MannKind Jumps On FDA Approval; Rayonier Shares Slide

Garrett Cook

Midway through trading Monday, the Dow traded down 0.08 percent to 16,837.93 while the NASDAQ surged 0.19 percent to 4,406.28. The S&P also fell, dropping 0.01 percent to 1,960.87.

Leading and Lagging Sectors

In trading on Monday, technology shares were relative leaders, up on the day by about 0.30 percent. Top gainers in the sector included Uni-Pixel (NASDAQ: UNXL), up 11.4 percent, and ClickSoftware Technologies (NASDAQ: CKSW), up 9.2 percent.

Basic materials sector was the top decliner in today’s trading. Top losers in the sector included Rayonier (NYSE: RYN), down 26.6 percent, and Noranda Aluminum Holding (NYSE: NOR), off 2.8 percent.

Top Headline

PPG Industries (NYSE: PPG) announced its plans to buy Consorcio Comex SA de CV for $2.3 billion.

Mexico-based Comex had sales of around $1 billion in 2013.

Equities Trading UP

MannKind (NASDAQ: MNKD) shares shot up 11.10 percent to $11.11 following the Friday's conditional FDA approval for Afrezzaa.

Shares of ServiceSource International (NASDAQ: SREV) got a boost, shooting up 3.55 percent to $5.83 after Altai Capital reported a 9.9% stake in ServiceSource.

GW Pharmaceuticals plc (NASDAQ: GWPH) shares were also up, gaining 10.31 percent to $106.05 as Piper Jaffray raised the price target on the stock from $97 to $147.

Equities Trading DOWN

Shares of MBIA (NYSE: MBI) were 5.74 percent to $10.83 as BTIG Research downgraded the stock from Buy to Neutral.

United States Steel (NYSE: X) shares tumbled 1.54 percent to $25.62. Martin Marietta Materials (NYSE: MLM) will replace U.S. Steel in the S&P 500 index after the close of trading on July 1.

Rayonier (NYSE: RYN) was down, falling 26.75 percent to $35.55. Rayonier completed the spin-off of Rayonier Advanced Materials (NYSE:RYAM). Analysts at RBC Capital downgraded Rayonier from Outperform to Sector Perform.

Commodities

In commodity news, oil traded down 0.54 percent to $105.17, while gold traded down 0.08 percent to $1,319.00.

Silver traded down 0.87 percent Monday to $20.95, while copper rose 0.95 percent to $3.20.

Eurozone

European shares were mostly lower today.

The eurozone’s STOXX 600 fell 0.01 percent, the Spanish Ibex Index dropped 0.08 percent, while Italy’s FTSE MIB Index slipped 0.17 percent.

Meanwhile, the German DAX climbed 0.37 percent and the French CAC 40 tumbled 0.32 percent while UK shares declined 0.01 percent.

Economics

The Chicago PMI dropped to 62.6 in June, versus 65.5 in May. However, economists were expecting a reading of 64.3.

The pending home sales index rose 6.1% to reach 103.9 in May, up from 97.9 in April.

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