Mid-Day Market Update: Markets Edge Higher, Team Drops On Q4 Earnings Outlook
Midway through trading Monday, the Dow traded up 0.20 percent to 15,385.64, while the NASDAQ rose 0.28 percent to 3,508.69. The S&P was also up, gaining 0.29 percent to 1,672.29.
Yahoo! (NASDAQ: YHOO) announced its plans to acquire blogging network Tumblr for around $1.1 billion.
Equities Trading UP
Websense (NASDAQ: WBSN) shot up, gaining 28.58 percent to $24.73, after the company entered into a definitive agreement to be bought by Vista Equity Partners.
Pactera Technology International (NASDAQ: PACT) was also up 31.18 percent to $6.90, after the company announced receipt of going private proposal.
E-Commerce China Dangdang (NYSE: DANG) got a boost, shooting up 15.24 percent to $6.58 after Morgan Stanley upgraded the stock from “equal-weight” to “overweight.”
Equities Trading DOWN
Team (NYSE: TISI) was down, falling 16.94 percent to $35.09, after the company cut its Q4 earnings forecast.
Raven Industries (NASDAQ: RAVN) shares tumbled 8.02 percent to $31.67 on fiscal 2014 first-quarter results.
Red Hat (NYSE: RHT) was down 3.98 percent to $52.80 after BMO Capital Markets downgraded the stock from “outperform” to “market perform.”
In commodity news, oil traded up 0.79 percent to $96.78, while gold dropped 0.07 percent to $1,363.80.
Silver traded down 1.11 percent Monday to $22.11, while copper rose 1.16 percent to $3.36.
European shares were mixed today. The Spanish Ibex Index fell 0.78 percent and the Italian FTSE MIB Index dropped 0.56 percent. Meanwhile, the German DAX rose 0.69 percent and the French CAC 40 rose 0.54 percent while U.K. shares added 1.01 percent.
The Chicago Fed's national activity index declined to negative 0.53 in April, versus negative 0.23 in March.
Chicago Fed President Charles Evans will speak along with a three and six month bill auction.
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