Market Overview

Mid-Day Market Update: Achillion Pharmaceuticals Jumps Following Acquisition News; Natera Shares Plunge

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Midway through trading Wednesday, the Dow traded up 0.07% to 27043.10 while the NASDAQ fell 0.24% to 8129.48. The S&P also fell, dropping 0.06% to 2,993.98.

Leading and Lagging Sectors

Materials shares climbed 0.8% on Wednesday. Meanwhile, top gainers in the sector included First Majestic Silver Corp. (NYSE: AG), up 7%, and Sibanye Gold Limited (NYSE: SBGL), up 6%.

In trading on Wednesday, information technology shares fell 0.8%.

Top Headline

Bank of America Corporation (NYSE: BAC) reported better-than-expected Q3 results.

Bank of America reported third-quarter earnings of 56 cents per share, which beat the analyst consensus estimate of 51 cents. The company reported sales of $22.8 billion, versus expectations of $22.79 billion.

Equities Trading UP

Viveve Medical, Inc. (NASDAQ: VIVE) shares shot up 91% to $7.26 after surging 16.21% on Tuesday.

Shares of Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN) surged 71% to $6.24. Alexion Pharma (NASDAQ: ALXN) will buy Achillion Pharma for the initial value of $930 million, or $6.30 per share in cash plus added contingent considerations for total potential value of $8.30 per share.

Ideal Power Inc. (NASDAQ: IPWR) was up, rising 49% to $3.35.

Equities Trading DOWN

Workday, Inc. (NASDAQ: WDAY) shares tumbled 12% to $158.87 following the company's Tuesday analyst day. Bernstein said the company's focus on innovation and R&D spending is a long-term positive but could pressure margins near term. Other firms lowered their price targets.

Shares of Natera, Inc. (NASDAQ: NTRA) were down 11% to $34.96. Natera reported launch of $175 million common stock offering.

American Vanguard Corporation (NYSE: AVD) was down, falling 13% to $13.35 after the company reported weak preliminary sales for the third quarter.

Commodities

In commodity news, oil traded up 1.4% to $53.56, while gold traded up 0.5% to $1,490.90.

Silver traded up 0.1% Wednesday to $17.405, while copper fell 1.1% to $2.587.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.06%, the Spanish Ibex Index rose 0.42%, while Italy’s FTSE MIB Index climbed 0.41%. Meanwhile, the German DAX gained 0.46%, and the French CAC 40 gained 0.01% while UK shares fell 0.61%

Economics

U.S. retail sales fell 0.3% for September, versus economists’ expectations for a 0.3% increase.

U.S. business inventories were unchanged for August, versus economists’ expectations for a 0.2% rise.

The NAHB housing market index rose to 71 in October, versus prior reading of 68. However, economists were expecting a reading of 68.

Dallas Federal Reserve Bank President Robert Kaplan will speak in Austin, Texas at 1:00 p.m. ET.

The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in Washington, DC at 3:00 p.m. ET.

The Treasury International Capital report for August is schedule for release at 4:00 p.m. ET.

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

 

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