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Market Overview

Mid-Day Market Update: Trina Solar Surges Following Announcement of Going Private Proposal; Newell Rubbermaid Shares Slip

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Midway through trading Monday, the Dow traded up 0.21 percent to 17,301.02 while the NASDAQ declined 0.20 percent to 4,923.65. The S&P also rose, gaining 0.02 percent to 2,012.70.

Leading and Lagging Sectors

On Monday, telecommunications services shares slipped by just 0.04 percent. Top gainers in the sector included Nippon Telegraph & Telephone Corp (ADR) (NYSE: NTT), IDT Corporation (NYSE: IDT), and Telefonica Brasil SA (ADR) (NYSE: VIV).

In trading on Monday, basic materials shares were relative laggards, down on the day by about 1.72 percent. Meanwhile, top losers in the sector included AngloGold Ashanti Limited (ADR) (NYSE: AU), down 11 percent, and Methanex Corporation (USA) (NASDAQ: MEOH), down 8 percent.

Top Headline

Newell Rubbermaid Inc. (NYSE: NWL) announced plans to acquire Jarden Corp (NYSE: JAH) for around $13.2 billion.

The offer price of $60 per share in cash and stock represents a 14 percent premium over Jarden's closing price on Friday.

Equities Trading UP

Akebia Therapeutics Inc (NASDAQ: AKBA) shares shot up 10 percent to $10.72 after the company reported a collaboration with Mitsubishi Tanabe Pharma for the development and commercialization of Vadadustat in Asia.

Shares of Trina Solar Limited (ADR) (NYSE: TSL) got a boost, shooting up 10 percent to $10.55 following announcement of $11.60 per ADS 'going private' proposal.

Siliconware Precision Industries (ADR) (NASDAQ: SPIL) shares were also up, gaining 8 percent to $7.70 after Advanced Semiconductor Engineering (ADR) (NYSE: ASX) offered to acquire Siliconware Precision for 55 Taiwanese Dollars per share.

Equities Trading DOWN

Atara Biotherapeutics Inc (NASDAQ: ATRA) shares tumbled 25 percent to $24.90 after the company reported results from its Phase 2 proof-of-concept PINTA 745 clinical trial for protein energy wasting in patients with end stage renal disease.

Shares of GoPro Inc (NASDAQ: GPRO) were down 17 percent to $15.99. Morgan Stanley downgraded the rating on GoPro from Equal-weight to Underweight, while lowering the price target from $23 to $12.

Newell Rubbermaid Inc. (NYSE: NWL) was down, falling 11 percent to $40.50 after the company announced plans to acquire Jarden Corp (NYSE: JAH) for around $13.2 billion.

Commodities

In commodity news, oil traded up 1.85 percent to $36.28, while gold traded down 0.77 percent to $1,067.40.

Silver traded down 1.04 percent Monday to $13.74, while copper fell 0.33 percent to $2.11.

Eurozone

European shares were lower today. The eurozone's STOXX 600 fell 1.76 percent, the Spanish Ibex Index declined 2.10 percent, while Italy's FTSE MIB Index dipped 2.42 percent. Meanwhile, the German DAX slipped 1.94 percent, and the French CAC 40 slipped 1.68 percent, while U.K. shares fell 1.32 percent.

Economics

No major economic reports are scheduled for release today.

 

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