Market Overview

Mid-Afternoon Market Update: Compuware Holds Onto Gains, Clearwire Remains Down

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Toward the end of trading Monday, the Dow traded up 0.55 percent to 13,207.88 while the NASDAQ rose 0.85 percent to 2,996.44. The S&P also rose, increasing 0.83 percent to 1,425.54.

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 14.72 percent to $13.17 after an announcement that drug prescriptions had risen significantly over the last few months.

Shares of Compuware (NASDAQ: CPWR) saw a 13.17 percent rally to $10.79 after the company received an offer of $11 per share from Elliott Management.

Quicksilver (NYSE: ZQK) was also up, gaining 9.32 percent to trade at $3.87, possibly on a relief rally from its drop last week.

Equities Trading Down
Clearwire (NASDAQ: CLWR) was among the morning's top losers, falling 13.06 percent to $2.93 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 7.80 percent to $13.36, possibly linked to Google's proposed plan to sell Motorola's plants.

Commodities
In commodity news, oil traded up 0.73 percent to $87.36, while gold traded up 0.02 percent to $1,696.20.

Silver traded down 0.03 percent Monday to $32.19.

Eurozone
European markets were down early this morning on 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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