Mid-Morning Market Update: Markets Mostly Flat; Newell Rubbermaid To Buy Jarden
Following the market opening Monday, the Dow traded down 0.01 percent to 17,264.16 while the NASDAQ gained 0.02 percent to 4,934.44. The S&P also rose, gaining 0.11 percent to 2,014.58.
Leading and Lagging Sectors
Monday morning, the cyclical consumer goods & services sector proved to be a source of strength for the market. Leading the sector was strength from Stage Stores Inc (NYSE: SSI) and Vera Bradley, Inc. (NASDAQ: VRA).
In trading on Monday, energy shares were relative laggards, down on the day by about 0.88 percent. Meanwhile, top losers in the sector included Targa Resources Partners LP (NYSE: NGLS), down 4 percent, and Baytex Energy Corp (USA) (NYSE: BTE), down 4 percent.
The offer price of $60 per share in cash and stock represents a 14 percent premium over Jarden's closing price on Friday.
Equities Trading UP
Akebia Therapeutics Inc (NASDAQ: AKBA) shares shot up 18 percent to $11.47 after the company reported a collaboration with Mitsubishi Tanabe Pharma for the development and commercialization of Vadadustat in Asia.
Shares of Trina Solar Limited (ADR) (NYSE: TSL) got a boost, shooting up 8 percent to $10.30 following announcement of $11.60 per ADS 'going private' proposal.
Siliconware Precision Industries (ADR) (NASDAQ: SPIL) shares were also up, gaining 13 percent to $8.11 after Advanced Semiconductor Engineering (ADR) (NYSE: ASX) offered to acquire Siliconware Precision for 55 Taiwanese Dollars per share.
Equities Trading DOWN
Atara Biotherapeutics Inc (NASDAQ: ATRA) shares tumbled 30 percent to $23.24 after the company reported results from its Phase 2 proof-of-concept PINTA 745 clinical trial for protein energy wasting in patients with end stage renal disease.
Shares of GoPro Inc (NASDAQ: GPRO) were down 9 percent to $17.45. Morgan Stanley downgraded the rating on GoPro from Equal-weight to Underweight, while lowering the price target from $23 to $12.
In commodity news, oil traded down 1.15 percent to $35.21, while gold traded down 0.29 percent to $1,072.60.
Silver traded down 0.57 percent Monday to $13.81, while copper fell 0.19 percent to $2.11.
European shares were mostly lower today. The eurozone's STOXX 600 fell 0.22 percent, the Spanish Ibex Index declined 0.39 percent, while Italy's FTSE MIB Index dipped 0.48 percent. Meanwhile, the German DAX slipped 0.38 percent, and the French CAC 40 slipped 0.03 percent, while U.K. shares rose 0.20 percent.
No major economic reports are scheduled for release today.
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