Mid-Day Market Update: Bob Evans Farms Rises On Acquisition News; Mediwound Shares Plunge

Midway through trading Tuesday, the Dow traded up 0.13 percent to 22,359.20 while the NASDAQ climbed 0.13 percent to 6,462.98. The S&P also rose, gaining 0.09 percent to 2,506.23.

Leading and Lagging Sectors

On Tuesday, the telecommunications services shares surged 0.57 percent. Meanwhile, top gainers in the sector included Internet Initiative Japan Inc. (ADR) IIJI, up 2 percent, and Mobil'nye Telesistemy PAO (ADR) MBT, up 2 percent.

In trading on Tuesday, healthcare shares fell 0.22 percent. Meanwhile, top losers in the sector included NewLink Genetics Corp NLNK, down 5 percent, and Molina Healthcare, Inc. MOH down 6 percent.

Top Headline

AutoZone, Inc. AZO reported stronger-than-expected earnings for its fourth quarter.

AutoZone posted Q4 adjusted earnings of $15.18 per share on revenue of $3.51 billion. However, analysts were expecting earnings of $15.11 per share on sales of $3.49 billion.

Equities Trading UP

Bob Evans Farms Inc BOBE shares shot up 6 percent to $77.04 after Post Holdings Inc POST announced plans to purchase the company for $77 per share.

Shares of Nabriva Therapeutics plc NBRV got a boost, shooting up 16 percent to $10.25. Nabriva Therapeutics announced a $80 million common stock offering.

Quidel Corporation QDEL shares were also up, gaining 11 percent to $45.20. Piper Jaffray upgraded Quidel from Neutral to Overweight.

Equities Trading DOWN

Synchronoss Technologies, Inc. SNCR shares dropped 37 percent to $10.50 after Siris Capital disclosed that it is no longer interested in an all cash takeover of the company.

Shares of Mediwound Ltd MDWD were down 17 percent to $5.00. Mediwound priced its 4,400,000 offering of ordinary shares at $5 per share.

Aldeyra Therapeutics Inc ALDX was down, falling around 19 percent to $7.40. Aldeyra Therapeutics reported proposed public offering of common stock.

Commodities

In commodity news, oil traded up 0.14 percent to $49.98 while gold traded up 0.15 percent to $1,312.80.

Silver traded up 0.75 percent Tuesday to $17.285, while copper fell 0.13 percent to $2.965.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.03 percent, the Spanish Ibex Index rose 0.37 percent, while Italy’s FTSE MIB Index climbed 0.02 percent. Meanwhile the German DAX declined 0.04 percent, and the French CAC 40 gained 0.16 percent while U.K. shares rose 0.35 percent.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

U.S. housing starts declined 0.8 percent to an annual rate of 1.18 million in August, compared to revised 1.19 million in July. Building permits increased 5.70 percent for August.

The U.S. current-account deficit climbed 8.5 percent to $123.1 billion in the second quarter.

The import price index rose 0.6 percent for August.

The Johnson Redbook Retail Sales Index rose 0.1 percent during the first three weeks of September versus August.