Markets Tumble; AbbVie Raises Offer For Shire
Following the market opening Tuesday, the Dow traded down 0.56 percent to 16,929.52 while the NASDAQ tumbled 0.89 percent to 4,411.91. The S&P also fell, dropping 0.52 percent to 1,967.36.
Leading and Lagging Sectors
In trading on Tuesday, technology shares were relative laggards, down on the day by about 0.83 percent. Top decliners in the sector included Camtek (NASDAQ: CAMT), down 11.9 percent, and Bitauto Holdings (NYSE: BITA), off 5.6 percent.
The latest offer for Shire is approximately an 11 percent increase from the previous bid. The new offer stands at £22.44 cash and 0.8568 AbbVie shares for each Shire share, or £51.15 total.
Equities Trading UP
Macquarie Infrastructure Company LLC (NYSE: MIC) shares shot up 11.03 percent to $67.92 after the company agreed to acquire the remaining 50% of International-Matex Tank Terminals for $910 million in cash and $115 million in newly issued stock. It also raised its quarterly dividend from $0.9375 to $0.95 per share.
Fifth Street Finance (NASDAQ: FSC) shares were also up, gaining 1.20 percent to $10.09 after the company lifted its monthly dividend by 10% to 9.17 cents per share versus 8.33 cents per share.
Equities Trading DOWN
SeaDrill (NYSE: SDRL) shares tumbled 4.19 percent to $37.94. Seadrill launched $1 billion 2019 convertible bond concurrently with a voluntary incentive payment offer to convert the existing $650 million 3.375% 2017 convertible bond.
In commodity news, oil traded down 0.03 percent to $103.50, while gold traded up 0.48 percent to $1,323.30.
Silver traded up 0.74 percent Tuesday to $21.17, while copper rose 0.63 percent to $3.28.
European shares were lower today.
The eurozone’s STOXX 600 fell 0.61 percent, the Spanish Ibex Index dropped 1.03 percent, while Italy’s FTSE MIB Index declined 1.53 percent.
Meanwhile, the German DAX slipped 0.51 percent and the French CAC 40 fell 0.64 percent while UK shares tumbled 0.59 percent.
The NFIB Small Business Optimism Index declined 1.6 points to 95 in June.
The ICSC-Goldman Store Sales Index gained 1.7% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index declined 1.2% in the first five weeks of June versus May.
Data on consumer credit for May will be released at 3:00 p.m. ET.
The Treasury is set to auction 4-week bills and 3-year notes.
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