Mid-Afternoon Market Update: Yelp Shares Gain Following Analyst Upgrade; Cypress Semiconductor Shares Drop
Toward the end of trading Monday, the Dow traded up 1 percent to 17,852.02 while the NASDAQ climbed 1.2 percent to 4,857.68. The S&P also rose, gaining 0.9 percent to 2,089.85.
Leading and Lagging Sectors
In trading on Monday, utilities shares rose by just 0.2 percent. Meanwhile, top losers in the sector included American Water Works Company Inc (NYSE: AWK), down 1.5 percent, and UGI Corp (NYSE: UGI), down 2 percent.
Icahn Enterprises L.P. (NASDAQ: IEP) revealed Monday that it was ready to pay $8.00 a share to acquire the remaining portion of the shares of Federal-Mogul Holdings Corp (NASDAQ: FDML). This is lower than the Friday's closing price of $8.15.
Icahn Enterprises indicated that on February 28, it offered to buy the remaining shares of Federal-Mogul common stock not owned by it in a merger transaction following which Federal-Mogul shareholders would get $7.00 per share in cash for their Federal-Mogul shares.
Equities Trading UP
Lpath, Inc. (NASDAQ: LPTN) shares shot up 58 percent to $3.29 as the company reported that it has been awarded a $1.45 million 2-year grant for traumatic brain injury pain study.
Shares of Fate Therapeutics Inc (NASDAQ: FATE) got a boost, shooting up 29 percent to $2.17 as the company reported the FDA Fast Track designation for ProTmune.
Yelp Inc (NYSE: YELP) shares were also up, gaining 8 percent to $28.95. Deutsche Bank upgraded Yelp from Hold to Buy and raised the price target from $26.00 to $33.00.
Equities Trading DOWN
Eagle Pharmaceuticals Inc (NASDAQ: EGRX) shares dropped 12 percent to $39.61. Mizuho Securities downgraded Eagle Pharmaceuticals to Neutral.
Shares of Press Ganey Holdings Inc (NYSE: PGND) were down 5 percent to $35.80. Goldman Sachs downgraded Press Ganey Holdings from Buy to Neutral.
Cypress Semiconductor Corporation (NASDAQ: CY) was down, falling around 5 percent to $10.13. Cypress reported a proposed $250 million convertible notes offering.
In commodity news, oil traded up 2.38 percent to $49.12 while gold traded down 0.26 percent to $1,291.40.
Silver traded up 0.65 percent Monday to $17.53, while copper rose 1.95 percent to $2.09.
European shares closed higher today. The eurozone’s STOXX 600 climbed 3.65 percent, the Spanish Ibex Index rose 3.41 percent, while Italy’s FTSE MIB Index jumped 2.54 percent. Meanwhile the German DAX gained 3.43 percent, and the French CAC 40 climbed 3.50 percent, while U.K. shares rose 3.04 percent.
There were no major US economic releases Monday.
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