Mid-Afternoon Market Update: Crude Oil Down 1%; MOCON Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 0.64 percent to 20,583.90 while the NASDAQ rose 0.59 percent to 5,839.36. The S&P also rose, gaining 0.60 percent to 2,342.95.

Leading and Lagging Sectors

Monday afternoon, the financial sector proved to be a source of strength for the market. Leading the sector was strength from Banco Bradesco SA (ADR) BBD and Gafisa SA (ADR) GFA.

In trading on Monday, healthcare shares rose by just 0.15 percent. Meanwhile, top losers in the sector included Incyte Corporation INCY, down 11 percent, and Tenet Healthcare Corp THC, down 9 percent.

Top Headline

China's Ant Financial raised its bid for Moneygram International Inc MGI by 36 percent to $18 per share in cash.

The offer surpassed a bid from Euronet for $15.20 per share.


Equities Trading UP

Cleveland BioLabs, Inc. CBLI shares shot up 117 percent to $3.38. Cleveland BioLabs reported the start of in vivo biocomparability study and announced the European Medicines Agency positive opinion regarding the entolimod pediatric investigation plan.

Shares of MOCON, Inc. MOCO got a boost, shooting up 37 percent to $29.70 after AMETEK, Inc. AME announced plans to buy MOCON at $30 per share in cash.

Alere Inc ALR shares were also up, gaining 16 percent to $49.10. Abbott Laboratories ABT agreed to buy Alere for $51 per share, versus its earlier offer of $56 per share.

 

Equities Trading DOWN

Vince Holding Corp VNCE shares dropped 21 percent to $1.02. Vince reported a delay in fiscal 2016 10-K filing.

Shares of Skyline Corporation SKY were down around 27 percent to $6.18. Skyline posted a Q3 net loss of $2,447,000, or $0.29 per share, versus year-ago net loss of $520,000 or $0.06 per share.

Oncomed Pharmaceuticals Inc OMED was down, falling around 18 percent to $3.99 as the company disclosed that its Phase 2 trial of tarextumab did not meet endpoints. OncoMed also reported that it will discontinue enrollment in Phase 1B clinical trial of brontictuzumab. Piper Jaffray downgraded OncoMed from Overweight to Neutral.


Commodities


In commodity news, oil traded down 1.07 percent to $52.61 while gold traded down 0.07 percent to $1,287.60.

Silver traded down 0.32 percent Monday to $18.45, while copper rose 1.11 percent to $2.599.

 

Economics

The Empire State manufacturing index declined to 5.20 in April, versus a prior reading of 16.40. Economists were expecting a reading of 15.00.

The NAHB housing market index dropped 3 points to a reading of 68 in April.

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

Federal Reserve Vice Chairman Stanley Fischer is set to speak in New York City at 5:00 p.m. ET.

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Posted In: EarningsNewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Afternoon Market Update
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