Mid-Day Market Update: Dow Gains Over 300 Points; Concordia International Shares Drop Following Disappointing Earnings

Midway through trading Monday, the Dow traded up 1.92 percent to 18,231.49 while the NASDAQ climbed 2.38 percent to 5,166.42. The S&P also rose, gaining 2.09 percent to 2,128.68.

Leading and Lagging Sectors

On Monday, technology shares gained by 2.34 percent. Meanwhile, top gainers in the sector included Datalink Corporation DTLK, and Imperva Inc IMPV.

In trading on Monday, utilities shares rose by just 0.7 percent. Meanwhile, top losers in the sector included Korea Electric Power Corporation (ADR) KEP, down 1 percent, and National Grid plc (ADR) NGG, down 1 percent.

Top Headline

LendingClub Corp LC reported a smaller loss than analysts estimated for the third quarter. Similarly, revenue also came in above the estimates.

The company reported adjusted loss of $0.04 a share, exceeding expectations by $0.03 per share. Its revenue came in at $112.6 million, beating estimates by $9.29 million.

Equities Trading UP

Blue Nile Inc NILE shares shot up 34 percent to $40.86 after the company disclosed a deal with Bain Capital Private Equity and Bow Street LLC for $40.75 a share in cash.

Shares of Datalink Corporation DTLK got a boost, shooting up 18 percent to $11.16 after Insight Enterprises, Inc. NSIT announced plans to acquire Datalink for $11.25 per share in cash.

Ionis Pharmaceuticals Inc IONS shares were also up, gaining 20 percent to $32.67. Biogen Inc BIIB and Ionis Pharmaceuticals disclosed that SPINRAZA has met the primary endpoint at interim analysis of Phase 3 CHERISH study.

Equities Trading DOWN

Concordia International Corp CXRX shares dropped 36 percent to $2.03 after the company reported downbeat results for its third quarter. Concordia also disclosed that it is suspending its guidance.

Shares of HSN, Inc. HSNI were down 10 percent to $32.25 after the company posted weaker-than-expected Q3 earnings.

Nobilis Health Corp (USA) HLTH was down, falling around 13 percent to $2.60. Nobilis Health posted a Q3 loss of $0.04 per share on revenue of $70.7 million.

Commodities

In commodity news, oil traded up 0.73 percent to $44.39 while gold traded down 1.82 percent to $1,280.80.

Silver traded down 1.28 percent Monday to $18.14, while copper rose 1.77 percent to $2.31.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 1.53 percent, the Spanish Ibex Index rose 1.45 percent, while Italy’s FTSE MIB Index surged 2.56 percent. Meanwhile the German DAX climbed 1.93 percent, and the French CAC 40 rose 1.91 percent while U.K. shares rose 1.70 percent.

Economics

Chicago Federal Reserve Bank President Charles Evans is set to speak in Chicago at 2:45 p.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

Data on consumer credit for September will be released at 3:00 p.m. ET.