ACADIA Pharmaceuticals (ACAD) 30.23 red arrow -$0.13 (-0.43%) 02:34PM (15 mins delay)

Mid-Afternoon Market Update: Dow Jumps 50 Points; Pandora Shares Slide

Mar 28, 2016 - 2:38 PM EDT

Toward the end of trading Monday, the Dow traded up 0.29 percent to 17,566.31 while the NASDAQ gained 0.09 percent to 4,777.83. The S&P also rose, gaining 0.24 percent to 2,040.89.

Leading and Lagging Sectors

On Monday, cyclical consumer goods & services shares gained by 0.87 percent. Meanwhile, top gainers in the sector included New York & Company, Inc. (NYSE: NWY), up 7 percent, and Finish Line Inc (NASDAQ: FINL), up 14 percent.

In trading on Monday, technology shares dipped by 0.14 percent. Meanwhile, top losers in the sector included ChinaCache Internatnl Hldgs Ltd (ADR) (NASDAQ: CCIH), down 7 percent, and Glu Mobile Inc. (NASDAQ: GLUU), down 7 percent.

Top Headline

Cal-Maine Foods Inc (NASDAQ: CALM) reported better-than-expected earnings for its third quarter on Monday.

Cal-Maine reported Q3 earnings of $1.33 per share on revenue of $449.8 million. However, analysts were expecting earnings of $0.99 per share on revenue of 463.6 million.

Equities Trading UP

Alder Biopharmaceuticals Inc (NASDAQ: ALDR) shares shot up 48 percent to $25.49. Alder Biopharmaceuticals announced earlier in the morning positive top-line data from 2 clinical trials which studied its ALD403 product, an antibody product candidate for the treatment of migraine headaches.

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) got a boost, shooting up 22 percent to $24.75 after the FDA released briefing documents for the company's drug called Nuplazid (pimavanserin). According to Fierce Biotech, Acadia Pharmaceuticals will face "some tough questions" on Tuesday when the U.S. Food and Drug Administration's advisory committee will review the company's antipshotic drug pimavanserin. However, the publication suggested the FDA's internal review document suggests that the "door is still open to a possible approval." Fierce Biotech noted that while the FDA recognized that Acadia Pharmaceuticals' 34-mg dose of pimavanserin significantly improved symptoms of Parkinson's, there was also a "distinct" increase in the numbers of deaths and adverse events among patients.

Synthesis Energy Systems, Inc. (NASDAQ: SYMX) shares were also up, gaining 27 percent to $1.08. Synthesis Energy Systems detailed earlier in the morning a new strategic joint project development and investment agreement with China Environment State Investment Co (CESI). As part of the agreement, Synthesis Energy Systems will develop at least 20 projects using SES Gasification Technology (SGT) over the next five years.

Equities Trading DOWN

Apricus Biosciences Inc (NASDAQ: APRI) shares dropped 47 percent to $0.715 after the company disclosed "disappointing" Phase 2b data. Apricus Biosciences stated that a proof-of-concept study of fispemifene in men with secondary hypogonadism and sexual dysfunction failed to achieve statistical significance in key clinical benefit endpoints despite an increase in testosterone levels.

Shares of VirtualScopics Inc (NASDAQ: VSCP) were down 10 percent to $4.03 after the company agreed to be acquired by BioTelemetry, Inc. (NASDAQ: BEAT) for a total purchase of around $15.5 million.

Pandora Media Inc (NYSE: P) was down, falling around 11 percent to $9.72 after the company announced a new lineup of senior executives. Pandora named Tim Westergren as CEO and appointed Mike Herring as President and CFO. Westergren will replace Pandora's outgoing CEO, Brian McAndrews following a more than two-year stint as CEO. Pandora reaffirmed its FY16 sales and adjusted EBITDA outlook.


In commodity news, oil traded down 0.53 percent to $39.25, while gold traded down 0.16 percent to $1,221.60.

Silver traded up 0.01 percent Monday to $15.20, while copper rose 0.56 percent to $2.24.


European markets were closed Monday for the Easter holiday.


U.S. consumer spending rose 0.10 percent for February, versus economists' expectations for a 0.10 percent growth.

The pending home sales index gained 3.5 percent to 109.1 in February, versus a downwardly-revised 105.4 in January. However, economists were projecting a 1 percent growth.

The Dallas Fed manufacturing business index rose to -13.60 for March, versus a prior reading of -31.80.

Head over to Benzinga to read more

Source: Benzinga (Mar 28, 2016 - 2:38 PM EDT)

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