Mid-Afternoon Market Update: Apple Plummets Downwards As Markets Remain Mixed
Toward the end of trading Monday, the Dow traded up 0.67 percent to 15,479.60 while the NASDAQ fell 0.21 percent to 3,714.10. The S&P also rose, gaining 0.49 percent to 1,696.46.
Packaging Corp of America (NYSE: PKG) announced its plans to acquire Boise (NYSE: BZ) for around $1.28 billion. The offer price of $12.55 per share represents a 26% premium to Boise's closing price of $9.96 on Friday. The total transaction value is $1.995 billion, including Boise debt. The deal is likely to close in the fourth quarter.
Equities Trading UP
McEwen Mining (NYSE: MUX) gained 11.57 percent to $2.555 on Monday's session following some leadership changes announced on Friday after the close.
Shares of Avanir Pharmaceuticals (NASDAQ: AVNR) got a boost, shooting up 8.95 percent to $4.44 on Piper Jaffray comments.
Equities Trading DOWN
Shares of The ExOne (NASDAQ: XONE) got crushed following the open Monday, falling 8.10 percent to $51.18 as shares continued to fall after the company's secondary offering at $62 per share on Friday.
Silver Standard Resources (NASDAQ: SSRI) shares tumbled 6.42 percent to $6.70. Silver futures surged 1.75% to trade at $22.10 an ounce.
Apple (NASDAQ: AAPL) down, falling 3.52 percent to $448.50 after sales of the new iPhone 5c were shrouded in mystery, much to the concern of traders. Apple shares have dropped 33.56% over the past 52 weeks.
In commodity news, oil traded down 1.78 percent to $106.28, while gold traded up 0.11 percent to $1,311.10. Silver traded down 1.99 percent Monday to $21.78, while copper rose 0.53 percent to $3.22.
European shares were higher today. The Spanish Ibex Index surged 0.65 percent, while Italy's FTSE MIB Index rose 1.05 percent. Meanwhile, the German DAX gained 1.22 percent and the French CAC 40 climbed 0.92 percent while U.K. shares rose 0.51 percent.
The Empire State manufacturing index fell to 6.29 in September, versus a prior reading of 8.24. However, economists were expecting a reading of 9.10. Industrial production increased 0.4% in August, versus economists' expectations for a 0.5% rise.
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