Mid-Day Market Update: Mylan Jumps Following FDA Approval For Generic Copaxone; Strongbridge Biopharma Shares Plunge
Midway through trading Wednesday, the Dow traded up 0.07 percent to 22,657.03 while the NASDAQ declined 0.14 percent to 6,522.79. The S&P also fell, dropping 0.02 percent to 2,534.06.
Leading and Lagging Sectors
On Wednesday, the non-cyclical consumer goods & services shares surged 0.63 percent.
In trading on Wednesday, technology shares fell 0.38 percent. Meanwhile, top losers in the sector included Glu Mobile Inc. (NASDAQ: GLUU), down 3 percent, and Kopin Corporation (NASDAQ: KOPN) down 3 percent.
PepsiCo, Inc. (NYSE: PEP) reported better-than-expected profit for its third quarter, while sales missed estimates.
Pepsico reported Q3 adjusted earnings of $1.48 per share on sales of $16.24 billion. However, analysts were expecting earnings of $1.44 per share on sales of $16.31 billion.
Equities Trading UP
Real Goods Solar, Inc. (NASDAQ: RGSE) shares shot up 190 percent to $2.38 following announcement of exclusive license agreement with Dow to commercialize POWERHOUSE solar shingles system.
Shares of Mylan N.V. (NASDAQ: MYL) got a boost, shooting up 19 percent to $38.71 after the company reported the FDA approval of first generic for Copaxone 40 mg/mL 3-times-a-week.
Motif Bio plc - ADR (NASDAQ: MTFB) shares were also up, gaining 22 percent to $12.38 after the company disclosed that Iclaprim achieved primary endpoint of non-inferiority vs vancomycin in REVIVE-2 Phase 3 study.
Equities Trading DOWN
Sequans Communications SA ADR (NYSE: SQNS) shares dropped 36 percent to $1.95 after the company lowered its guidance for the third quarter.
Shares of Strongbridge Biopharma plc (NASDAQ: SBBP) were down 17 percent to $6.20. Stronebridge Biopharma priced offering of 4 million shares at $6.25 per share.
Office Depot Inc (NASDAQ: ODP) was down, falling around 17 percent to $3.80 after the company announced plans to acquire CompuCom for $1 billion and lowered its FY17 adjusted operating income outlook.
In commodity news, oil traded up 0.30 percent to $50.57 while gold traded up 0.21 percent to $1,277.30.
Silver traded up 0.15 percent Wednesday to $16.675, while copper fell 0.05 percent to $2.962.
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.07 percent, the Spanish Ibex Index fell 2.49 percent, while Italy’s FTSE MIB Index fell 1.19 percent. Meanwhile the German DAX gained 0.49 percent, and the French CAC 40 slipped 0.17 percent while U.K. shares fell 0.12 percent.
Private-sector employers added 135,000 jobs in September, ADP reported. Economists were expecting a gain of 125,000 jobs.
The IHS Markit services index declined to 55.3 in September, versus prior reading of 56.
The ISM non-manufacturing index rose to 59.80 in September, versus prior reading of 55.30. Economists expected a reading of 55.50.
Domestic crude supplies dropped 6.02 million barrels for the week ended September 29, the U.S. Energy Information Administration reported. However, analysts expected a fall of 756 thousand barrels. Gasoline stockpiles rose 1.64 million barrels, while distillate stockpiles slipped 2.61 million barrels for the week.
St. Louis Federal Reserve Bank President James Bullard is set to speak in St. Louis at 3:00 p.m. ET.
Federal Reserve Chair Janet Yellen will speak in St. Louis at 3:15 p.m. ET.
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