Market Overview

Mid-Day Market Update: Saks Rises On Acquisition News, Sohu Shares Drop

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Midway through trading Monday, the Dow traded down 0.47 percent to 15,485.05 while the NASDAQ dropped 0.53 percent to 3,594.17. The S&P also fell, declining 0.56 percent to 1,682.22.

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
3D Systems (NYSE: DDD) shot up 4.37 percent to $49.42 after analysts at Brean Capital initiated coverage on the stock with a “buy” rating.

Shares of Elan Corporation plc (NYSE: ELN) got a boost, shooting up 3.30 percent to $15.42 after Perrigo (NYSE: PRGO) announced its plans to buy the company for $8.6 billion.

Saks (NYSE: SKS) was also up, gaining 3.59 percent to $15.86 after Hudson's Bay announced its plans to buy the company for $16 per share.

Equities Trading DOWN
Shares of Sohu.com (NASDAQ: SOHU) were down 9.29 percent to $63.49 on Q2 results.

Hertz Global Holdings (NYSE: HTZ) was down, falling 2.38 percent to $26.25 after the company reported a 31% rise in its second-quarter profit.

Shanda Games (NASDAQ: GAME) shares tumbled 23.28 percent to $4.80 after the company acquired platform-related affiliates.

Commodities
In commodity news, oil traded up 0.24 percent to $104.95, while gold traded up 0.74 percent to $1,331.70.

Silver traded up 0.50 percent Monday to $19.87, while copper rose 0.08 percent to $3.11.

Eurozone
European shares were mixed today. The Spanish Ibex Index surged 0.13 percent and the Italian FTSE MIB Index dropped 0.94 percent. Meanwhile, the German DAX rose 0.09 percent and the French CAC 40 gained 0.01 percent while U.K. shares fell 0.58 percent.

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

The Dallas Fed general business activity index fell to 4.40 in July, versus a prior reading of 6.50. However, economists were expecting a reading of 7.50.

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

 

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