Market Overview

Mid-Morning Market Update: Markets Open Lower; LVMH To Buy Belmond For $25/Share

Share:

Following the market opening Friday, the Dow traded down 0.86 percent to 24,385.24 while the NASDAQ declined 0.98 percent to 7,001.01. The S&P also fell, dropping 0.82 percent to 2,628.95.

Leading and Lagging Sectors

Friday morning, the financial shares climbed 0.2 percent. Meanwhile, top gainers in the sector included Och-Ziff Capital Management Group LLC (NYSE: OZM) up 8 percent, and Value Line, Inc. (NASDAQ: VALU) up 6 percent.

In trading on Friday, health care shares fell 1.6 percent.

Top Headline

LVMH announced plans to buy Belmond Ltd. (NYSE: BEL) for $3.2 billion including debt.

LVMH will pay $25 per Belmond share, representing a 40 percent premium over Belmond’s closing price on Thursday.

Equities Trading UP

Alliqua BioMedical, Inc. (NASDAQ: ALQA) shares got a boost, shooting up 49 percent to $3.17 after Adynxx announced $5.7 million in Federal Grant funding. The companies announced merger agreement in October.

Shares of Belmond Ltd. (NYSE: BEL) shot up 40 percent to $24.75 after LVMH announced plans to purchase the company for $25 per share in cash.

Tel-Instrument Electronics Corp. (NYSE: TIK) shares were also up, gaining 15 percent to $3.47 after the company disclosed a $615,000 international order for the T-47/M5 Mode 5 test set.

 

Equities Trading DOWN

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) shares dropped 16 percent to $5.53 after highlighting presentation of safety and efficacy update from ILLUMINATE-204 trial of tilsotolimod and ipilimumab combo.

Shares of DAVIDsTEA Inc. (NASDAQ: DTEA) were down 19 percent to $1.6215. DavidsTea reported third-quarter loss of C$0.28 per share, down from C$0.17 per share year-over-year. Sales came in at C$43.66 million.

Shopify Inc. (NYSE: SHOP) was down, falling around 9 percent to $145.91. Shopify priced 2.6 million shares at $154 per share.

Commodities

In commodity news, oil traded down 0.15 percent to $52.50 while gold traded down 0.71 percent to $1,238.50.

Silver traded down 1.68 percent Friday to $14.605, while copper fell 1.1 percent to $2.7365.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.68 percent, the Spanish Ibex Index declined 0.87 percent, while Italy’s FTSE MIB Index fell 0.82 percent. Meanwhile the German DAX dropped 0.44 percent, and the French CAC 40 fell 0.91 percent while U.K. shares fell 0.38 percent.

Economics

U.S. retail sales rose 0.2 percent for November, versus economists’ expectations for a 0.4 percent increase.

U.S. industrial production increased 0.6 percent for November, versus economists’ expectations for a 0.3 percent rise.

The flash reading of U.S. manufacturing PMI dropped to 53.9 for December, compared to 55.3 in November, IHS Markit reported.

U.S. business inventories increased 0.6 percent for October.

The Baker Hughes North American rig count report for the recent week is schedule for release at 1:00 p.m. ET.

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

 

Related Articles (ALQA + BEL)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Tesla Has 'Apple-Like Consumer Brand' Potential, Wedbush Says In Bullish Initiation

360 Finance's IPO: What You Need To Know