Leading and Lagging Sectors
Technology shares surged around 0.33 percent in today’s trading. Top gainers in the sector included Hittite Microwave HITT, up 28.3 percent, and Analog Devices ADI, up 6.2 percent.
In trading on Monday, healthcare shares were relative laggards, down on the day by about 0.21 percent. Top losers in the sector included China Biologic Products CBPO, and Gilead Sciences GILD.
Top Headline
Tyson Foods TSN announced it has submitted a unilaterally binding offer to buy The Hillshire Brands Company HSH for $63 per share in cash.
The deal is valued at around $8.55 billion, including net debt. Tyson had earlier offered $50 per share for Hillshire. However, Pilgrim's Pride PPC had offered $55 per share for Hillshire.
Equities Trading UP
Idenix Pharmaceuticals IDIX shares shot up 231.67 percent to $23.98 after Merck MRK announced its plans to acquire Idenix for $24.50 per share in cash.
Shares of Hittite Microwave HITT got a boost, shooting up 28.40 percent to $77.76 after Analog Devices ADI announced its plans to buy Hittite Microwave for $78 per share in cash.
Family Dollar Stores FDO shares were also up, gaining 15.41 percent to $69.86 after Carl Icahn disclosed a brand-new 9.39% stake in the company.
Equities Trading DOWN
Shares of Comverse CNSI were 8.53 percent to $22.83 on Q1 results. The company reported a Q1 loss of $0.72 per share on revenue of $119.0 million.
Pilgrim's Pride PPC shares tumbled 5.60 percent to $24.80 after Tyson Foods TSN outbid Pilgrim's Pride for Hillshire Brands HSH.
Ferrellgas Partners LP FGP was down, falling 1.52 percent to $26.31 after the company reported weaker-than-expected fiscal third-quarter earnings.
Commodities
In commodity news, oil traded up 0.71 percent to $103.39, while gold traded up 0.18 percent to $1,254.80.
Silver traded up 0.63 percent Monday to $19.11, while copper fell 0.61 percent to $3.03.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.13 percent, the Spanish Ibex Index surged 0.04 percent, while Italy’s FTSE MIB Index jumped 0.04 percent. Meanwhile, the German DAX rose 0.04 percent and the French CAC 40 fell 0.22 percent while UK shares gained 0.16 percent.
Economics
The TD Ameritrade Investor Movement Index for May will be released at 12:30 p.m. ET.
The Treasury is set to auction 3-and 6-month bills.
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