Afternoon Market Update (INET, X, NUE)
Shares of oil producers, natural gas and oil service stocks moved up. The NYSE Arca Oil Index (XOI) rose about 1.85%, while the NYSE Arca Natural Gas Index (XNG) moved up about 1.32%. The Philadelphia Oil Service Index (OSX) rose about 1.05%
Shares of Internet Brands Inc (NASDAQ: INET) advanced more than 44%, after the company agreed to be purchased by an affiliate of Hellman & Friedman Capital Partners VI, LP, for about $640 million or $13.35 per share in cash, representing a premium of about 46.5% over the closing price on September 17.
Shares of United States Steel Corp (NYSE: X) and Nucor Corp (NYSE: NUE) moved down after the analysts at Goldman Sachs lowered their price targets on the steel companies. Goldman Sachs expects steel prices to stay "range-bound" in the near future. Goldman Sachs has reduced the price target for US Steel by 12% to $45 per share, while analysts have lowered the price target for Nucor by 11% to $40.
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