Afternoon Market Update (MNKD, BAC, WMT, HD, ANF)

Shares of Mannkind Corp MNKD moved down, after the company announced its plan of offering up to 8 million of its common shares. The company will offer the shares as a part of its share-lending agreement with Bank of America BAC. The company is also planning to offer senior convertible notes worth about $115 million, due in 2015, to certain institutional investors. MNKD’s shares have declined about 7% following the announcement. Oil and gas stocks are moving up, along with the rest of the equities market. The rise in the oil and gas stocks is also driven by higher crude-oil prices. The NYSE Arca Oil Index (XOI) rose about 0.4%, while the NYSE Arca Natural Gas Index (XNG) gained about 1.3%. Crude oil for September delivery was also up by $0.67 to $75.91 per barrel in New York. The latest earnings report by Wal-Mart WMT and Home Depot HD is driving the US retail stocks. WMT’s shares rose about 2% after the company reported a 5% y/y increase in its Q2 profit. Shares of Home Depot also gained about 1% after the company reported a 6.8% y/y in its Q2 profit. Shares of Abercrombie ANF dipped more than 8% after it announced its plans to close 60 stores. The S&P Retail Index (RLX) gained about 0.2%. Read more from Benzinga's Markets.