Midway through trading Monday, the Dow traded up 0.50% to 34,920.55 while the NASDAQ rose 0.50% to 34,920.55. The S&P also rose, gaining 0.44% to 4,410.73.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 45,204,370 cases with around 733,570 deaths. India confirmed a total of at least 33,971,600 confirmed cases and 450,810 deaths, while Brazil reported over 21,575,820 COVID-19 cases with 601,040 deaths. In total, there were at least 238,714,960 cases of COVID-19 worldwide with over 4,868,700 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Materials shares surged 1.3% on Monday. Meanwhile, top gainers in the sector included Century Aluminum Company CENX, up 15%, and Resolute Forest Products Inc. RFP, up 10%.
In trading on Monday, utilities shares tumbled 0.6%.
Supernus Pharmaceuticals SUPN agreed to acquire Adamas Pharmaceuticals ADMS for $9.10 per share, or $450 million.
The deal consideration includes $8.10 per share in cash ($400 million) and two non-tradable contingent value rights (CVR) collectively worth up to $1.00 per share in cash.
Equities Trading UP
Protagonist Therapeutics, Inc. PTGX shares shot up 89% to $34.45. The FDA removed the full clinical hold on Protagonist Therapeutics’ rusfertide clinical studies. Northland Capital Markets upgraded the stock from Market Perform to Outperform.
Shares of Adamas Pharmaceuticals, Inc. ADMS got a boost, shooting 75% to $8.09. Supernus Pharmaceuticals agreed to acquire Adamas Pharmaceuticals for $9.10 per share, or $450 million.
Flexion Therapeutics, Inc. FLXN shares were also up, gaining 61% to $9.30. Pacira BioSciences agreed to acquire Flexion Therapeutics for $8.50 per share in cash, plus one contingent value right (CVR) worth up to $8.00 per share in cash.
Equities Trading DOWN
Hyliion Holdings Corp. HYLN shares tumbled 10% to $7.06 after UBS downgraded the stock from Neutral to Sell and lowered its price target from $14 to $5.
Shares of Voyager Therapeutics, Inc. VYGR were down 12% to $4.88 after jumping around 45% on Friday.
MeaTech 3D Ltd. MITC was down, falling 10% to $7.65. Meatech 3D recently said it is partnering with a collective led by Ashton Kutcher and Guy Oseary, together with strategic players like Effie Epstein, to accelerate growth in developing, commercializing cultured meat production technologies
In commodity news, oil traded up 2.3% to $81.17, while gold traded up 0.1% to $1,758.40.
Silver traded up 0.1% Monday to $22.73 while copper rose 2.5% to $4.3805.
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.02%, the Spanish Ibex Index fell 0.81%, while Italy’s FTSE MIB Index declined 0.58%. Meanwhile, the German DAX 30 dropped 0.13%, French CAC 40 rose 0.04% and London’s FTSE 100 rose 0.53%.
Italy’s industrial production fell 0.2% from a month ago in August versus a revised 1% growth in the previous month.
There were no major US economic releases Monday.
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