Mid Morning Market Update: Markets Decline, Stifel Financial Acquires KBW
Following the market opening Friday, the Dow traded down 0.30 percent to 13,054.07 while the NASDAQ fell 0.05 percent to 2,980.64. The S&P also fell, decreasing 0.34 percent to 1,409.43.
Top Headline In acquisition news Monday morning, Stifel Financial (NYSE: SF) announced it would be acquiring Keefe Bruyette & Woods for $17.50 per share, sending shares of Stifel up a little under two percent following the market opening.
Equities Trading UP BioMarin Pharmaceuticals (NASDAQ: BMRN) rocketed up 28.87 percent to $48.21 after the company announced its Phase 3 study of GALNS had met its primary endpoint Monday morning.
Strategic Hotels & Resorts (NYSE: BEE) was also up, rising 15.44 percent to $6.43 following an upgrade at Piper Jaffray.
Shares of KBW (NYSE: KBW) also saw a boost, increasing 7.39 percent to $17.50 after the company announced it would be acquired by Stifl Financial early Monday morning.
Equities Trading DOWN Radian Group (NYSE: RDN) was among the equities losing the most Monday morning, falling 9.65 percent to $4.86 despite an increase in price target at Compass Point.
Shares of Pharmacyclics (NASDAQ: PCYC) dropped as well, down 15.37 percent to $48.55 despite a revenue beat Monday morning.
Nationstar Mortgage Holdings (NYSE: NSM) was also down, falling 6.74 percent to $30.88.
Commodities In commodity news, oil traded up 0.21 percent to $85.04, while gold traded up 0.54 percent to $1,683.10.
Silver traded down 1.28 percent Monday to $30.97.
Eurozone European markets continued to fall Monday after bad news came out of the Spanish banks and Greece prepares to once again vote on the austerity measures.
In eurozone economic reports, the Spanish unemployment change was reported, coming in at 128.2 thousand, above the expected 90.5 thousand and the previous figure of 79.60 thousand.
Economics In economic news, the ISM manufacturing index came in at 54.2, slightly below the expected 54.5 and the prior figure of 55.1.
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