Mid-Day Market Update: Gogo Jumps On Upbeat Results; 8x8 Shares Tumble
Midway through trading Monday, the Dow traded up 0.16 percent to 15,786.17 while the NASDAQ dropped 0.01 percent to 3,918.85. The S&P also rose, gaining 0.09 percent to 1,772.13.
Shire will pay $50 per share in cash for ViroPharma, representing a 27 percent premium to ViroPharma's closing price on Friday.
Shares of Gogo (NASDAQ: GOGO) got a boost, shooting up 26.13 percent to $23.65 after the company reported upbeat Q3 results and raised its FY13 revenue forecast.
Equities Trading DOWN
Shares of Tata Motors (NYSE: TTM) were down 4.55 percent to $29.37 after Nomura downgraded the stock from Buy to Neutral.
CDW (NASDAQ: CDW) shares tumbled 4.49 percent to $21.92 after the company announced the commencement of a public offering of 15,000,000 shares of its common stock by selling stockholders.
8x8 (NASDAQ: EGHT) was down, falling 6.39 percent to $9.96 after the company announced a public offering of 12,500,000 shares of its common stock. The company also announced its plans to acquire UK-based Voicenet Solutions for $18.4 million in cash.
In commodity news, oil traded up 0.68 percent to $95.24, while gold traded down 0.22 percent to $1,281.80.
Silver traded up 0.06 percent Monday to $21.33, while copper rose 0.23 percent to $3.26.
European shares were higher today. The Spanish Ibex Index gained 0.44 percent, while Italy's FTSE MIB Index rose 0.77 percent. Meanwhile, the German DAX gained 0.42 percent and the French CAC 40 surged 0.70 percent while U.K. shares rose 0.33 percent.
On the economics calendar Monday, there is no important data due out.
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