

Silver traded down 2.5% Monday to $17.21, while copper fell 0.2% to $2.5925.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.42%, the Spanish Ibex Index rose 0.56%, while Italy’s FTSE MIB Index climbed 0.4%. Meanwhile, the German DAX gained 0.42%, and the French CAC 40 gained 0.61% while UK shares fell 0.05%.

Economics

The Chicago PMI fell to 47.1 in September, versus prior reading of 50.4. However, economists were expecting a reading of 50.2.

Posted-In: Mid-Day Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

 

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