Mid-Afternoon Market Update: Markets Lead by the NASDAQ as Various Health Names Drop
Toward the end of trading Monday, the Dow traded up 0.91 percent to 15,057.85 while the NASDAQ surged 1.22 percent to 3,704.48. The S&P also rose, gaining 0.94 percent to 1,670.84.
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.
Shares of Isis Pharmaceuticals (NASDAQ: ISIS) got a boost, shooting up 13.07 percent to $31.58 after the company and Biogen Idec (NASDAQ: BIIB) announced a strategic collaboration to develop new treatments for neurological disorders.
Fusion-io (NYSE: FIO) was also up, gaining 26.04 percent to $13.64 after the company was upgraded at Craig-Hallum as a ‘likely take out target'
UTi Worldwide (NASDAQ: UTIW) was also down, falling 4.55 percent to $15.31 after the company's fourth quarter results disappointed traders on Friday.
Community Health Systems (NYSE: CYH) was down, falling 4.16 percent to $38.03 after Citigroup downgraded the stock from Buy to Neutral.
In commodity news, oil traded down 01.28 percent to $109.11, while gold traded up 0.01 percent to $1,386.70.
Silver traded down 0.75 percent Monday to $23.68, while copper rose 0.58 percent to $3.28.
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.
Data on consumer credit for July will be released at 3:00 p.m. ET.
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