Mid-Day Market Update: Crude Oil Up Over 2%; Invuity Shares Spike Higher

Midway through trading Tuesday, the Dow traded up 0.29 percent to 25,932.40 while the NASDAQ climbed 0.17 percent to 7,937.52. The S&P also rose, gaining 0.12 percent to 2,880.58.

Leading and Lagging Sectors

On Tuesday, the telecommunication services shares rose 0.86 percent. Meanwhile, top gainers in the sector included CenturyLink, Inc. CTL up 3 percent, and SK Telecom Co., Ltd. SKM up 3 percent.

In trading on Tuesday, consumer staples shares fell 0.53 percent.


Top Headline

Renesas Electronics Corporation RNECY announced plans to acquire Integrated Device Technology IDTI for $6.7 billion.

Renesas will pay $49 per share in cash to buy Integrated Device Technology, representing a 16 percent premium over its closing price on Monday.


Equities Trading UP

Invuity, Inc. IVTY shares shot up 28 percent to $7.35 after the company agreed to be acquired by Stryker Corporation SYK for $7.40 per share in cash.

Shares of IZEA Worldwide, Inc. IZEA got a boost, shooting up 42 percent to $2.13 after the company late Monday reported a deal with a top 50 US retailer. Separately, the company issued Q3 guidance and said it expects Q3 to see the largest bookings in company history.

Integrated Device Technology, Inc. IDTI shares were also up, gaining 11 percent to $46.79 after Renesas Electronics Corporation RNECY announced plans to acquire Integrated Device Technology for $49 per share in cash.


Equities Trading DOWN

Francesca's Holdings Corporation FRAN shares dropped 32 percent to $4.00 after the company posted downbeat Q2 results and issued weak Q3 forecast.

Shares of USA Technologies, Inc. USAT were down 30 percent to $10.70. The company earlier announced it will delay the filing of its 10-K for 2018 until an audit committee completes internal investigation of prior period matters.

Sonos, Inc. SONO was down, falling around 18 percent to $17.4549 after the company reported downbeat earnings for its third quarter. The company said it will not provide quarterly guidance going forward.


Commodities


In commodity news, oil traded up 2.22 percent to $69.04 while gold traded down 0.23 percent to $1,197.00.

Silver traded down 0.92 percent Tuesday to $14.05, while copper fell 1.05 to $2.6005.



Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.41 percent, the Spanish Ibex Index fell 0.17 percent, while Italy’s FTSE MIB Index declined 0.66 percent. Meanwhile the German DAX declined 0.43 percent, and the French CAC 40 fell 0.10 percent while U.K. shares fell 0.31 percent.

Economics

The NFIB small business optimism index increased rose 0.9 points to a reading of 108.8 for August.

The Johnson Redbook Retail Sales Index rose 0.8 percent during the first week of September versus August.

U.S. job openings rose to 6.9 million in July, according to the Labor Department.

U.S. wholesale inventories rose 0.6 percent for July, versus economists’ expectations for a 0.7 percent increase.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsEurozoneCommoditiesGlobalIntraday UpdateMarketsMid-Day Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!