Mid-Morning Market Update: Markets Drop; Smith & Nephew To Acquire ArthroCare For $48.25/Share

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Following the market opening Monday, the Dow traded down 0.53 percent to 15,616.00 while the NASDAQ tumbled 0.65 percent to 4,077.25. The S&P also fell, dropping 0.52 percent to 1,773.41.
Top Headline
Smith & Nephew PLC
SNN
announced its plans to buy ArthroCare
ARTC
for $1.7 billion in cash. Smith & Nephew will pay $48.25 per share in cash to acquire ArthroCare, representing a 6.3% premium to ArthroCare's closing price on January 31.
Equities Trading UP
Kratos Defense & Security Solutions
KTOS
shot up 26.28 percent to $9.13 after the company reported that it has been awarded a five-year seaport-e contract. Shares of ArthroCare
ARTC
got a boost, shooting up 7.07 percent to $48.59 after Smith & Nephew PLC
SNN
announced its
plans to buy
ArthroCare for $1.7 billion in cash. Ryanair Holdings plc
RYAAY
was also up, gaining 6.12 percent to $50.14 after the
company reported
FQ3 results.
Equities Trading DOWN
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Shares of Jos. A Bank Clothiers
JOSB
were down 4.20 percent to $53.86. Jos. A. Bank is said to be in talks with Eddie Bauer to acquire the clothing chain, according to reports from several sources, including Reuters and the Wall Street Journal. Sysco
SYY
shares tumbled 1.43 percent to $34.58 after the company
reported a drop
in its fiscal second-quarter earnings. Mattel
MAT
was down, falling 2.76 percent to $36.80 after B. Riley & Co downgraded the stock from Buy to Neutral and lowered the target price from $55 to $41.
Commodities
In commodity news,
oil traded up 0.10 percent
to $97.59, while gold traded up 0.55 percent to $1,246.60. Silver traded up 0.63 percent Monday to $19.24, while copper fell 0.09 percent to $3.19.
Euro zone
European shares
were lower
today. The Spanish Ibex Index fell 0.56 percent, while Italy's FTSE MIB Index declined 1.09 percent. Meanwhile, the German DAX tumbled 0.23 percent and the French CAC 40 slipped 0.37 percent while U.K. shares fell 0.23 percent.
Economics
The final reading of the Markit PMI manufacturing index came in at 53.7 in January, versus a reading of 55.00 in December. The ISM manufacturing composite index fell to 51.30 in January, versus economists' expectations for a reading of 56.00. US construction spending rose 0.10% to an annual rate $930.5 billion in December, versus economists' estimates of a 0.00% gain. The Treasury is set to auction 3-and 6-month bills.
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Posted In: EarningsNewsGuidanceEurozoneFuturesCommoditiesForexGlobalEcon #sEconomicsIntraday UpdateMarketsMoversTechConsumer DiscretionaryLeisure Products
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