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Mid-Afternoon Market Update: Dow Down 150 Points; Intra-Cellular Therapies Shares Plunge

Toward the end of trading Monday, the Dow traded down 0.56% to 26,772.05 while the NASDAQ fell 0.93% to 8085.96. The S&P also fell, dropping 0.60% to 2,972.38.

Leading and Lagging Sectors

Real estate shares rose 0.5% on Monday. Meanwhile, top gainers in the sector included IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP), up 4%, and CBL & Associates Properties, Inc (NYSE: CBL), up 3%.

In trading on Monday, health care shares fell 1%.

Top Headline

Deutsche Bank AG (NYSE: DB) confirmed over the weekend it will eliminate 18,000 jobs by 2022 to save 17 billion euros ($19 billion USD).

Deutsche Bank plans on eliminating its global equities sales and trading business and cut back its investment banking business to improve profitability. The restructuring plan will result in a net loss of 2.8 billion euros in the second quarter and is expected to cost 7.4 billion euros through 2022.

Equities Trading UP

Taronis Technologies, Inc. (NASDAQ: TRNX) shares shot up 29% to $0.2686 after the company generated record MagneGas production.

Shares of Sol-Gel Technologies Ltd. (NASDAQ: SLGL) got a boost, shooting up 15% to $10.30 after announcing positive results from its Phase 3 program evaluating Epsolay microencapsulated benzoyl peroxide cream, 5%, made with the company’s proprietary microencapsulation technology, for the treatment of papulopustular rosacea.

Soliton, Inc. (NASDAQ: SOLY) shares were also up, gaining 51% to $17.21. Soliton will announce cellulite trial data for 26-week period on July 15, 2019.

Equities Trading DOWN

Intra-Cellular Therapies, Inc. (NASDAQ: ITCI) shares tumbled 22% to $10.50 after the company released mixed study results from two Phase 3 clinical trials evaluating lumateperone as monotherapy in the treatment of major depressive episodes associated with bipolar depression.

Shares of CannTrust Holdings Inc. . (NYSE: CTST) were down 21% to $3.92 after Health Canada notified the company that its greenhouse facility in Ontario is not compliance with certain regulations and placed a hold on inventory from this until the company is in compliance.

Nano Dimension Ltd. (NASDAQ: NNDM) was down, falling 19% to $0.4230 after the company reported preliminary Q2 sales of $1 million to $1.2 million, which is below management's expectations. Nano Dimension announced it's conducting a review of strategic alternatives. The company states there can be no assurance that the exploration of strategic alternatives will result in a transaction.

Commodities

In commodity news, oil traded up 0.7% to $57.91, while gold traded down 0.1% to $1,398.70.

Silver traded up 0.4% Monday to $15.065, while copper fell 0.1% to $2.6575.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.05%, the Spanish Ibex Index fell 0.54%, while Italy’s FTSE MIB Index dropped 0.04%. Meanwhile, the German DAX declined 0.2%, and the French CAC 40 fell 0.08% while UK shares fell 0.05%.

Economics

Data on consumer credit for May will be released at 3:00 p.m. ET.

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In This Story

CBL DB TRNX SOLY ITCI IRCP NNDM SLGL

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