Mid-Day Market Update: Sysco Shares Rise Following Merger with US Foods; McDonald's Falls
Midway through trading Monday, the Dow traded up 0.13 percent to 16,040.65 while the NASDAQ surged 0.20-percent to 4,070.79. The S&P also rose, gaining 0.27 percent to 1,809.91.
Covidien PLC (NYSE: COV) announced its plans to acquire Given Imaging (NASDAQ: GIVN) for a total of $860 million Covidien will buy all the outstanding stock of Given Imaging for $30.00 per share in cash, representing a 27% premium to the company's closing price on Friday.
The deal is likely to be completed by March 31.
Equities Trading DOWN
Shares of EZCORP (NASDAQ: EZPW) were down 6.09 percent to $10.34 after Sterne Agee downgraded the stock from Buy to Neutral and lowered the target price from $15.50 to $12.
Ply Gem Holdings (NYSE: PGEM) shares tumbled 4.12 percent to $17.44 after Credit Suisse downgraded the stock from Outperform to Neutral.
McDonald's (NYSE: MCD) was down, falling 1.15 percent to $95.69 after the company reported a 0.8% drop in its US sales in November. McDonald's also reported a 0.5% rise in its global comparable sales in the month.
In commodity news, oil traded down 0.06 percent to $97.59, while gold traded up 0.55 percent to $1,235.80. Silver traded up 1.16 percent Monday to $19.75, while copper rose 0.20 percent to $3.26.
European shares were mostly higher today. The Spanish Ibex Index gained 0.83 percent, while Italy's FTSE MIB Index surged 0.49 percent. Meanwhile, the German DAX gained 0.18 percent and the French CAC 40 climbed 0.01 percent while U.K. shares fell 0.02 percent.
The TD Ameritrade IMX for November will be released today.
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