Mid-Afternoon Market Update: Arena Pharma Gets a Boost on Jefferies Report as Markets Rise
Toward the end of trading Monday, the Dow traded up 0.13 percent to 15,782.17 while the NASDAQ rose 0.12 percent to 3,918.85. The S&P also rose, gaining 0.08 percent to 1,771.13.
Shire will pay $50 per share in cash for ViroPharma, representing a 27 percent premium to ViroPharma's closing price on Friday.
Shares of Gogo (NASDAQ: GOGO) got a boost, shooting up 27.64 percent to $23.90 after the company reported upbeat Q3 results and raised its FY13 revenue forecast.
Arena Pharmaceuticals (NASDAQ: ARNA) was also up, gaining 10.65 percent to $5.30 after Jefferies reiterated its Buy rating and $12 price target on the company Monday morning.
Equities Trading DOWN
Shares of Tata Motors (NYSE: TTM) were down 5.17 percent to $29.18 after Nomura downgraded the stock from Buy to Neutral.
Denbury Resources (NYSE: DNR) was also down, falling 5.89 percent to $18.21 after a proposal for the company to become an MLP was rejected.
8x8 (NASDAQ: EGHT) was down, falling 6.95 percent to $9.91 after the company announced a public offering of 12,500,000 shares of its common stock. The company also announced its plans to acquire e UK-based Voicenet Solutions for $18.4 million in cash.
In commodity news, oil traded up 0.56 percent to $95.13, while gold traded down 0.13 percent to $1,282.80.
Silver traded down 0.57 percent Monday to $21.39, while copper rose 0.05 percent to $3.25.
European shares were higher today. The Spanish Ibex Index gained 0.44 percent, while Italy's FTSE MIB Index rose 0.77 percent. Meanwhile, the German DAX gained 0.42 percent and the French CAC 40 surged 0.70 percent while U.K. shares rose 0.33 percent.
On the economics calendar Monday, there is no important data due out.
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