Mid-Day Market Update: Nasdaq Rises 1.3%; Santarus Shares Surge On Salix Deal

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Midway through trading Friday, the Dow traded up 0.53 percent to 15,676.23 while the NASDAQ surged 1.31 percent to 3,907.80. The S&P also rose, gaining 0.80 percent to 1,761.18.
Top Headline
McDonald's
MCD
reported downbeat comparable-restaurant sales for October. McDonald's global same-restaurant sales increased 0.5% in October. However, analysts were expecting a 0.6% growth. Analysts at RBC Capital initiated coverage on the stock with a Sector Perform rating.
Equities Trading UP
Santarus
SNTS
shot up 37.84 percent to $32.01 after Salix Pharmaceuticals
SLXP
announced its plans to buy Santarus for around $2.12 billion. Santarus and Pharming also
announced new data
from open-label repeat treatment study with RUCONEST. Shares of Universal Display
OLED
got a boost, shooting up 23.84 percent to $32.01 after the company reported upbeat Q3 results and issued a strong FY13 revenue forecast. Salix Pharmaceuticals
SLXP
was also up, gaining 16.39 percent to $83.00 after the company announced its plans to buy Santarus for around $2.12 billion. Janney Capital upgraded Salix from Neutral to Buy and lifted the price target from $60.00 to $95.00.
Equities Trading DOWN
Shares of Microsemi
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MSCC
were down 3.10 percent to $23.42 after the company issued a downbeat Q1 outlook. U.S. Silica Holdings
SLCA
shares tumbled 3.83 percent to $31.49 after the company
priced 11.5 million shares
at $31.50 per share for selling holders. Eldorado Gold
EGO
was down, falling 2.68 percent to $6.35 after the company reported a downbeat Q3 profit.
Commodities
In commodity news,
oil traded up 0.17 percent
to $94.36, while gold traded down 1.80 percent to $1,284.90. Silver traded down 1.46 percent Friday to $21.34, while copper rose 0.32 percent to $3.26.
Euro zone
European shares
were mostly lower
today. The Spanish Ibex Index dropped 0.05 percent, while Italy's FTSE MIB Index rose 0.49 percent. Meanwhile, the German DAX declined 0.12 percent and the French CAC 40 tumbled 0.48 percent while U.K. shares rose 0.10 percent.
Economics
The US economy added 204,000 jobs last month, while the unemployment rate rose to 7.3% from 7.2% in October. However, economists were projecting a gain of 120,000 jobs in October. US consumer spending increased 0.2% in September, versus an unrevised 0.3% growth in August. Personal income increased 0.5% in the month. However, economists were expecting a 0.3% rise in spending and personal income. The preliminary reading of the Reuter's/University of Michigan's consumer sentiment index declined to 72 in November, versus a final reading of 73.2 in October. However, economists were expecting the index to increase to 75. Fed Chairman Ben Bernanke is expected to speak at 3:30 p.m. ET.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesForexGlobalEcon #sEconomicsHotIntraday UpdateMarketsMoversTechConsumer DiscretionaryRestaurants
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