Market Overview

Mid-Morning Market Update: Markets Open Higher, Onyx Rejects Amgen Bid

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Following the market opening Monday, the Dow traded up 1.12 percent to 15,077.15 while the NASDAQ surged 1.43 percent to 3,452.06. The S&P rose, gaining 1.15 percent to 1,624.82.

Top Headline
Onyx Pharmaceuticals (NASDAQ: ONXX) jumped 51.2% after the company received and rejected a takeover offer from Amgen (NASDAQ: AMGN) for $120 per share.

Equities Trading UP
Onyx Pharmaceuticals (NASDAQ: ONXX) shot up 51.69 percent to $131.70 after the company rejected a takeover offer from Amgen (NASDAQ: AMGN).

Shares of News Corporation (NASDAQ: NWSA) got a boost, shooting up 35.34 percent to $15.48 following its separation from the old News Corp. Wells Fargo initiated coverage on the stock with an “outperform” rating.

Canadian Solar (NASDAQ: CSIQ) was also up, gaining 5.10 percent to $11.55 after the company announced a 91MW exclusive module supply agreement in Thailand.

Equities Trading DOWN
Shares of InterDigital (NASDAQ: IDCC) were down 15.61 percent to $37.68 after the company lost 1st round of case against ZTE, Huawei, and Nokia.

News (NASDAQ: FOXA) was down, falling 10.10 percent to $29.29 after the company separated its business into two companies.

Fleetmatics Group PLC (NYSE: FLTX) shares tumbled 3.70 percent to $32.00 after the company filed to sell 7 million ordinary shares for holders.

Commodities
In commodity news, oil traded up 1.25 percent to $97.77, while gold traded up 1.48 percent to $1,241.80.

Silver traded up 0.72 percent Monday to $19.61, while copper rose 2.89 percent to $3.15.

Eurozone
European shares were higher following better than expected manufacturing data as markets await the European Central Bank's and the Bank of England's much anticipated interest rate decisions on Thursday. The eurozone's manufacturing PMI unexpectedly showed less contraction than expected in June, rising to 48.8 from 48.7 in May on expectations of a flat reading. The eurozone's unemployment rate dropped in May to 12.1 percent, below the expected 12.3 percent.

The Spanish Ibex Index rose 1.38 percent and the Italian FTSE MIB Index surged 1.62 percent. Meanwhile, the German DAX gained 0.38 percent and the French CAC 40 climbed 0.87 percent while U.K. shares rose 0.64 percent.

Economics
The final reading of the Markit manufacturing PMI declined to 51.9 in June, versus the flash reading of 52.2 and compared to May's reading of 52.3.

The ISM manufacturing index rose to 50.90 in June, versus a prior reading of 49.00. However, economists were expecting a reading of 50.50.

Construction spending rose 0.5% to $874.9 billion in May, versus a revised 0.1% increase in April. However, economists were projecting construction spending to gain 0.6% in May.

The Treasury will hold its weekly 3- and 6-month bill auctions.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Events Global Econ #s Economics Intraday Update Markets Movers Tech

 

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