Mid-Afternoon Market Update: Crude Oil Down 0.6%; Fibrocell Science Shares Spike Higher

Toward the end of trading Monday, the Dow traded down 0.12 percent to 26380.81 while the NASDAQ declined 0.13 percent to 7,973.83. The S&P also fell, dropping 0.09 percent to 2,904.83.

Leading and Lagging Sectors

Monday afternoon, the consumer staples shares rose 0.7 percent. Meanwhile, top gainers in the sector included Dean Foods Company DF up 8 percent, and Seneca Foods Corporation SENEB up 10 percent.

In trading on Monday, financial shares fell 0.8 percent.

Top Headline

Goldman Sachs Group Inc GS reported mixed results for its first quarter on Monday.

Goldman Sachs said it earned $5.71 per share in the first quarter on revenue of $8.807 billion versus expectations of $4.89 per share and $9.04 billion. Net earnings for the quarter fell from $2.832 billion in the same quarter last year to $2.251 billion as total revenue fell 13 percent.

By segment, Investment Banking revenue was unchanged year-over-year at $1.81 billion, Institutional Client Services revenue fell 18 percent to $3.61 billion, Investing & Lending revenue fell 14 percent to $1.84 billion.

Equities Trading UP

Electronics for Imaging, Inc. EFII shares got a boost, shooting up 29 percent to $37.87 after the company agreed to be acquired by an affiliate of Siris Capital Group, LLC in all-cash transaction valued at approximately $1.7 billion.

Shares of Fibrocell Science, Inc. FCSC shot up 45 percent to $2.5785 after the company disclosed an agreement with Castle Creek Pharmaceuticals to develop and commercialize FCX-007. Fibrocell will receive a $30M upfront payment.

Vectrus, Inc. VEC shares were also up, gaining 31 percent to $38.94 after the company won a military contract and reaffirmed its 2019 guidance.

 

Equities Trading DOWN

Reebonz Holding Limited RBZ shares dropped 55 percent to $5.15 after the company priced a $10.8 million offering at $5 for a share and warrant.

Shares of Achaogen, Inc. AKAO were down 69 percent to $0.1541 after the company filed for chapter 11 bankruptcy protection.

China Recycling Energy Corporation CREG was down, falling around 31 percent to $0.6501 after the company reported 2018 sales fell 25% year-over-year and announced a 2.36 million share offering.

Commodities

In commodity news, oil traded down 0.7 percent to $63.47 while gold traded down 0.3 percent to $1,291.10.

Silver traded down 0.2 percent Monday to $14.935, while copper fell 0.5 percent to $2.9325.

 

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.15 percent, the Spanish Ibex Index rose 0.3 percent, while Italy’s FTSE MIB Index rose 0.16 percent. Meanwhile the German DAX climbed 0.17 percent, and the French CAC 40 gained 0.11 percent while U.K. shares fell 0.01 percent.

Economics

The Empire State manufacturing index increased to 10.1 in April, compared to 3.7 in the previous month.

The Treasury International Capital report for February will be released at 4:00 p.m. ET.