Mid-Afternoon Market Update: Dow Falls 90 Points; RumbleON Shares Plummet

Toward the end of trading Friday, the Dow traded down 0.31% to 28,865 while the NASDAQ fell 0.09% to 9,194.80. The S&P also fell, dropping 0.12% to 3,270.64. Leading and Lagging Sectors Real estate shares climbed 0.9% on Friday. Meanwhile, top gainers in the sector included Griffin Industrial Realty, Inc. GRIF, up 3%, and CoreSite Realty Corporation COR, up 2.5%. In trading on Friday, industrial shares fell 0.4%. Top Headline Eli Lilly And Co LLY announced Friday it will acquire Dermira Inc DERM for $18.75 per share, around $1.1 billion, in an all-cash transaction.. The transaction is expected to close by the end of the first-quarter of 2020. The purchase price represents a premium of 86% to the 60-day volume-weighted average trading price of Dermira's stock ending on Jan 9., the last trading day before the announcement of the transaction. Equities Trading UP PhaseBio Pharmaceuticals, Inc. PHAS shares shot up 18% to $6.66 after the company announced a financing and co-development collaboration with SFJ Pharmaceuticals for PB2452. PhaseBio to receive $120 million in development funding. Shares of Sorrento Therapeutics Inc SRNE got a boost, shooting up 39% to $4.7232 following news it received an unsolicited acquisition offer from private equity at $7 per share. Ultragenyx Pharmaceutical Inc. RARE shares were also up, gaining 26% to $54.98. Ultragenyx Pharmaceutical announced topline positive safety and efficacy data from Cohort 3 and longer-term data from Cohort 2 of the Phase 1/2 study of DTX301, an investigational AAV gene therapy for the treatment of ornithine transcarbamylase, or OTC, deficiency. Equities Trading DOWN Portola Pharmaceuticals, Inc. PTLA shares tumbled 41% to $14.70 after the company reported preliminary FY19 Andexxa global net revenues of $111 million. Shares of Six Flags Entertainment Corporation SIX were down 18% to $35.74 after the company disclosed that its development of co-branded parks in China has not progressed as management had expected. Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered the price target from $49 to $42 per share. RumbleON, Inc. RMBL was down, falling 25% to $0.6052 after the company issued Q4 and FY19 sales guidance below analyst estimates, and reported a common stock offering of no disclosed size. Commodities In commodity news, oil traded down 0.7% to $59.13, while gold traded up 0.3% to $1,559.20. Silver traded up 0.9% Friday to $18.095, while copper rose 0.5% to $2.8145. Euro zone European shares closed mostly lower today. The eurozone's STOXX 600 declined 0.12%, the Spanish Ibex Index fell 0.09%, while Italy's FTSE MIB Index gained 0.02%. Meanwhile, the German DAX dropped 0.09%, and the French CAC 40 slipped 0.09% while UK shares fell 0.14%. Economics The U.S. economy created 145,000 jobs for December. However, economists were expecting a gain of 164,000 jobs. The unemployment rate held steady at 3.5% in December. The total number of active U.S. oil rigs declined by 11 to 659 rigs this week, Baker Hughes Inc reported.