Mid-Morning Market Update: Markets Edge Higher; Tyson Wins Bidding Battle To Buy Hillshire Brands For $63/Share
Following the market opening Monday, the Dow traded up 0.06 percent to 16,933.52 while the NASDAQ surged 0.14 percent to 4,327.58. The S&P also rose, gaining 0.09 percent to 1,951.15.
Leading and Lagging Sectors
Technology shares surged around 0.33 percent in today’s trading. Top gainers in the sector included Hittite Microwave (NASDAQ: HITT), up 28.3 percent, and Analog Devices (NASDAQ: 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 (NASDAQ: CBPO), and Gilead Sciences (NASDAQ: GILD).
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 (NASDAQ: PPC) had offered $55 per share for Hillshire.
Equities Trading UP
Family Dollar Stores (NYSE: 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 (NASDAQ: 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.
Ferrellgas Partners LP (NYSE: FGP) was down, falling 1.52 percent to $26.31 after the company reported weaker-than-expected fiscal third-quarter earnings.
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.
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.
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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.