Mid-Morning Market Update: Markets Surge; Packaging Corp To Acquire Boise For $1.28B

Following the market opening Monday, the Dow traded up 0.87 percent to 15,509.11 while the NASDAQ surged 0.42 percent to 3,737.83. The S&P also rose, gaining 0.76 percent to 1,700.74. Top Headline
Packaging Corp of America PKG announced its plans to acquire Boise BZ for around $1.28 billion. The offer price of $12.55 per share represents a 26% premium to Boise's closing price of $9.96 on Friday. The total transaction value is $1.995 billion, including Boise debt. The deal is likely to close in the fourth quarter. Equities Trading UP
Boise BZ shot up 26.71 percent to $12.62 after Packaging Corp of America PKG announced its plans to acquire the company for around $1.28 billion. Shares of Avanir Pharmaceuticals AVNR got a boost, shooting up 5.60 percent to $4.31 on Piper Jaffray comments. Packaging Corporation of America PKG was also up, gaining 7.28 percent to $58.52 after the company announced its plans to acquire Boise for $12.55 per share. Equities Trading DOWN
Shares of Qihoo 360 Technology Co QIHU were down 4.06 percent to $84.29 after Sohu.com's subsidiary reached a deal with Tencent. Silver Standard Resources SSRI shares tumbled 3.77 percent to $6.89. Silver futures surged 1.75% to trade at $22.10 an ounce. Apple AAPL down, falling 2.04 percent to $455.43. Apple shares have dropped 33.56% over the past 52 weeks. Commodities
In commodity news, oil traded down 1.82 percent to $106.24, while gold traded up 0.47 percent to $1,314.80. Silver traded up 1.75 percent Monday to $22.10, while copper rose 0.64 percent to $3.22. Euro zone
European shares were higher today. The Spanish Ibex Index surged 0.54 percent, while Italy's FTSE MIB Index rose 0.83 percent. Meanwhile, the German DAX gained 1.24 percent and the French CAC 40 climbed 0.97 percent while U.K. shares rose 0.71 percent. Economics
The Empire State manufacturing index fell to 6.29 in September, versus a prior reading of 8.24. However, economists were expecting a reading of 9.10. Industrial production increased 0.4% in August, versus economists' expectations for a 0.5% rise. The Treasury is set to auction 3-and 6-month bills.