Market Overview

Mid-Day Market Update: Dow Rises Over 100 Points; Apple Shares Gain

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Midway through trading Monday, the Dow traded up 0.77 percent to 15,037.85 while the NASDAQ surged 0.91 percent to 3,693.48. The S&P also rose, gaining 0.71 percent to 1,666.84.

Top Headline
Koch Industries announced its plans to acquire Molex (NASDAQ: MOLX) for $7.2 billion in cash.

Koch Industries will pay $38.50 per share to Molex's shareholders, representing a 31% premium to the company's common stock price of $29.34 on Friday.

For the fiscal year ended June 30, Molex posted sales of $3.6 billion.

Equities Trading UP
Molex (NASDAQ: MOLX) shot up 31.36 percent to $38.54 after the company agreed to be acquired by Koch Industries for $7.2 billion in cash.

Shares of Isis Pharmaceuticals (NASDAQ: ISIS) got a boost, shooting up 11.64 percent to $31.17 after the company and Biogen Idec (NASDAQ: BIIB) announced a strategic collaboration to develop new treatments for neurological disorders.

Apple (NASDAQ: AAPL) was also up, gaining 1.73 percent to $506.82. Apple is scheduled to launch a new version of the iPhone tomorrow. FBN Securities lifted the price target on the stock from $575.00 to $600.00.

Equities Trading DOWN
Shares of Sagent Pharmaceuticals (NASDAQ: SGNT) were down 9.11 percent to $21.49 after the company announced an offering of 4,441,627 shares of common stock.

Sanchez Energy (NYSE: SN) shares tumbled 2.83 percent to $23.09 after the company announced a private offering of $150 million in senior notes. The company also announced its plans to purchase assets in the Eagle Ford Shale for $220 million.

Community Health Systems (NYSE: CYH) was down, falling 3.88 percent to $38.14 after Citigroup downgraded the stock from Buy to Neutral.

Commodities
In commodity news, oil traded down 0.88 percent to $109.56, while gold traded up 0.01 percent to $1,386.70.

Silver traded down 0.74 percent Monday to $23.72, while copper rose 0.55 percent to $3.28.

Eurozone
European shares were mostly lower today. The Spanish Ibex Index dropped 0.26 percent, while Italy's FTSE MIB Index rose 1.16 percent. Meanwhile, the German DAX gained 0.01 percent and the French CAC 40 tumbled 0.22 percent while U.K. shares fell 0.03 percent.

Economics
Data on consumer credit for July will be released at 3:00 p.m. ET.

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

 

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