Mid-Afternoon Market Update: Pandora Rallies on Bullish Headlines as Office Depot Falls on Unusual Put Volumes
Toward the end of trading Monday, the Dow traded down 0.17 percent to 16,442.56 while the NASDAQ declined 0.39 percent to 4,115.83. The S&P also fell, dropping 0.18 percent to 1,828.41.
Thermo Fisher will sell its cell culture, gene modulation and magnetic beads businesses to GE Healthcare. The deal is expected to close early this year.
Equities Trading UP
Shares of SolarCity (NASDAQ: SCTY) got a boost, shooting up 8.05 percent to $64.00 after Goldman Sachs added the stock to its Conviction Buy list.
Pandora (NYSE: P) was also on the rise, appreciating 14.97 percent to $31.69 following an announcement that the company had launched in-car ads and some positive listening hour data for the month of December.
Sirius XM Holdings (NASDAQ: SIRI) was also up, gaining 7.28 percent to $3.84 on nearly 400 million shares after Liberty Media (NASDAQ: LMCA) offered to acquire Sirius in a stock swap deal valued at $3.68 per share.
Equities Trading DOWN
Shares of Select Comfort (NASDAQ: SCSS) were down 20.46 percent to $16.98 on weak Q4 guidance.
Office Depot (NYSE: ODP) was down as well, dropping 7.22 percent to $4.88 after heavier put volume appeared to be making traders skittish on the name.
First Solar (NASDAQ: FSLR) was down, falling 9.18 percent to $51.50 after Goldman Sachs downgraded the stock from Buy to Sell.
In commodity news, oil traded down 0.30 percent to $93.68, while gold traded down 0.08 percent to $1,237.60.
Silver traded down 0.05 percent Monday to $20.20, while copper rose 0.15 percent to $3.36.
European shares were mixed today. The Spanish Ibex Index rose 0.92 percent, while Italy's FTSE MIB Index surged 0.63 percent. Meanwhile, the German DAX dropped 0.08 percent and the French CAC 40 fell 0.47 percent while U.K. shares climbed 0.01 percent.
The ISM non-manufacturing index declined to53.00 in December, versus a prior reading of 53.90. However, economists were expecting a reading of 54.70.
U.S. factory orders rose 1.80% in November, versus economists' estimates for a 1.70% growth.
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