Market Overview

Mid-Morning Market Update: Markets Edge Higher; Wal-Mart Names New CEO

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Following the market opening Monday, the Dow traded up 0.16 percent to 16,091.03 while the NASDAQ gained 0.02 percent to 3,992.36. The S&P also rose, surging 0.05 percent to 1,805.70.

Top Headline
Wal-Mart Stores (NYSE: WMT) announced the retirement of its president and chief executive Mike Duke.

Wal-Mart appointed Doug McMillon, head of international operations, as its new president and CEO, effective February 1.

Equities Trading UP
Giant Interactive Group (NYSE: GA) shot up 10.37 percent to $11.18 after the company received a non-binding proposal to acquire the company for $11.75 per share.

Shares of Orexigen Therapeutics (NASDAQ: OREX) got a boost, shooting up 13.56 percent to $6.4501 after the company announced successful results of the interim analysis of the Light Study.

8x8 (NASDAQ: EGHT) was also up, gaining 9.60 percent to $10.39 after Bank of America initiated coverage on the stock with a Buy rating and a $13.00 price target.

Equities Trading DOWN
Shares of The ADT (NYSE: ADT) were down 7.34 percent to $40.78 after the company announced the repurchase of 10.24 million shares held by Corvex at $44.01 per share.

Celldex Therapeutics (NASDAQ: CLDX) shares tumbled 6.08 percent to $26.59 after the company reported positive Phase 2 rindopepimut data in patients with recurrent glioblastoma.

SeaDrill (NYSE: SDRL) was down, falling 4.18 percent to $43.35 after the company reported downbeat Q3 profit.

Commodities
In commodity news, oil traded down 1.51 percent to $93.41, while gold traded down 0.80 percent to $1,234.70.

Silver traded down 0.31 percent Monday to $19.84, while copper rose 0.06 percent to $3.22.

Eurozone
European shares were higher on Monday. The Spanish Ibex Index rose 0.28 percent, while Italy's FTSE MIB Index gained 0.14 percent. Meanwhile, the German DAX surged 0.90 percent and the French CAC 40 jumped 0.52 percent while U.K. shares rose 0.34 percent.

Economics
The pending home sales index declined 0.6% to 102.1 in October.

The Treasury is set to auction 3-and 6-month bills.

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

 

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