Mid-Day Market Update: Crude Oil Down 1.5%; Neurotrope Shares Plummet

Midway through trading Monday, the Dow traded up 0.10 percent to 20,962.26 while the NASDAQ climbed 0.50 percent to 6,077.84. The S&P also rose, gaining 0.24 percent to 2,389.85.

Leading and Lagging Sectors

Technology sector was the top gainer in the US market on Monday. Top gainers in the sector included Ultra Clean Holdings Inc (NASDAQ: UCTT ), Cohu, Inc. (NASDAQ: COHU ), and Silicon Motion Technology Corp. (ADR) (NASDAQ: SIMO ).

In trading on Monday, utilities shares were relative laggards, down on the day by about 0.32 percent. Meanwhile, top losers in the sector included El Paso Electric Company (NYSE: EE ), down 2 percent, and Portland General Electric Company (NYSE: POR ), down 1.5 percent.

Top Headline

DISH Network Corp (NASDAQ: DISH ) reported stronger-than-expected earnings for its first quarter, but revenue missed estimates.

DISH said it earned $0.76 per share in the first quarter on revenue of $3.68 billion; Analysts were expecting the company to earn $0.69 per share on revenue of $3.78 billion.

Equities Trading UP

The Ensign Group, Inc. (NASDAQ: ENSG ) shares shot up 11 percent to $20.00 after the company reported strong results for its first quarter.

Shares of Medical Transcription Billing Corp (NASDAQ: MTBC ) got a boost, shooting up 75 percent to $2.38. Medical Transcription Billing disclosed that it has developed Health Information Exchange interfaces between its clinical platforms and leading hospitals.

Costamare Inc (NASDAQ: CMRE ) shares were also up, gaining 16 percent to $7.83. Credit Suisse upgraded Costamare from Underperform to Neutral.

Equities Trading DOWN

First NBC Bank Holding Company (NASDAQ: FNBC ) shares dropped 92 percent to $0.200. First NBC Bank was closed by the Louisiana Office of Financial Institutions.

Shares of AEterna Zentaris Inc. ( USA ) (NASDAQ: AEZS ) were down around 61 percent to $1.30 after the company disclosed that its Phase 3 Zoptec study did not achieve primary endpoint.

Neurotrope Inc (NASDAQ: NTRP ) was down, falling around 56 percent to $8.29 after a planned release of clinical data failed to impress investors. Neurotrope saw its shares gain more than 15 percent on Friday on high anticipation of Monday's results. But the company, unfortunately, revealed around 90 patients who received a 20mg dose of bryostatin did not see any statistically significant improvement.


In commodity news, oil traded down 1.5 percent to $48.60 while gold traded down 0.02 percent to $1,268.10.

Silver traded down 0.74 percent Monday to $17.135, while copper rose 2.26 percent to $2.6665.


U.S. consumer spending was flat for March, versus economists' expectations for a 0.2 percent growth. Personal income rose 0.2 percent in March, versus estimates for a 0.3 percent gain.

The Markit manufacturing PMI came in unchanged at 52.80 for April. Economists expected a reading of 52.80.

U.S. construction spending declined 0.2 percent for March, versus economists' expectations for a 0.4 percent gain.

The ISM manufacturing index dropped to 54.80 in April, versus a prior reading of 57.20. However, economists were expecting a reading of 56.50.

© 2017 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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