Mid-Day Market Update: Nanosphere Jumps Following Luminex Deal; Breitburn Energy Partners Shares Drop
Midway through trading Monday, the Dow traded up 0.64 percent to 17,647.80 while the NASDAQ surged 0.81 percent to 4,756.09. The S&P also rose, gaining 0.63 percent to 2,059.54.
Leading and Lagging Sectors
Basic materials shares rose around 2.02 percent in trading on Monday. Top gainers in the sector included Bill Barrett Corporation (NYSE: BBG), Newpark Resources Inc (NYSE: NR), and Approach Resources Inc. (NASDAQ: AREX).
In trading on Monday, utilities shares slipped by 0.1 percent. Meanwhile, top losers in the sector included Companhia Paranaense de Energia (ADR) (NYSE: ELP), down 3 percent, and TransAlta Corporation (USA) (NYSE: TAC), down 2 percent.
The total transaction value, net of cash, is estimated to be approximately $5.2 billion, which assumes the conversion of Anacor's outstanding convertible notes.
Equities Trading UP
Equities Trading DOWN
Aduro BioTech Inc (NASDAQ: ADRO) shares dropped 25 percent to $8.04 after the company reported that its Phase 2b ECLIPSE trial has missed primary endpoint.
Shares of Versar Inc. (NYSE: VSR) were down 35 percent to $1.65. Versar reported a Q3 loss of $1.34 per share on revenue of $36.5 million.
Breitburn Energy Partners LP (NASDAQ: BBEP) was down, falling around 70 percent to $0.0579 as the company filed for Chapter 11 bankruptcy protection.
In commodity news, oil traded up 2.49 percent to $47.36 while gold traded up 0.36 percent to $1,277.30.
Silver traded up 0.48 percent Monday to $17.22, while copper rose 0.82 percent to $2.09.
European shares were mostly lower today. The eurozone's STOXX 600 dropped 0.04 percent, the Spanish Ibex Index fell 0.35 percent, while Italy's FTSE MIB Index gained 0.23 percent. The French CAC 40 declined 0.34 percent while U.K. shares rose 0.07 percent.
The Empire State general business conditions index dropped to negative 9.02 in May, compared to positive 9.56 in April. However, economists were expecting a reading of positive 6.50.
The NAHB housing market index was unchanged at 58 in May. However, economists were projecting a reading of 59.
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