Midway through trading Tuesday, the Dow traded down 0.73 percent to 21,828.07 while the NASDAQ declined 0.56 percent to
6,399.36. The S&P also fell, dropping 0.47 percent to 2,464.84.
Leading and Lagging Sectors
On Tuesday, the energy shares climbed by 0.55 percent. Meanwhile, top gainers in the sector included PHI Inc. (NASDAQ:
PHII), up 8 percent, and Patterson-UTI Energy, Inc.
(NASDAQ: PTEN), up 7 percent.
In trading on Tuesday, financial shares fell 0.98 percent. Meanwhile, top losers in the sector included Federated National
Holding Co (NASDAQ: FNHC), down 10 percent, and
United Insurance Holdings Corp (NASDAQ: UIHC) down 10
percent.
Top Headline
United Technologies Corporation (NYSE: UTX) will
acquire Rockwell Collins, Inc. (NYSE: COL) in a deal
worth $30 billion , forging an aerospace behemoth producing virtually all types of avionics systems for commercial and defense
aircraft.
The purchase price includes $23 billion and the acquisition of $7 billion in Rockwell Collins debt, the two companies said in a
statement.
Word of the imminent merger had been circulating in recent days. UTC was down 2.18 percent at $117.92 in premarket trading and
Rockwell Collins was up 1.37 percent at $130.61. UTC is paying $140.00 per share, in cash and UTC stock.
Equities Trading UP
Insmed Incorporated (NASDAQ: INSM) shares shot up
114 percent to $26.35 after the company disclosed that its Phase 3 CONVERT study met its primary endpoint.
Shares of Cellect Biotechnology Ltd. (NASDAQ: APOP) got a boost, shooting up 10 percent to $10.00 after the company disclosed
that its ApoGraft for acute and chronic GvHD has been granted orphan drug status by the FDA.
Energous Corp (NASDAQ: WATT) shares were also up,
gaining 12 percent to $11.33. Energous reported a new, high-power, Near Field WattUp charging solution for electronic devices.
Equities Trading DOWN
Cellectis SA (ADR) (NASDAQ: CLLS) shares dropped
21 percent to $25.39 after announcing FDA clinical hold of UCART123 studies.
Shares of Opiant Pharmaceuticals Inc (NASDAQ: OPNT) were down 8 percent to $35.99. Opiant Pharma named David O'Toole as CFO.
Calumet Specialty Products Partners, L.P (NYSE: CLMT) was down, falling around 10 percent to $7.55. Janney Capital downgraded Calumet
Specialty from Buy to Neutral.
Commodities
In commodity news, oil traded up 3.15 percent to $48.78 while gold traded up 0.87 percent to $1,342.00.
Silver traded up 1.26 percent Tuesday to $18.04, while copper rose 1.07 percent to $3.1515.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.17 percent, the Spanish Ibex Index declined 0.57
percent, while Italy’s FTSE MIB Index slipped 0.22 percent. Meanwhile the German DAX climbed 0.11 percent, and the French CAC 40
fell 0.32 percent while U.K. shares fell 0.55 percent.
Economics
U.S. factory orders dropped 3.3 percent in July, versus economists’ expectations for a 3.4 percent fall.
Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Minneapolis at 1:10 p.m. ET.
Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas at 7:00 p.m. ET.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.