Market Overview

Mid-Day Market Update: Compuware Rises; Nam Tai Electronics Drops

Mid-Day Market Update: Compuware Rises; Nam Tai Electronics Drops
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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.

Top Headline
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.

Commodities
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.

Euro zone
European markets were down early this morning as they were weighed down by continuing global fears.

Economics
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.

Posted-In: Earnings News Guidance Commodities M&A Global Econ #s Economics

 

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