Markets Open Higher; Dollar General Offers $9.7 Billon To Buy Family Dollar
Following the market opening Monday, the Dow traded up 0.84 percent to 16,802.72 while the NASDAQ surged 0.79 percent to 4,500.04. The S&P also rose, gaining 0.72 percent to 1,969.08.
Leading and Lagging Sectors
In trading on Monday, industrials shares were relative leaders, up on the day by about 1.01 percent. Meanwhile, top gainers in the sector included China Finance Online Co (NASDAQ: JRJC), up 16 percent, and TASER International (NASDAQ: TASR), up 8 percent.
Utilities shares gained by just 0.02 percent in today’s trading. Meanwhile, top decliners in the sector included Regency Energy Partners LP (NYSE: RGP), down 0.8 percent, and PPL (NYSE: PPL), off 0.7 percent.
Dollar General will pay $78.50 per share in cash, 3% higher than Family Dollar’s closing price of $76.06 on Friday.
Equities Trading UP
Shares of TASER International (NASDAQ: TASR) got a boost, shooting up 7.48 percent to $14.95 after rising 9.44% on Friday.
Achillion Pharmaceuticals (NASDAQ: ACHN) shares were also up, gaining 4.42 percent to $9.66 after Deutsche Bank upgraded the stock from Hold to Buy and raised the price target from $6 to $17.
Equities Trading DOWN
Shares of Fabrinet (NYSE: FN) were down 16 percent to $14.91 after the company announced audit committee investigation into accounting matters and postponed Q4 earnings release.
Monster Beverage (NASDAQ: MNST) shares tumbled 2.66 percent to $91.00 after jumping 30.48% on Friday.
In commodity news, oil traded down 0.90 percent to $96.47, while gold traded down 0.63 percent to $1,298.00.
Silver traded up 0.23 percent Monday to $19.57, while copper rose 0.02 percent to $3.13.
European shares were higher today. The eurozone’s STOXX 600 surged 1.02 percent, the Spanish Ibex Index jumped 1.22 percent, while Italy’s FTSE MIB Index climbed 0.95 percent. Meanwhile, the German DAX gained 1.40 percent and the French CAC 40 climbed 1.99 percent while UK shares gained 0.74 percent.
The NAHB housing market index rose 2 points to 55 in August.
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