Mid-Morning Market Update: Markets Open Higher, ISS Supports Dell Buyout
Following the market opening Monday, the Dow traded up 0.60 percent to 15,226.07 while the NASDAQ surged 0.41 percent to 3,493.47. The S&P also rose, gaining 0.57 percent to 1,641.19.
Shares of Dell (NASDAQ: DELL) surged around 2.2% on ISS backing of $13.65 per share bid.
ISS Proxy Advisory Services reported that it supports Michael Dell and Silver Lake's offer to take Dell private.
Equities Trading UP
Dell (NASDAQ: DELL) shot up 2.15 percent to $13.31 on ISS backing of $13.65 per share bid.
Shares of Linn Energy LLC (NASDAQ: LINE) got a boost, shooting up 5.09 percent to $24.39. Bank of America upgraded Linn Energy from “neutral” to “buy.”
Breitburn Energy Partners LP (NASDAQ: BBEP) was also up, gaining 4.19 percent to $15.88 after Baird upgraded the stock from “neutral” to “outperform.”
Equities Trading DOWN
Shares of Gigamon (NYSE: GIMO) were down 4.38 percent to $29.47. Credit Suisse initiated coverage on Gigamon with a “neutral” rating.
Noodles & Company (NASDAQ: NDLS) was down, falling 3.65 percent to $42.70. Wedbush initiated coverage on the stock with a “neutral” rating.
Intel (NASDAQ: INTC) shares tumbled 2.49 percent to $23.46. Evercore Partners downgraded the stock from “equal-weight” to “underweight.”
In commodity news, oil traded down 0.51 percent to $102.69, while gold traded up 1.46 percent to $1,230.40.
Silver traded up 1.65 percent Monday to $19.05, while copper rose 0.29 percent to $3.07.
European shares gained following hints at more easing from the European Central Bank and Bank of England last week.
The Spanish Ibex Index surged 2.04 percent and the Italian FTSE MIB Index gained 1.34 percent. Meanwhile, the German DAX jumped 2.35 percent and the French CAC 40 rose 1.77 percent while U.K. shares gained 0.60 percent.
The TD Ameritrade IMX for June will be released at 12:30 p.m. ET, while consumer credit data for May will be released at 3:00 p.m. ET.
The Treasury will hold the weekly 3- and 6-month auctions.
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