Market Overview

NASDAQ Tumbles 1.2%; Dresser-Rand Gains On Announcement Of Deal With Siemens

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NASDAQ Tumbles 1.2%; Dresser-Rand Gains On Announcement Of Deal With Siemens

Midway through trading Monday, the Dow traded down 0.33 percent to 17,222.49 while the NASDAQ dropped 1.21 percent to 4,524.24. The S&P also fell, declining 0.69 percent to 1,996.56.

Leading and Lagging Sectors

In trading on Monday, non-cyclical consumer goods & services shares dropped by just 0.21 percent. Top gainers in the sector includedThe Clorox Company (NYSE: CLX), up 7.1 percent, andWeight Watchers International (NYSE: WTW), up 2.1 percent.

Energy sector was the top decliner on Monday. Top losers in the sector includedCARBO Ceramics (NYSE: CRR), down 18 percent, andWalter Energy (NYSE: WLT), off 8.6 percent.

Top Headline

Germany’s Merck KGaA (OTC: MKGAY) announced its plans to acquire Sigma-Aldrich (NASDAQ: SIAL) for $17 billion in cash.

The offer price of $140 per share represents a 37% premium to Sigma-Aldrich’s closing price of $102.37 on September 19.

Equities Trading UP

Sigma-Aldrich (NASDAQ: SIAL) shares shot up 33.28 percent to $136.44 after Germany's Merck KGaA (OTC: MKGAY) announced its plans to acquireSigma-Aldrichfor $140 per share in cash.

Shares ofViasystems Group (NASDAQ: VIAS)got a boost,shooting up 36.50percent to $15.97 after TTM Technologies (NASDAQ: TTMI) announced its plans to buyViasystems fora total value of $16.46 per share.

Dresser-Rand Group (NYSE: DRC) shares werealso up, gaining 2.62 percent to $82.00 after Siemens AG (OTC: SIEGY) announced its plans to acquire Dresser-Rand for $7.6 billion.

Equities Trading DOWN

Shares ofTriMas (NASDAQ: TRS)were down 11.98 percent to $26.00 after the company cut its full-year profit outlook.

CARBO Ceramics (NYSE: CRR)shares tumbled 18.05 percent to $69.26after the company provided an update concerning marketplace conditions and related impact to sales volumes.

Yahoo! (NASDAQ: YHOO) wasdown, falling 5.20percent to $38.80 after Bank of Americadowngradedthe stockfromBuytoNeutral.

Commodities

In commodity news, oil traded down 0.87 percent to $91.61, while gold traded down 0.22 percent to $1,213.90.

Silver traded down 0.95 percent Monday to $17.68, while copper fell 1.86 percent to $3.03.

Eurozone

European shareswere lowertoday.The eurozone’s STOXX 600 declined 0.53 percent, the Spanish Ibex Index fell 0.50 percent, while Italy’s FTSE MIB Index declined 1.32 percent. Meanwhile, the German DAX fell 0.47 percent and the French CAC 40 fell 0.48 percent while UK shares dropped 0.70 percent.

Economics

The Chicago Fed National Activity Indexdeclined to negative 0.21 in August, versus positive 0.26 in July.

Sales of existing homes fell 1.8% to an annual rate of 5.05 million in August. However, economists were estimating the sales rate to rise to 5.2 million.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Markets

 

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