Following the market opening Monday, the Dow traded up 0.46 percent to 25,786.43 while the NASDAQ declined 0.06 percent to 7,811.52. The S&P also rose, gaining 0.20 percent to 2,855.79.
Leading and Lagging Sectors
Monday morning, the materials shares rose 0.80 percent. Meanwhile, top gainers in the sector included New Gold Inc. NGD up 4 percent, and Lithium Americas Corp. LAC up 5 percent.
In trading on Monday, information technology shares fell 0.40 percent.
Rumors of a merger between PepsiCo, Inc. PEP and Sodastream International Ltd SODA date back to at least 2014 and were finally confirmed Monday.
PepsiCo said it reached an agreement to buy Israel-based Sodastream for $144 per share, which represents a 32-percent premium to the 30-day volume weighted average price, the companies said in a press release. The transaction is expected to improve Sodastream's expansion and breakthrough innovation through PepsiCo's distribution capabilities, global reach, R&D, design and marketing expertise.
Equities Trading UP
Seven Stars Cloud Group, Inc. SSC shares shot up 57 percent to $3.12 after announcing a $24 billion deal to conduct financing activities for National Transportation Capacity Company.
Shares of China Commercial Credit, Inc. GLG got a boost, shooting up 39 percent to $0.82 after the company late Friday reported positive Q2 earnings compared with a loss last year.
China Biologic Products Holdings, Inc. CBPO shares were also up, gaining 11 percent to $101.98 after a leading investor group proposed to acquire the company for $118.00 per share in cash.
Equities Trading DOWN
Lannett Company, Inc. LCI shares dropped 58 percent to $5.729 after the company issued weak forecast for the fourth quarter. The company also disclosed that its contract Jerome Stevens Pharma will not be renewed.
Shares of Rimini Street, Inc. RMNI were down 16 percent to $4.06.
Biocept, Inc. BIOC was down, falling around 9 percent to $3.0974.
In commodity news, oil traded up 0.17 percent to $66.02 while gold traded up 0.74 percent to $1,193.00.
Silver traded up 0.40 percent Monday to $14.69, while copper rose 1.53 to $2.688.
European shares were higher today. The eurozone’s STOXX 600 jumped 0.62 percent, the Spanish Ibex Index rose 0.62 percent, while Italy’s FTSE MIB Index rose 0.11 percent. Meanwhile the German DAX climbed 1.02 percent, and the French CAC 40 surged 0.68 percent while U.K. shares rose 0.38 percent.
Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Kingsport, Tennessee at 11:00 a.m. ET.
The Treasury will auction 3-and 6-month bills at 11:30 a.m. ET.
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