Market Overview

Mid-Morning Market Update: Markets Open Higher; Hershey To Acquire Amplify Snack Brands For $12/Share


Following the market opening Monday, the Dow traded up 0.76 percent to 24,839.52 while the NASDAQ climbed 0.83 percent to 6,994.42. The S&P also rose, gaining 0.64 percent to 2,692.89.

Leading and Lagging Sectors

Monday morning, the financial sector proved to be a source of strength for the market. Leading the sector was strength from Wins Finance Holdings Inc (NASDAQ: WINS) and Banco de Chile (ADR) (NYSE: BCH).

In trading on Monday, utilities shares fell 0.27 percent.

Top Headline

Hershey Co (NYSE: HSY) announced plans to acquire Amplify Snack Brands Inc (NYSE: BETR) in a transaction valued at $1.6 billion.

Hershey will pay $12 per share for Amplify, representing a 71.4 percent premium over the stock's closing price on Friday. The deal is projected to close next quarter.

Equities Trading UP

Longfin Corp (NASDAQ: LFIN) shares shot up 79 percent to $39.32. Longfin shares surged 308.41 percent Friday after the company announced agreement to acquire

Shares of Amplify Snack Brands Inc (NYSE: BETR) got a boost, shooting up 71 percent to $11.94. Hershey Co (NYSE: HSY) announced plans to acquire Amplify Snack Brands for $12 per share in cash.

Vipshop Holdings Ltd - ADR (NYSE: VIPS) shares were also up, gaining 45 percent to $12.20 following announcement of $863 million investment by and Tencent.

Equities Trading DOWN

Bovie Medical Corporation (NYSE: BVX) shares dropped 6 percent to $2.81. Bovie Medical named Charles D. Goodwin as Chief Executive Officer and updates its 2017 forecast.

Shares of Aratana Therapeutics Inc (NASDAQ: PETX) were down 7 percent to $5.34 after the company issued study results for AT-016. The company’s license partner responsible for development said study did not achieve protocol-defined efficacy success criteria.

National Holdings Corporation (NASDAQ: NHLD) was down, falling around 9 percent to $2.44 after the company reported a comprehensive financing and debt restructuring transaction.


In commodity news, oil traded up 0.45 percent to $57.56 while gold traded up 0.41 percent to $1,262.70.

Silver traded up 0.45 percent Monday to $16.135, while copper fell 0.29 percent to $3.1255.


European shares were higher today. The eurozone’s STOXX 600 jumped 0.97 percent, the Spanish Ibex Index rose 0.75 percent, while Italy’s FTSE MIB Index surged 0.78 percent. Meanwhile the German DAX gained 1.57 percent, and the French CAC 40 climbed 1.22 percent while U.K. shares rose 0.48 percent.


The NAHB housing market index climbed 5 points to a reading of 74 for December. However, economists were expecting a reading of 70 for December.

The Treasury is set to auction 3-month bills at 11:30 a.m. ET.

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

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets


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