Market Overview

Mid-Morning Market Update: Markets Mixed; AT&T To Buy DirecTV For $48.5B

Mid-Morning Market Update: Markets Mixed; AT&T To Buy DirecTV For $48.5B
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Following the market opening Monday, the Dow traded down 0.14 percent to 16,468.20 while the NASDAQ surged 0.14 percent to 4,096.35. The S&P also rose, gaining 0.03 percent to 1,878.50.

Leading and Lagging Sectors
Energy shares gained about 0.35 percent in today's trading. Meanwhile, top gainers in the sector included Yingli Green Energy Holding Co (NYSE: YGE), up 4.3 percent, and Ballard Power Systems (NASDAQ: BLDP), up 4.2 percent. In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.52 percent.

Top decliners in the sector America Movil S.A.B. de C.V. (NYSE: AMX), down 4.8 percent, and NQ Mobile (NYSE: NQ), off 4.8 percent.

Top Headline
On Sunday, AT&T (NYSE: T) announced its plans to buy DirecTV (NASDAQ: DTV) for $48.5 billion, or $95 per share in a combination of stock and cash. The offer price of $95 per DirecTV share represents a 10 percent premium to closing price of $86.18 on Friday. The deal has a total value of $67.1 billion, including DirecTV's net debt.

Equities Trading UP
Ryanair Holdings plc (NASDAQ: RYAAY) shares shot up 6.51 percent to $54.30 after the company reported full-year results. Ryanair's net profit for the year ended March 31 slipped to 522.8 million euros ($716 million), versus a year-ago profit of EUR569.3 million.

Shares of InterMune (NASDAQ: ITMN) got a boost, shooting up 8.84 percent to $37.34 after the company presented Phase 3 ASCEND study of Pirfenidone in idiopathic pulmonary fibrosis. Leerink upgraded the stock from Market Perform to Outperform.

ogo (NASDAQ: GOGO) shares were also up, gaining 6.21 percent to $14.53. UBS upgraded Gogo from Neutral to Buy.

Equities Trading DOWN
Shares of AstraZeneca PLC (NYSE: AZN) were down 10.70 percent to $71.69 after the company's board rejected the new $119 billion takeover offer from Pfizer (NYSE: PFE).

Campbell Soup Company (NYSE: CPB) shares tumbled 3.44 percent to $43.57 after the company reported a rise in its fiscal third-quarter earnings and cut its FY14 forecast.

AT&T (NYSE: T) was down, falling 2.01 percent to $36.00 after the company announced its plans to buy DirecTV (NASDAQ: DTV) for $48.5 billion, or $95 per share.

Commodities
In commodity news, oil traded up 0.74 percent to $102.77, while gold traded up 0.65 percent to $1,301.80.

Silver traded up 1.17 percent Monday to $19.56, while copper rose 0.52 percent to $3.16.

Eurozone
European shares were mostly lower today.

The eurozone's STOXX 600 dropped 0.26 percent, the Spanish Ibex Index fell 0.71 percent, while Italy's FTSE MIB Index tumbled 1.46 percent.

Meanwhile, the German DAX declined 0.04 percent and the French CAC 40 rose 0.03 percent while UK shares slipped 0.34 percent.

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

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

 

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