Market Overview

Mid-Morning Market Update: Markets Open Higher; Lumentum To Acquire Oclaro For $9.99/Share

Share:

Following the market opening Monday, the Dow traded up 0.13 percent to 25,369.92 while the NASDAQ climbed 0.36 percent to 7,587.87. The S&P also rose, gaining 0.17 percent to 2,791.34.

Leading and Lagging Sectors

Monday morning, the non-cyclical consumer goods & services shares gained 0.72 percent.

In trading on Monday, industrial shares fell 0.09 percent. Meanwhile, top losers in the sector included Navistar International Corp (NYSE: NAV), down 4 percent, and DXP Enterprises Inc (NASDAQ: DXPE) down 3 percent.

Top Headline

Lumentum Holdings Inc (NASDAQ: LITE), a provider of optical and photonic products, offered to buy Oclaro Inc (NASDAQ: OCLR) in a deal which values its stock at approximately $9.99 per share, or $1.8 billion in equity value.

Equities Trading UP

Arcadia Biosciences Inc (NASDAQ: RKDA) shares shot up 67 percent to $17.40.

Shares of Oclaro Inc (NASDAQ: OCLR) got a boost, shooting up 25 percent to $9.79. Lumentum Holdings Inc (NASDAQ: LITE) announced plans to acquire Oclaro for $9.99 per share in cash and stock.

United Community Bancorp Inc (NASDAQ: UCBA) shares were also up, gaining 24 percent to $25.00. Civista Bancshares Inc (NASDAQ: CIVB) announced plans to acquire United Community Bancorp for implied deal value of $26.22 per share.

Equities Trading DOWN

Anthera Pharmaceuticals Inc (NASDAQ: ANTH) shares dropped 80 percent to $0.522 following announcement that the company would terminate development of Sollpura after Phase 3 study did not achieve primary endpoint.

Shares of Orexigen Therapeutics, Inc. (NASDAQ: OREX) were down 76 percent to $0.336 after the company reported that it would file voluntary petition under Chapter 11 of Bankruptcy Code and plans for near-term sale.

Voyager Therapeutics Inc (NASDAQ: VYGR) was down, falling around 14 percent to $23.16. Wedbush downgraded Voyager Therapeutics from Outperform to Neutral, while Evercore ISI Group downgraded the stock from Outperform to In-Line.

Commodities

In commodity news, oil traded down 0.69 percent to $61.61 while gold traded down 0.50 percent to $1,317.40.

Silver traded down 0.74 percent Monday to $16.485, while copper fell 0.61 percent to $3.117.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.43 percent, the Spanish Ibex Index rose 0.48 percent, while Italy’s FTSE MIB Index gained 0.30 percent. Meanwhile the German DAX climbed 0.71 percent, and the French CAC 40 rose 0.30 percent while U.K. shares rose 0.01 percent.

Economics

The Treasury is set to auction 3-month bills, 6-month bills and 3-year notes at 11:30 a.m. ET.

The Treasury will auction 10-year notes at 1:00 p.m. ET.

The U.S Treasury budget report for February is schedule for release at 2:00 p.m. ET.

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

 

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