Market Overview

Mid-Morning Market Update: Markets Open Higher; Red Ventures To Acquire Bankrate for $14/Share


Following the market opening Monday, the Dow traded up 0.73 percent to 21,505.11 while the NASDAQ climbed 0.30 percent to 6,158.63. The S&P also rose, gaining 0.59 percent to 2,437.73.

Leading and Lagging Sectors

Energy shares rose by 1.09 percent in the US market on Monday. Top gainers in the sector included Diamond Offshore Drilling Inc (NYSE: DO), Teekay LNG Partners L.P. (NYSE: TGP), and SM Energy Co (NYSE: SM).

In trading on Monday, utilities shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Genie Energy Ltd (NYSE: GNE), down 6 percent, and RGC Resources Inc. (NASDAQ: RGCO), down 1.5 percent.

Top Headline

Bankrate Inc (NYSE: RATE) agreed to be acquired by Red Ventures at an enterprise value of around $1.4 billion.

Under the merger agreement, Bankrate shareholders will receive $14 per share in cash, which represents a 9 percent premium over Bankrate's closing price on Friday. The transaction is projected to close in 2017.

Equities Trading UP

Monster Digital Inc (NASDAQ: MSDI) shares shot up 99 percent to $0.970 after the company agreed to merge with Innovate Biopharma.

Shares of Spherix Inc (NASDAQ: SPEX) got a boost, shooting up 25 percent to $3.26 after tumbling 33.67 percent on Friday.

Bankrate Inc (NYSE: ARTE) shares were also up, gaining 9 percent to $13.95 after the company agreed to be acquired by Red Ventures for $14 per share in cash.


Equities Trading DOWN

Yield10 Bioscience Inc (NASDAQ: YTEN) shares dropped 11 percent to $4.60. Yield10 Biosciences priced its $2.3 million direct offering at $4.00 per share.

Shares of NCI Inc (NASDAQ: NCIT) were down 6 percent to $19.95 as the company reported a deal to be purchased by H.I.G. Capital for $20 per share in cash.

Diana Containerships Inc (NASDAQ: DCIX) was down, falling around 18 percent to $0.309. Diana Containerships disclosed a 1-for-7 reverse stock split.


In commodity news, oil traded up 0.56 percent to $46.30 while gold traded down 0.87 percent to $1,231.50.

Silver traded down 1.52 percent Monday to $16.375, while copper fell 0.52 percent to $2.697.


European shares were higher today. The eurozone’s STOXX 600 gained 0.61 percent, the Spanish Ibex Index rose 0.88 percent, while Italy’s FTSE MIB Index surged 1.53 percent. Meanwhile the German DAX climbed 0.62 percent, and the French CAC 40 gained 1.02 percent while U.K. shares rose 0.27 percent.


Data on motor vehicle sales for June will be released today.

The Markit manufacturing PMI slipped to 52.00 for June, versus a prior reading of 52.10. Economists were expecting a reading of 52.10.

U.S. construction spending was flat for June, versus economists’ expectations for a 0.3 percent drop.

The ISM manufacturing index increased to 57.80 for June, versus previous reading of 54.90. However, economists projected a reading of 55.20.

The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

The Treasury will also auction 3-and 6-month bills at 11:30 a.m. ET.

Posted-In: M&A News Eurozone Commodities Global Intraday Update Markets Movers


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