Midway through trading Monday, the Dow traded up 1.06 percent to 24,186.09 while the NASDAQ climbed 1.51 percent to 7,019.36. The S&P also rose, gaining 1.08 percent to 2,632.51.

Leading and Lagging Sectors;

On Monday, the information technology shares climbed 2.1 percent. Meanwhile, top gainers in the sector included The Meet Group, Inc. MEET 19%, up 19 percent, and FRONTEO, Inc. FTEO 7.55%, up 8 percent.

In trading on Monday, telecommunication services shares fell 0.60 percent.

Top Headline;

Novartis AG NVS 1.4% announced plans to buy AveXis Inc AVXS 80.05% for $8.7 billion in cash.

The offer price of $218 per share represents an 88 percent premium over AveXis’ closing price on Friday.

Equities Trading UP;

Turtle Beach Corporation HEAR 410.94% shares shot up 52 percent to $3.90 after the company raised its guidance for the first quarter.

Shares of AveXis, Inc. AVXS 80.05% got a boost, shooting up 77 percent to $205.50 after the company agreed to be acquired by Novartis AG NVS 1.4% for $8.7 billion.

Therapix Biosciences Ltd. TRPX 24.04% shares were also up, gaining 32 percent to $6.5792. The Israel-based cannabinoid biopharmaceutical company announced encouraging phase 2a results at Yale University exploring its THX-110 among adults with Tourette syndrome. The company said its THX-100 therapy significantly improved symptoms over time in adult subjects.

Equities Trading DOWN;

Menlo Therapeutics Inc. MNLO 71.75% shares dropped 71 percent to $10.18. The late-stage biopharmaceutical company announced disappointing results from a phase 2 trial of its serlopitant therapy for the treatment of pruritus. The study failed to meet its primary and key secondary efficacy endpoints of showing statistically significant difference between patients who received serlopitant and those who received a placebo.

Shares of ACADIA Pharmaceuticals Inc. ACAD 24.15% were down 23 percent to $16.68.

Schmitt Industries, Inc. SMIT 8.12% was down, falling around 9 percent to $2.43. Schmitt reported Q3 earnings of $0.00 per share, versus a year-ago loss of $0.04 per share. Its total sales rose 1.2 percent to $3.23 million.


In commodity news, oil traded up 2.16 percent to $63.40 while gold traded up 0.05 percent to $1,336.80.

Silver traded up 0.42 percent Monday to $16.43, while copper rose 0.25 percent to $3.066.


European shares were mixed today. The eurozone’s STOXX 600 slipped 0.03 percent, the Spanish Ibex Index climbed 0.73 percent, while Italy’s FTSE MIB Index gained 0.53 percent. Meanwhile the German DAX fell 0.09 percent, and the French CAC 40 rose 0.02 percent while U.K. shares fell 0.02 percent.


On the economics calendar Monday, there is no important data due out.