Mid-Morning Market Update: Markets Open Lower; Randa Proposes To Acquire Perry Ellis

Following the market opening Monday, the Dow traded down 0.54 percent to 24,139.55 while the NASDAQ declined 0.30 percent to 7,487.96. The S&P also fell, dropping 0.39 percent to 2,707.91.

Leading and Lagging Sectors

Monday morning, the utilities shares surged 0.3 percent. Meanwhile, top gainers in the sector included Hawaiian Electric Industries, Inc. HE up 2 percent, and Atlantic Power Corporation AT up 1.5 percent.

In trading on Monday, energy shares fell 1.5 percent.

Top Headline

Randa proposed to acquire Perry Ellis International, Inc. PERY for $28 per share.

Equities Trading UP

Radisys Corporation RSYS shares shot up 120 percent to $1.5399 after Reliance Industries announced plans to acquire Radisys for $1.72 per share in cash.

Shares of Adamis Pharmaceuticals Corporation ADMP got a boost, shooting up 38 percent to $4.40 after the company reported a distribution and commercialization agreement with Sandoz for Symjepi.

New Concept Energy, Inc. GBR shares were also up, gaining 112 percent to $8.96 after climbing 145.33 percent on Friday.

Equities Trading DOWN

MiMedx Group, Inc. MDXG shares dropped 30 percent to $4.45. MiMedx reported the resignation of its Chairman and CEO Parker H. "Pete" Petit. The company also reported that William C. "Bill" Taylor has resigned as President and COO.

Shares of Nuvectra Corporation NVTR were down 25 percent to $15.30 after the company issued an update on FDA and TÜV SÜD review of Virtis pre-market trading-market approval and CE Mark applications. The company plans to work with the FDA to complete review process as soon as possible.

Helios and Matheson Analytics Inc. HMNY was down, falling around 15 percent to $0.2633. Helios And Matheson Analytics disclosed that it has filed a $1.2 billion universal shelf registration statement.

Commodities

In commodity news, oil traded down 0.39 percent to $73.86 while gold traded down 0.29 percent to $1,250.90.

Silver traded down 1.25 percent Monday to $15.995, while copper fell 0.39 to $2.9545.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 0.87 percent, the Spanish Ibex Index fell 0.90 percent, while Italy’s FTSE MIB Index declined 1.30 percent. Meanwhile the German DAX declined 0.52 percent, and the French CAC 40 slipped 0.83 percent while U.K. shares fell 0.78 percent.

Economics

The manufacturing PMI gained to 55.40 for June, versus prior reading of 54.60. However, economists were expecting a reading of 54.60.

The ISM manufacturing index rose to 60.20 in June, versus previous reading of 58.70. Economists projected a reading of 58.2.

U.S. construction spending rose 0.4 percent for May, versus economists’ expectations for a 0.5 percent increase

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

The Treasury will auction 4-week bills at 1:00 p.m. ET.