Market Overview

Mid-Morning Market Update: Markets Open Lower; Tech Data Shares Climb After $6B Takeover Bid From Apollo

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Following the market opening Friday, the Dow traded down 0.18% to 28113.03 while the NASDAQ fell 0.1% to 8696.67. The S&P also fell, dropping 0.13% to 3,149.63.

Leading and Lagging Sectors

Utilities shares climbed 0.1% on Friday. Meanwhile, top gainers in the sector included Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (NYSE: SBS), up 4%, and Companhia Energetica de Minas Gerais (NYSE: CIG), up 3%.

In trading on Friday, energy shares fell 0.9%.

Top Headline

Tech Data Corporation (NASDAQ: TECD) shares jumped around 12% after the company announced it will be acquired by Apollo affiliates for $145/share in cash, an increase from $130/share previously.

Equities Trading UP

ASLAN Pharmaceuticals Limited (NASDAQ: ASLN) shares shot up 127% to $5.26 after surging 81.25% on Wednesday.

Shares of Can-Fite BioPharma Ltd. (NYSE: CANF) got a boost, shooting up 30% to $3.35 following Q3 clinical update, highlighting an agreement with the FDA on its liver cancer study design, a South Korean distribution deal and an agreement to develop cannabinoid-based pharmaceuticals and assays.

SORL Auto Parts, Inc. (NASDAQ: SORL) shares were also up, gaining 26% to $4.28 after the company announced it would be acquired for $4.72 per share.

Equities Trading DOWN

Paringa Resources Limited (NASDAQ: PNRL) shares tumbled 54% to $2.4164 after climbing 266.20% on Wednesday.

Shares of Whiting Petroleum Corporation (NYSE: WLL) were down 9% to $4.67.

Health Insurance Innovations, Inc. (NASDAQ: HIIQ) was down, falling 7% to $18.41.

Commodities

In commodity news, oil traded down 0.1% to $58.04, while gold traded up 0.1% to $1,462.20.

Silver traded down 0.1% Friday to $17.035, while copper fell 1.1% to $2.667.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.2%. Meanwhile, the German DAX gained 0.2%, and the French CAC 40 rose 0.2% while UK shares fell 0.1%.

Economics

Data on money supply for the recent week will be released at 4:30 p.m. ET.

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

 

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