Market Overview

Mid-Morning Market Update: Markets Open Lower, Perrigo To Acquire Elan For $8.6B

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Following the market opening Monday, the Dow traded down 0.23 percent to 15,522.77 while the NASDAQ dropped 0.05 percent to 3,611.36. The S&P also fell, declining 0.24 percent to 1,687.65.

Top Headline
Perrigo (NYSE: PRGO) announced its plans to buy Elan Corporation plc (NYSE: ELN) for $8.6 billion.

Perrigo will pay $6.25 per share in cash and $10.25 per share in stock to buy Elan. The deal price of $16.50 per share represents a 10.5% premium to Elan's closing price on Friday.

Perrigo projects the transaction to close by year-end.

Equities Trading UP
Omnicom Group (NYSE: OMC) shot up 7.82 percent to $70.20 after the company announced its plans to merge with Publicis Group.

Shares of Elan Corporation plc (NYSE: ELN) got a boost, shooting up 6.03 percent to $15.83 after Perrigo (NYSE: PRGO) announced its plans to buy the company for $8.6 billion.

Saks (NYSE: SKS) was also up, gaining 3.66 percent to $15.87 after Hudson's Bay announced its plans to buy the company for $16 per share.

Equities Trading DOWN
Shares of (NASDAQ: SOHU) were down 7.89 percent to $64.48 on Q2 results.

Hertz Global Holdings (NYSE: HTZ) was down, falling 4.56 percent to $25.67 after the company reported a 31% rise in its second-quarter profit.

Shanda Games (NASDAQ: GAME) shares tumbled 18.72 percent to $5.08 after the company acquired platform-related affiliates.

In commodity news, oil traded up 0.38 percent to $105.10, while gold traded up 0.57 percent to $1,329.40.

Silver traded up 0.53 percent Monday to $19.88, while copper fell 0.24 percent to $3.10.

European shares were mostly higher today. The Spanish Ibex Index surged 0.38 percent and the Italian FTSE MIB Index dropped 0.76 percent. Meanwhile, the German DAX rose 0.20 percent and the French CAC 40 gained 0.21 percent while U.K. shares fell 0.29 percent.

Pending home sales declined 0.4% in June, the National Association of Realtors reported.

The Dallas Fed general business activity index for July will be released Monday.

The Treasury is set to auction 3- and 6-month bills.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Global Econ #s Best of Benzinga


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