Mid-Afternoon Market Update: Turqoise Hill Resources Falls as CF Industries Shoots Upwards Following Loeb Stake
Toward the end of trading Monday, the Dow traded down 0.20 percent to 15,527.05 while the NASDAQ dropped 0.29 percent to 3,602.17. The S&P also fell, declining 0.29 percent to 1,686.22.
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 6.31 percent to $50.34 after analysts at Brean Capital initiated coverage on the stock with a “buy” rating.
Shares of CF Industries (NYSE: CF) were also up, gaining 10.78 percent to $200.99 after Dan Loeb's Third Point revealed its stake in the company in a quarterly letter to investors.
Saks (NYSE: SKS) was also up, gaining 4.05 percent to $15.93 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 9.70 percent to $63.21 on Q2 results.
Turquoise Hill Resources (NYSE: TRQ) was also down, falling 18.23 percent to $4.35 following a BMO Capital downgrade on the company following its release this morning,
Shanda Games (NASDAQ: GAME) shares tumbled 20.16 percent to $4.99 after the company acquired platform-related affiliates.
In commodity news, oil traded down 0.08 percent to $107.00, while gold traded up 0.55 percent to $1,328.70.
Silver traded down 0.58 percent Monday to $19.89, while copper rose 0.16 percent to $3.11.
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.
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.
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