Cboe - Market News Story
Mid-Afternoon Market Update: NASDAQ Down 1.5%; Acer Therapeutics Shares Slide

Lisa Levin 6/25/2019 1:54:53 PM

Toward the end of trading Tuesday, the Dow traded down 0.71% to 26,536.70 while the NASDAQ fell 1.5% to 7,884.88. The S&P also fell, dropping 0.87% to 2,919.76.

Leading and Lagging Sectors

Materials shares rose 0.2% on Tuesday. Meanwhile, top gainers in the sector included New Gold Inc. (NYSE: NGD), up 8%, and Neenah, Inc. (NYSE: NP), up 6%.

In trading on Tuesday, communication services shares fell 1.3%.

Top Headline

Lennar Corporation (NYSE: LEN) announced better-than-expected results for its second quarter.

Lennar reported second-quarter earnings of $1.30 per share, which beat the analyst consensus estimate of $1.14. The company reported quarterly sales of $5.6 billion, which beat the analyst consensus estimate of $5.1 billion.

Equities Trading UP

Pyxus International, Inc. (NYSE: PYX) shares shot up 23% to $16.52 after Imperial Capital initiated coverage on the stock with an Outperform rating and announced a $71 price target.

Shares of Allergan plc (NYSE: AGN) got a boost, shooting up 27% to $164.14. AbbVie Inc (NYSE: ABBV) reached a deal to acquire Allergan for $63 billion. Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total of $188.24 per Allergan share.

Xencor, Inc. (NASDAQ: XNCR) shares were also up, gaining 13% to $38.30 after it was announced the company would replace HFF Inc in the S&P SmallCap 600..

Equities Trading DOWN

Acer Therapeutics Inc. (NASDAQ: ACER) shares tumbled 79% to $3.9701 after the FDA rejected its New Drug Application for EDSIVO.

Shares of Conatus Pharmaceuticals Inc. (NASDAQ: CNAT) were down 66% to $0.3165 after the company announced its ENCORE-LF trial of Emricasan did not meet its primary endpoint. The company will discontinue treatment, reduce its workforce and pursue strategic alternatives.

Gamida Cell Ltd. (NASDAQ: GMDA) was down, falling 26% to $5.30. Gamida Cell announced the launch of a proposed follow-on public offering of about $30 million worth of its shares.

Commodities

In commodity news, oil traded up 0.2% to $58.01, while gold traded up 0.6% to $1,427.20.

Silver traded down 0.1% Tuesday to $15.37, while copper rose 0.8% to $2.7265.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.1%, the Spanish Ibex Index fell 0.36%, while Italy's FTSE MIB Index dropped 0.73%. Meanwhile, the German DAX slipped 0.38%, and the French CAC 40 fell 0.13% while UK shares rose 0.08%.

Economics

The Johnson Redbook Retail Sales Index fell 2.5% during the first three weeks of June versus May.

The S&P Corelogic Case-Shiller home price index increased 2.5% year-over-year in April, versus a revised 2.6 percent rise in the prior month.

The FHFA's house price index rose 0.4% in April, compared to a 0.1% increase in the prior month.

New home sales fell 7.8% for May to an annual rate of 626,000 in May.

The Conference Board consumer confidence index fell to 121.5 for June, versus a revised reading of 131.3.

The Richmond Fed's manufacturing index fell to 3 for June, versus prior reading of 5.

St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis, Missouri at 6:30 p.m. ET.



Attachments

  • Original document
  • Permalink

Disclaimer

CBOE Holdings Inc. published this content on 25 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2019 19:30:02 UTC