Mid-Afternoon Market Update: Markets Rise as Twitter Pulls Back
Toward the end of trading Monday, the Dow traded up 0.85 percent to 15,889.77 while the NASDAQ surged 0.72 percent to 4,029.60. The S&P also rose, gaining 0.64 percent to 1,786.40.
Valeant will buy all of the outstanding common stock of Solta Medical for $2.92 per share in cash, representing a 40% premium to Solta's closing price on Friday. The transaction is likely to close in the first quarter of 2014.
Equities Trading UP
AerCap Holdings N.V. (NYSE: AER) shot up 31.05 percent to $32.71 after American International Group (NYSE: AIG) click here announced its plans to sell its aircraft-leasing business to AerCap in a $5.4 billion deal.
Shares of Novavax (NASDAQ: NVAX) were also up, gaining 16.02 percent to $4.49 after Wedbush bumped its price target on the company from $4 to $12 this morning.
Equities Trading DOWN
Shares of TTM Technologies (NASDAQ: TTMI) were down 10.26 percent to $7.70 after the company announced proposed offering of $150 million aggregate principal amount of Convertible Senior Notes.
Twitter (NYSE: TWTR) was also down, falling 4.19 percent to $56.45 after a pair of downgrades, one from SunTrust and one from Wells Fargo. T-Mobile US (NYSE: TMUS) was down, falling 4.29 percent to $26.45.
Sprint (NYSE: S) is preparing a bid for T-Mobile US, according to a Wall Street Journal report.
In commodity news, oil traded up 0.88 percent to $97.45, while gold traded up 0.44 percent to $1,240.00. Silver traded up 1.64 percent Monday to $20.02, while copper rose 0.48 percent to $3.33.
European shares were higher today. The Spanish Ibex Index gained 1.66 percent, while Italy's FTSE MIB Index climbed 1.97 percent. Meanwhile, the German DAX surged 1.69 percent and the French CAC 40 climbed 1.38 percent while U.K. shares rose 1.15 percent.
The Empire State manufacturing index rose to 0.98 in December, versus a prior reading of -2.21. However, economists were expecting a reading of 5.00. US nonfarm productivity rose by 3.0% in the third quarter, versus an initial reading of 1.9%.
However, economists were expecting revised productivity to surge by 2.8%. The US flash manufacturing PMI declined to 54.4 in December, versus a reading of 54.7 in November.
US industrial production rose 1.1% in November, versus economists' expectations for a 0.6% gain.
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