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

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. DOVA, up 38%, and Stealth BioTherapeutics Corp MITO, up 19%.

In trading on Monday, energy shares fell 0.3%.

Top Headline

Cal-Maine Foods Inc 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 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. THO got a boost, shooting up 19% to $58.07 after the company reported better-than-expected Q4 EPS results.

Seattle Genetics, Inc. 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 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 BNTC were down 17% to $0.6962 after reporting a $2.25 million registered direct offering.

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


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%.


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 UpdateEarningsNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets