Mid-Day Market Update: Dow Jumps More Than 1%; Apple Shares Drop

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Midway through trading Monday, the Dow traded up 1.06 percent to 15,538.60 while the NASDAQ surged 0.37 percent to 3,736.10. The S&P also rose, gaining 0.92 percent to 1,703.46.
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 percent to $12.55 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 8.33 percent to $4.42 on Piper Jaffray comments. Packaging Corporation of America
PKG
was also up, gaining 7.64 percent to $58.72 after the company announced its plans to
acquire Boise
for $12.55 per share.
Equities Trading DOWN
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Shares of Qihoo 360 Technology Co
QIHU
were down 5.59 percent to $82.95 after Sohu.com's subsidiary reached a deal with Tencent. Silver Standard Resources
SSRI
shares tumbled 6.01 percent to $6.73. Silver futures surged 1.75% to trade at $22.10 an ounce. Apple
AAPL
down, falling 2.22 percent to $454.60. Apple shares have dropped 33.56% over the past 52 weeks.
Commodities
In commodity news,
oil traded down 1.12 percent
to $107.00, while gold traded up 0.58 percent to $1,316.20. Silver traded up 1.29 percent Monday to $22.00, while copper rose 0.70 percent to $3.23.
Eurozone
European shares
were higher
today. The Spanish Ibex Index surged 0.65 percent, while Italy's FTSE MIB Index rose 1.05 percent. Meanwhile, the German DAX gained 1.22 percent and the French CAC 40 climbed 0.92 percent while U.K. shares rose 0.51 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.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTechMid-Day Market Update
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