Mid-Afternoon Market Update: Dow Surges 100 Points; Sunedison Shares Tumble Following Report Of SEC Probe

Toward the end of trading Tuesday, the Dow traded up 0.57 percent to 17,635.68 while the NASDAQ gained 1.64 percent to 4,844.79. The S&P also rose, gaining 0.83 percent to 2,053.89.

Leading and Lagging Sectors

On Tuesday, technology shares gained by 1.61 percent. Meanwhile, top gainers in the sector included Himax Technologies, Inc. (ADR) (NASDAQ: HIMX ), up 13 percent, and PAR Technology Corporation (NYSE: PAR ), up 9 percent.

In trading on Tuesday, energy shares rose by just 0.1 percent. Meanwhile, top losers in the sector included Diamond Offshore Drilling Inc (NYSE: DO ), down 6 percent, and Denbury Resources Inc. (NYSE: DNR ), down 5 percent.

Top Headline

Lennar Corporation (NYSE: LEN ) reported better-than-expected earnings for its fiscal first quarter on Tuesday.

Lennar reported quarterly earnings of $0.63 per share on revenue of $1.99 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $1.86 billion.

Equities Trading UP

Keryx Biopharmaceuticals (NASDAQ: KERX ) shares shot up 14 percent to $5.17 after the company announced positive top-line results from its pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia in adults with non-dialysis dependent chronic kidney disease.

Shares of Cleco Corporation (NYSE: CNL ) got a boost, shooting up 13 percent to $55.19 after the company confirmed that the Louisiana Public Service Commission (LPSC) voted to approve a sale of the company.

OHR Pharmaceutical Inc (NASDAQ: OHRP ) shares were also up, gaining 22 percent to $3.47. OHR Pharmaceutical announced it has reached an agreement on the Special Protocol Assessment ( SPA ) with the U.S. Food and Drug Administration on the design of a Phase 3 trial for its lead drug candidate, Squalamine.

Equities Trading DOWN

Sunedison Inc (NYSE: SUNE ) shares dropped 53 percent to $0.595 in reaction to a Wall Street Journal report that the company is facing a Securities and Exchange Commission investigation.

Shares of BioPharmX Corp (NYSE: BPMX ) were down 31 percent to $1.02 after the company announced the pricing of 3.6 million share common stock.

Puma Biotechnology Inc (NYSE: PBYI ) was down, falling around 22 percent to $27.53 after the company issued an update to the timeline for the filing of a new drug application. Puma Biotechnology will submit the NDA for neratinib in mid-2016. According to a press release, the decision was based on the company's recent meetings with the U.S. Food and Drug Administration.


In commodity news, oil traded down 2.87 percent to $38.26, while gold traded up 1.55 percent to $1,241.00.

Silver traded up 0.69 percent Tuesday to $15.30, while copper fell 1.51 percent to $2.21.


European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.50 percent, the Spanish Ibex Index gained 0.21 percent, while Italy's FTSE MIB Index rose 0.03 percent. Meanwhile, the German DAX gained 0.37 percent, and the French CAC 40 gained 0.85 percent, while U.K. shares fell 0.01 percent.


The S&P/Case-Shiller home price index gained 5.7 percent year-over-year in January.

The Conference Board's consumer confidence index gained to 96.20 in March, versus a prior reading of 92.20. However, economists were expecting a reading of 94.00.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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