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Market Overview

Mid-Morning Market Update: Markets Open Lower; Bridgestone Increases Offer Price For Pep Boys


Following the market opening Monday, the Dow traded down 0.33 percent to 17,494.20 while the NASDAQ slipped 0.36 percent to 5,030.28. The S&P also fell, dropping 0.39 percent to 2,052.98.

Leading and Lagging Sectors

On Monday, cyclical consumer goods & services shares surged by 0.01 percent. Top gainers in the sector included Phoenix New Media Ltd ADR (NYSE: FENG), Bassett Furniture Industries Inc. (NASDAQ: BSET), and NutriSystem Inc. (NASDAQ: NTRI).

In trading on Monday, energy shares dropped by 1.88 percent. Meanwhile, top losers in the sector included Vanguard Natural Resources, LLC (NASDAQ: VNR), down 10 percent, and Stone Energy Corporation (NYSE: SGY), down 10 percent.

Top Headline

Bridgestone Americas, Inc. and Pep Boys-Manny Moe and Jack (NYSE: PBY) announced Thursday that Bridgestone had increased the offer price to acquire all the outstanding shares of Pep Boys common stock from $15.50 per share to $17.00 per share in cash, or approximately $947 million. That's fifty cents per share higher than Carl Icahn's latest offer of $16.50 per share, presented on December 18.

Equities Trading UP

Fitbit Inc (NYSE: FIT) shares shot up 4 percent to $30.01. FitBit app topped the app charts on Christmas Day.

Shares of Rovi Corporation (NASDAQ: ROVI) got a boost, shooting up 6 percent to $16.78 after the company reported the renewal of patent license deal for entertainment discovery portfolio with Sony Corp (ADR) (NYSE: SNE).

pSivida Corp. (NASDAQ: PSDV) shares were also up, gaining 6 percent to $4.61 after the company announced its plans to file for EU marketing approval of Medidur™ based on single Phase 3 clinical trial.

Equities Trading DOWN

Chimerix Inc (NASDAQ: CMRX) shares tumbled 79 percent to $7.43 following Phase 3 trial failure. Chimerix announced in a press release that a Phase 3 study for its SUPPRESS of brincidofovir did not achieve a primary endpoint for the prevention of clinically significant cytomegalovirus infection through Week 24 after transplant.

Shares of Iconix Brand Group Inc (NASDAQ: ICON) were down 17 percent to $6.20 after the company reported that it has received a formal order of investigation from the Staff of the SEC.

Valeant Pharmaceuticals Intl Inc (NYSE: VRX) was down, falling around 6 percent to $106.81 after the company issued a press release, confirming that its chairman and chief executive officer J. Michael Pearson will be on a medical leave of absence, effective immediately.


In commodity news, oil traded down 2.44 percent to $37.17, while gold traded down 0.53 percent to $1,070.20.

Silver traded down 2.25 percent Monday to $14.06, while copper fell 1.67 percent to $2.09.


European shares were lower today. The eurozone's STOXX 600 declined 0.46 percent, the Spanish Ibex Index slipped 1.10 percent, while Italy's FTSE MIB Index dropped 0.24 percent. The French CAC 40 slipped 0.84 percent, while German DAX fell 0.71 percent.


The Dallas Fed general activity index for December will be released today.


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