Mid-Afternoon Market Update: Dow Jumps 200 Points; Aduro Biotech Shares Drop Following Announcement of Failed Phase 2b ECLIPSE Trial

Toward the end of trading Monday, the Dow traded up 1.15 percent to 17,737.52 while the NASDAQ surged 1.35 percent to 4,781.34. The S&P also rose, gaining 1.12 percent to 2,069.45. Leading and Lagging Sectors Energy shares surged around 1.85 percent in trading on Monday. Top gainers in the sector included Legacy Reserves LP LGCY, Whiting Petroleum Corp WLL, and Atwood Oceanics, Inc. ATW. In trading on Monday, utilities shares rose by just 0.1 percent. Meanwhile, top losers in the sector included Companhia Paranaense de Energia (ADR) ELP, down 3.5 percent, and TransAlta Corporation (USA) TAC, down 5 percent. Top Headline Pfizer Inc. PFE announced plans to buy Anacor Pharmaceuticals Inc ANAC for $99.25 per share in cash. The total transaction value, net of cash, is estimated to be approximately $5.2 billion, which assumes the conversion of Anacor's outstanding convertible notes. Equities Trading UP MGT Capital Investments Inc. MGT shares shot up 73 percent to $2.98 after John McAfee proposed to become Executive Chairman and CEO. Shares of Anacor Pharmaceuticals Inc ANAC got a boost, shooting up 55 percent to $99.49 after the company agreed to be acquired by Pfizer Inc. PFE for $99.25 per share. Nanosphere, Inc. NSPH shares were also up, gaining 68 percent to $1.31 after the company agreed to be acquired by Luminex Corporation LMNX for $1.35 per share. Equities Trading DOWN Aduro BioTech Inc ADRO shares dropped 19 percent to $8.69 after the company reported that its Phase 2b ECLIPSE trial has missed primary endpoint. Shares of Versar Inc. VSR were down 36 percent to $1.61. Versar reported a Q3 loss of $1.34 per share on revenue of $36.5 million. Breitburn Energy Partners LP BBEP was down, falling around 70 percent to $0.0580 as the company filed for Chapter 11 bankruptcy protection. Commodities In commodity news, oil traded up 2.83 percent to $47.52 while gold traded up 0.20 percent to $1,275.20. Silver traded up 0.25 percent Monday to $17.18, while copper rose 0.70 percent to $2.09. Eurozone European shares closed mixed today. The eurozone's STOXX 600 rose 0.01 percent, the Spanish Ibex Index fell 0.45 percent, while Italy's FTSE MIB Index gained 0.04 percent. The French CAC 40 declined 0.18 percent while U.K. shares rose 0.21 percent. Economics The Empire State general business conditions index dropped to negative 9.02 in May, compared to positive 9.56 in April. However, economists were expecting a reading of positive 6.50. The NAHB housing market index was unchanged at 58 in May. However, economists were projecting a reading of 59.