Market Overview

Mid-Morning Market Update: Markets Open Lower; Vista Equity Partners to Acquire Mindbody For $36.50/Share

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Following the market opening Monday, the Dow traded down 0.51 percent to 22,333 while the NASDAQ declined 0.4 percent to 6,309. The S&P also fell, dropping 0.4 percent to 2,407.

Leading and Lagging Sectors

Monday morning, the communication services shares climbed 1.3 percent. Meanwhile, top gainers in the sector included Gravity Co., LTD. (NASDAQ: GRVY) up 12 percent, and Fang Holdings Ltd (NYSE: SFUN) up 12 percent.

In trading on Monday, utilities shares fell 2.2 percent.

Top Headline

Mindbody Inc (NASDAQ: MB) agreed to be acquired by investment firm Vista Equity Partners in a deal valued at around $1.9 billion.

Vista will pay $36.50 per share in cash, representing a 68 percent premium to Mindbody’s closing price on Friday.

Equities Trading UP

MINDBODY Inc (NASDAQ: MB) shares got a boost, shooting up 67 percent to $36.20 after the company agreed to be acquired by Vista Equity for $36.50 per share cash in a deal worth $1.9 billion.

Shares of MICT Inc (NASDAQ: MICT) shot up 31 percent to $1.13. Micronet won a $1.4 million contract for tis TREQ-317 on board computer. MICT shares climbed around 184 percent Friday after the company announced Brookfield Interactive, ParagonEx, and MICT will merge and form a new company called Global Fintech Holdings.

Acorda Therapeutics Inc (NASDAQ: ACOR) shares were also up, gaining 7 percent to $13.88 after announcing FDA approval of INBRIJA.

Equities Trading DOWN

Dell Technologies Inc (NYSE: DVMT) shares dropped 26 percent to $76.41 after the company said it expects 2019 revenue below the analyst consensus.

Shares of Histogenics Corp (NASDAQ: HSGX) were down 76 percent to $0.12 after the FDA said an additional clinical trial will be needed before it would accept submission of a Biologics License Application for NeoCart.

BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV) was down, falling around 13 percent to $4.00

Commodities

In commodity news, oil traded down 1.73 percent to $44.80 while gold traded up 0.65 percent to $1,266.30.

Silver traded up 0.43 percent Monday to $14.765, while copper fell 0.37 percent to $2.664.

 

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.56 percent, the Spanish Ibex Index dipped 0.89 percent, while Italy’s FTSE MIB Index declined 0.97 percent. Meanwhile the German DAX gained 0.21 percent, and the French CAC 40 rose 0.04 percent while U.K. shares fell 0.52 percent.

Economics

The Chicago Fed National Activity Index rose to positive 0.22 for November, versus a revised neutral reading for October.

The Treasury is set to auction 3-and 6-month bills at 10:00 a.m. ET.

The Treasury will auction 2-year notes at 11:30 a.m. ET.

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

 

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