Mid-Day Market Update: On Deck Capital Falls On Downbeat Earnings; Medley Management Shares Jump

Midway through trading Monday, the Dow traded up 0.17% to 27,239.80 while the NASDAQ fell 0.68% to 8,273.20. The S&P also fell, dropping 0.19% to 3,020.19.

Leading and Lagging Sectors

Real estate shares climbed 1.1% on Monday. Meanwhile, top gainers in the sector included SITE Centers Corp. SITE, up 3%, and CBL & Associates Properties, Inc CBL, up 4%.

In trading on Monday, energy shares fell 1%.

Top Headline

Mylan NV MYL announced the launch of a new company with Pfizer Inc's PFE Upjohn division.

Pfizer shareholders will own 57% of the combined new company, and Mylan shareholders will own 43%. The new company is expected to have 2020 revenues of $19 billion to $20 billion. The boards of directors of both Mylan and Pfizer have unanimously approved the transaction.

Pfizer reported upbeat Q2 earnings, while sales missed estimates. The company also lowered its FY19 guidance below analyst estimates. Mylan reported better-than-expected Q2 results.

Equities Trading UP

Medley Management Inc. MDLY shares shot up 30% to $3.0850 after the company announced a merger agreement with Sierra Income. Medley Capital shareholders will receive 0.67 shares of Sierra stock and $2.96 per share in cash.

Shares of NovaBay Pharmaceuticals, Inc. NBY got a boost, shooting up 28% to $1.3091 after the company reported better-than-expected Q2 sales results.

Mylan N.V. MYL shares were also up, gaining 9% to $20.17 after the company announced a business combination with Pfizer's Upjohn division. The company also reported better-than-expected Q2 results.

Equities Trading DOWN

Lexicon Pharmaceuticals, Inc. LXRX shares tumbled 71% to $1.66 after the company received a written notice from Sanofi SNY terminating the agreement for the development and commercialization of the company's Diabetes drug candidate Sotagliflozin.

Shares of On Deck Capital, Inc. ONDK were down 20% to $3.1750 after the company reported worse-than-expected Q2 earnings and narrowed its FY19 sales guidance.

Insperity, Inc. NSP was down, falling 19% to $117.13 after the company issued Q3 EPS guidance below analyst estimates.

Commodities

In commodity news, oil traded down 0.3% to $56.05, while gold traded up 0.1% to $1,419.70.

Silver traded down 0.1% Monday to $16.395, while copper rose 0.8% to $2.7065.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.26%, the Spanish Ibex Index rose 0.1%, while Italy’s FTSE MIB Index slipped 0.29%. Meanwhile, the German DAX gained 0.16%, and the French CAC 40 rose 0.11% while UK shares rose 2.03%.

Economics

The Dallas Fed manufacturing index rose to a reading of (6.3) in July, versus prior reading of (12.1).