Mid-Day Market Update: Compuware Rises; Nam Tai Electronics Drops
Mid-way through trading Monday, the Dow traded up 0.45 percent to 13,194.55 while the NASDAQ rose 0.74 percent to 2,993.44. The S&P also rose, increasing 0.78 percent to 1,424.54.
Caribou Coffee (NASDAQ: CBOU) announced that it would enter a merger agreement and be acquired by Joh. A. Benckiser for $16 per share in cash Monday morning. The acquisition represented a 23 percent premium on Caribou's closing price Friday.
Equities Trading Up
Vivus (NASDAQ: VVUS) was among the morning's top gainers rising 10.06 percent to $12.64 after an announcement that drug prescriptions had risen significantly over the last few months.
Shares of Compuware (NASDAQ: CPWR) saw a 12.38 percent boost to $10.71 after the company received an offer to be acquired at $11 per share from Elliott Management.
Quicksilver (NYSE: ZQK) was also up, gaining 8.76 percent to $3.85, possibly on a relief rally from its drop last week.
Equities Trading Down
Clearwire (NASDAQ: CLWR) was among the morning's top losers, falling 12.46 percent to $2.95 as the traders pulled back from a strong rally last week.
First Majestic Silver (NYSE: AG) fell 9.25 percent to $20.80 after the company announced it would acquire Orko Silver on Sunday.
Nam Tai Electronics (NYSE: NTE) was also down, falling 8.76 percent to $13.22, possibly linked to Google's proposed plan to sell Motorola's plants.
In commodity news, oil traded up 0.77 percent to $87.40, while gold traded up 0.04 percent to $1,696.40.
Silver traded down 0.04 percent Monday to $32.18.
European markets were down early this morning as they were weighed down by continuing global fears.
In economic news Monday, the New York empire state manufacturing index came in at -8.1, far below the expected -1.0 and below the prior report of -5.22.
Overall net capital flow came in at -56.70 billion, far below the prior release of 4.30 billion, while TIC net long-term transactions were reported at 1.30 billion, well below the anticipated 25.0 billion and the previous report of 3.2 billion.
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