Stocks backed off record highs with the energy sector lagging as oil prices fell to their lowest levels since April. Even some deal-making headlines failed to lift stocks on the first day of August, historically one of the worst months of the year for U.S. equities.
The S&P 500 fell 0.13% while the Dow Jones Industrial Average lost 0.15%. The Nasdaq Composite led the way with a gain of 0.43%.
It was a slow start to the week and the month of August, but Ionis Pharmaceuticals Inc (NASDAQ:IONS), Newell Brands Inc (NYSE:NWL) and Trina Solar Limited (ADR) (NYSE:TSL) delivered some Monday excitement.
Ionis Pharmaceuticals Inc (IONS)
Shares of Ionis Pharmaceuticals Inc surged 30.2% on more than nine times the average daily volume after the company revealed late-stage data that showed its treatment for spinal muscular atrophy in infants met trial goals.
IONS is developing the treatment, called nusinersen, with biotechnology giant Biogen Inc (NASDAQ: BIIB).
“The disease can take away the ability to walk, eat, or breathe, and it is the leading cause of infant mortality, the companies said,” reports CNBC.
IONS is eligible to receive royalty payments on sales of the treatment. BIIB is planning to treat patients using nusinersen in an upcoming trial.
Newell Brands Inc (NWL)
Newell Brands Inc, the company formerly known as Newell Rubbermaid, rose 2.8% on nearly double the average daily volume, following up on a big gain in the stock last Friday. On that day, NWL delivered second-quarter results that topped analysts’ estimates.
NWL earned 78 cents per share while analysts were expecting 72 cents. Shares of NWL are up more than 22% year-to-date.
Trina Solar Limited (TSL)
Chinese solar company Trina Solar Limited soared 25% on more than five times the usual turnover after agreeing to be taken private.
A group of investors led by TSL CEO Jifan Gao is offering $1.1 billion, or $11.60 per share for the maker of solar power products. That offer values TSL at a 40.6% above last Friday’s closing price. The offer is also a 21.5% premium to an initial offer for TSL made in December.
The deal to take TSL is expected to close in the first quarter of 2017.
“During May, Trina reported better-than-expected results for the first quarter as shipments climbed 39%, mostly driven by demand from the U.S., China and India,” according to MarketWatch.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
