Mid-Afternoon Market Update: McEwen Mining Rises as Commodities Turn Green
Toward the end of trading Monday, the Dow traded down 0.03 percent to 15,349.64, while the NASDAQ rose 0.01 percent to 3,499.69. The S&P was also up, gaining 0.02 percent to 1,667.29.
Yahoo! (NASDAQ: YHOO) announced its plans to acquire blogging network Tumblr for roughly $1.1 billion. The acquisition has received a mixed response on today's session as traders decide whether the aggressive move was a smart one.
Equities Trading UP
Websense (NASDAQ: WBSN) shot up, gaining 28.71 percent to $24.75, after the company entered into a definitive agreement to be bought by Vista Equity Partners.
Shares of McEwen Mining (NYSE: MUX) were also on the rise, gaining 15.31 percent to $2.26 after the company announced it would expand production at its El Gallo mine last week.
Molycorp (NYSE: MCP) was up as well, rising 10.74 percent to $7.22 following an influential Seeking Alpha article this morning.
Equities Trading DOWN
Team (NYSE: TISI) was down, falling 17.01 percent to $35.06, after the company cut its Q4 earnings forecast.
Alaska Air Group (NYSE: ALK) was down as well, falling 8.89 percent to $59.41 after the company's flight attendants rallied for a contract.
Shares of Red Hat (NYSE: RHT) was down 4.34 percent to $52.61 after BMO Capital Markets downgraded the stock from “outperform” to “market perform.”
In commodity news, oil traded up 0.74 percent to $97.00, while gold rose1.74 percent to $1,388.80. Silver traded up 2.85 percent Monday to $22.89, while copper rose 0.83 percent to $3.35.
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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