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Mid-Afternoon Market Update: Crude Oil Up Over 1%; Financial Engines Shares Spike Higher

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Toward the end of trading Monday, the Dow traded down 0.32 percent to 24,233.00 while the NASDAQ declined 0.65 percent to 7,073.42. The S&P also fell, dropping 0.54 percent to 2,655.63.

Leading and Lagging Sectors

Monday afternoon, the energy shares gained 0.82 percent. Meanwhile, top gainers in the sector included Fortem Resources Inc. (OTC: FTMR), up 15 percent, and Andeavor (NYSE: ANDV) up 13 percent.

In trading on Monday, telecommunication services shares tumbled 1.94 percent.

Top Headline

T-Mobile Us Inc (NASDAQ: TMUS) and Sprint Corp (NYSE: S) agreed to combine in a $26 billion all-stock deal in which T-Mobile will pay Sprint investors 0.10256 shares of T-Mobile for each one share of Sprint stock owned.

The companies believe a combination into one entity could generate $6 billion in annual synergies, or $43 billion based on net present value.

Equities Trading UP

SteadyMed Ltd. (NASDAQ: STDY) shares shot up 78 percent to $4.725 after United Therapeutics Corporation (NASDAQ: UTHR) agreed to acquire SteadyMed.

Shares of Atossa Genetics Inc. (NASDAQ: ATOS) got a boost, shooting up 33 percent to $4.4904 after the company received approval from Swedish Medical Products Agency for Phase 2 topical endoxifen study.

Financial Engines, Inc. (NASDAQ: FNGN) shares were also up, gaining 31 percent to $44.625 after the company agreed to be acquired by Hellman & Friedman for $45 per share in cash.

Equities Trading DOWN

Arconic Inc. (NYSE: ARNC) shares dropped 19 percent to $18.13. Arconic posted upbeat Q1 results, but lowered its earnings outlook for FY18.

Shares of Fred's, Inc. (NASDAQ: FRED) were down 16 percent to $2.44. Fred's named Joseph Anto as interim CEO after announcing the resignation of its CEO Michael Bloom.

Sprint Corporation (NYSE: S) was down, falling around 15 percent to $5.525. T-Mobile Us Inc (NASDAQ: TMUS) and Sprint agreed to combine in a $26 billion all-stock deal.

Commodities

In commodity news, oil traded up 1.20 percent to $68.92 while gold traded down 0.35 percent to $1,318.80.

Silver traded down 0.59 percent Monday to $16.40, while copper rose 0.15 percent to $3.074.

Eurozone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.18 percent, the Spanish Ibex Index rose 0.56 percent, while Italy’s FTSE MIB Index rose 0.22 percent. Meanwhile the German DAX rose 0.25 percent, and the French CAC 40 climbed 0.68 percent while U.K. shares rose 0.09 percent.

Economics

The core PCE index rose to 1.9 percent in March, versus 1.6 percent in the previous month.

The Chicago PMI rose to 57.60 in April, versus prior reading of 57.40. Economists projected a reading of 58.20.

The pending-home sales index rose 0.4 percent to a reading of 107.6 in March.

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

 

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