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Market Overview

Mid-Morning Market Update: Markets Mostly Flat; WESCO Confirms Proposal To Purchase Anixter

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Following the market opening Tuesday, the Dow traded down 0.04% to 28540.32 while the NASDAQ rose 0.03% to 8,948.09. The S&P also rose, gaining 0.01% to 3,224.13.

Leading and Lagging Sectors

Real estate shares climbed 0.6% on Tuesday. Meanwhile, top gainers in the sector included IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP), up 17%, and IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS), up 5%.

In trading on Tuesday, industrial shares fell 0.3%.

Top Headline

WESCO International, Inc. (NYSE: WCC) confirmed an offer to purchase Anixter International Inc. (NYSE: AXE) at $90/share.

The Tuesday-morning release followed a Monday evening amended, restated offer from Clayton, Dubilier & Rice at $86/share plus a $2.50/share contingent value right.

Equities Trading UP

Microbot Medical Inc. (NASDAQ: MBOT) shares shot up 85% to $18.65 after surging 77.37% on Monday.

Shares of CLPS Incorporation (NASDAQ: CLPS) got a boost, shooting up 63% to $7.16.

Cassava Sciences, Inc. (NASDAQ: SAVA) shares were also up, gaining 27% to $ 4.56 after climbing 59.56% on Monday.

Equities Trading DOWN

Liminal BioSciences Inc. (NASDAQ: LMNL) shares tumbled 16% to $9.29.

Shares of Agile Therapeutics, Inc. (NASDAQ: AGRX) were down 9% to $2.44.

Stealth BioTherapeutics Corp (NASDAQ: MITO) was down, falling 8% to $4.1090.

Commodities

In commodity news, oil traded up 0.4% to $60.673, while gold traded up 0.3% to $1,493.50.

Silver traded up 0.9% Tuesday to $17.65, while copper rose 0.4% to $2.8205.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.1%, while Italy’s FTSE MIB Index declined 0.4%. Meanwhile, the German DAX dropped 0.1%, and the French CAC 40 rose 0.1% while UK shares rose 0.1%.

Economics

The Johnson Redbook Retail Sales Index fell 3.4% during the first three weeks of December versus November.

 

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Posted-In: Mid-Morning Market UpdateM&A News Eurozone Commodities Global Intraday Update Markets

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