Market Overview

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 (NYSE: PKG) announced its plans to acquire Boise (NYSE: 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 (NYSE: BZ) shot up 26 percent to $12.55 after Packaging Corp of America (NYSE: PKG) announced its plans to acquire the company for around $1.28 billion.

Shares of Avanir Pharmaceuticals (NASDAQ: AVNR) got a boost, shooting up 8.33 percent to $4.42 on Piper Jaffray comments.

Packaging Corporation of America (NYSE: 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
Shares of Qihoo 360 Technology Co (NYSE: QIHU) were down 5.59 percent to $82.95 after's subsidiary reached a deal with Tencent.

Silver Standard Resources (NASDAQ: SSRI) shares tumbled 6.01 percent to $6.73. Silver futures surged 1.75% to trade at $22.10 an ounce.

Apple (NASDAQ: AAPL) down, falling 2.22 percent to $454.60. Apple shares have dropped 33.56% over the past 52 weeks.

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.

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.

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.

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


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