Market Overview

Mid-Morning Market Update: Markets Open Higher; Salesforce To Buy Tableau Software For $15.7B

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Following the market opening Monday, the Dow traded up 0.6 percent to 26140 while the NASDAQ rose 1.43 percent to 7853. The S&P also rose, gaining 0.75 percent to 2,894.

Leading and Lagging Sectors

Consumer discretionary shares rose 1.6 percent on Monday. Meanwhile, top gainers in the sector included Universal Electronics Inc. (NASDAQ: UEIC), up 16 percent, and Shiloh Industries, Inc. (NASDAQ: SHLO), up 11 percent.

In trading on Monday, utilities shares fell by 1 percent.

Top Headline

Salesforce.com, inc. (NYSE: CRM) is buying Tableau Software Inc (NYSE: DATA) for about $15.7 billion. Each share of Tableau class A, B stock will be exchanged for $1.103 shares of Salesforce’s common stock.

Tableau Software is an interactive data visualization software company and Salesforce is a cloud-based software company headquartered in San Francisco.

Equities Trading UP

Provention Bio, Inc. (NASDAQ: PRVB) shares shot up 330 percent to $18.71 after the company announced study results showing a single course of PRV-031 delayed type 1 diabetes onset in high-risk individuals by at least two years.

Shares of Vuzix Corporation (NASDAQ: VUZI) got a boost, shooting up 24 percent to $2.52. Vuzix and NNTC announced fully autonomous AI-Powered face recognition system integrated on smart glasses.

Tableau Software, Inc. (NYSE: DATA) shares were also up, gaining 35 percent to $168.35 after Salesforce.com, inc. (NYSE: CRM) announced plans to buy the company for about $15.7 billion.

Equities Trading DOWN

INSYS Therapeutics, Inc. (NASDAQ: INSY) shares tumbled 45 percent to $0.7154 following news the company initiated a court-supervised process to facilitate asset sales via Chapter 11 Bankruptcy.

Shares of ReWalk Robotics Ltd. (NASDAQ: RWLK) were down 19 percent to $5.56 after the company announced a direct offering of ~833,000 shares at $6.60 per share for $5 million in gross proceeds.

Concrete Pumping Holdings, Inc. (NASDAQ: BBCP) was down, falling 10 percent to $4.40 after the company reported Q2 EPS of $(0.35).

Commodities

In commodity news, oil traded up 0.3 percent to $54.15, while gold traded down 1.2 percent to $1,330.10.

Silver traded down 2.1 percent Monday to $14.715, while copper rose 0.5 percent to $2.6395.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2 percent, the Spanish Ibex Index rose 0.5 percent, while Italy’s FTSE MIB Index rose 0.3 percent. Meanwhile, the German DAX climbed 0.8 percent, and the French CAC 40 rose 0.3 percent while UK shares rose 0.5 percent.

Economics

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

The TD Ameritrade Investor Movement Index for May will be released at 12:30 p.m. ET.

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

 

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