Mid-Afternoon Market Update: Dow Dips Over 650 Points; Hubbell Shares Spike Higher
Toward the end of trading Monday, the Dow traded down 3.98 percent to 15,805.47 while the NASDAQ slipped 3.99 percent to 4,518.39. The S&P also fell, dropping 4.27 percent to 1,886.72. China's Shanghai Composite Index dipped 8.49 percent today.
Leading and Lagging Sectors
In trading on Monday, technology shares fell by just 2.2 percent. Meanwhile, top gainers in the sector included Amkor Technology, Inc. (NASDAQ: AMKR ), up 8 percent, and Cree, Inc. (NASDAQ: CREE ), up 5 percent.
Southern will pay $66 per share in cash for AGL, representing a 38 percent premium over AGL's closing price of $47.86 on Friday.
Equities Trading UP
Ocata Therapeutics Inc (NASDAQ: OCAT ) shares were also up, gaining 12 percent to $4.27 after the company reported that it has been awarded a small business innovation research grant from the NIH to develop proprietary Hemangio-derived Mesenchymal Cell product for the treatment of systemic lupus erythematosus and lupus nephritis.
Shares of Hubbell Incorporated (NYSE: HUB-A ) got a boost, shooting up 23 percent to $115.00 after the company announced its plans to create a single class of common stock and lifted its share repurchase authorization.
Equities Trading DOWN
Vital Therapies Inc (NASDAQ: VTL ) shares tumbled 78 percent to $3.97 after the company reported that topline results of its VTI-208 trial failed to meet the primary endpoint for overall survival. Credit Suisse downgraded Vital Therapies from Outperform to Neutral and lowered the price target from $25.00 to $9.00.
Shares of Netflix, Inc. (NASDAQ: NFLX ) were down 4 percent to $100.14. SoftBank Corp (OTC: SFTBY ) will exclusively offer a fully integrated Netflix experience, including billing, when Netflix Japan launches on September 2.
Sky-mobi Ltd (ADR) (NASDAQ: MOBI ) was down, falling 22 percent to $2.66. Sky-Mobile reported Q2 earnings of $0.00 per share on revenue of $26.5 million.
In commodity news, oil traded down 4.35 percent to $38.69, while gold traded down 0.47 percent to $1,154.10.
Silver traded down 3.28 percent Monday to $14.85, while copper fell 2.41 percent to $2.24.
European shares closed lower today. The eurozone's STOXX 600 fell 5.33 percent, the Spanish Ibex Index declined 5.01 percent, while Italy's FTSE MIB Index dropped 5.96 percent. Meanwhile, the German DAX slipped 4.70 percent, and the French CAC 40 dropped 5.35 percent while UK shares fell 4.67 percent.
The Chicago Fed National Activity Index increased to 0.34 in July, versus a reading of -0.07 in June.
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