Mid-Morning Market Update: Markets Edge Lower; Activision Blizzard To Acquire King Digital For $5.9B

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Following the market opening Tuesday, the Dow traded down 0.04 percent to 17,820.98 while the NASDAQ declined 0.25 percent to 5,114.56. The S&P also fell, dropping 0.23 percent to 2,099.20.
Leading and Lagging Sectors
In trading on Tuesday, energy shares jumped by 1.05 percent. Top gainers in the sector included
Unit CorporationUNT
, up 18 percent, and
Stone Energy CorporationSGY
, up 8 percent. Non-cyclical consumer goods & services shares declined around 0.98 percent in Tuesday's trading. Meanwhile, top losers in the sector included
Archer Daniels Midland CompanyADM
, down 8 percent, and
Kellogg Company K
, off 4 percent.
Top Headline
On Monday,
Activision Blizzard, Inc. ATVI
announced its plans to acquire
King Digital Entertainment PLCKING
for $5.9 billion. Activision will pay $18 per share in cash, representing a 16 percent premium to King's closing price on Monday.
Equities Trading UP
RetailMeNot IncSALE
shares shot up 18 percent to $10.37 after the company reported better-than-expected earnings for the third quarter. Shares of
Unit Corporation
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UNT
got a boost, shooting up 16 percent to $15.93. Unit reported Q3 adjusted earnings of $0.03 per share on revenue of $212.4 million.
Nautilus, Inc.NLS
shares were also up, gaining 14 percent to $19.43 after the company reported upbeat Q3 results.
Equities Trading DOWN AMAG Pharmaceuticals, Inc.AMAG
shares tumbled 22 percent to $32.22 on Q3 results. AMAG Pharmaceuticals reported Q3 earnings of $1.02 per share on revenue of $103.5 million. Shares of
Navios Maritime Partners L.P.NMM
were down 22 percent to $5.60 after the company reported downbeat Q3 results.
Avis Budget Group Inc.CAR
was down, falling 11 percent to $46.41 after the company reported weaker-than-expected earnings for the third quarter and issued a weak FY15 forecast.
Commodities
In commodity news, oil traded up 2.23 percent to $47.17, while gold traded down 0.85 percent to $1,126.30. Silver traded down 0.70 percent Tuesday to $15.30, while copper fell 0.43 percent to $2.31.
Eurozone
European shares were lower today. The eurozone's STOXX 600 dropped 0.12 percent, the Spanish Ibex Index fell 0.06 percent, while Italy's FTSE MIB Index dipped 0.96 percent. Meanwhile, the German DAX declined 0.36 percent, and the French CAC 40 slipped 0.17 percent, while U.K. shares fell 0.16 percent.
Economics
US factory orders declined 1.00 percent in September, versus economists' expectations for a 0.90 percent drop.
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Posted In: EarningsNewsGuidanceEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversMid-Morning Market Update
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