Market Overview

U.S. Stocks Turn Red; CareFusion Shares Surge On Announcement Of Acquisition By Becton, Dickinson

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U.S. Stocks Turn Red; CareFusion Shares Surge On Announcement Of Acquisition By Becton, Dickinson

Midway through trading Monday, the Dow traded down 0.26 percent to 16,966.19 while the NASDAQ declined 0.57 percent to 4,450.18. The S&P also fell, dropping 0.33 percent to 1,961.47.

Leading and Lagging Sectors

In trading on Monday, basic materials shares were relative leaders, up on the day by about 0.44 percent. Top gainers in the sector included Sinopec Shanghai Petrochemical Co (NYSE: SHI), up 4.6 percent, and Braskem S.A. (NYSE: BAK), up 3 percent.

Healthcare shares fell by 0.44 percent on Monday. Top losers in the sector included Sunesis Pharmaceuticals (NASDAQ: SNSS), down 71 percent, and BioCryst Pharmaceuticals (NASDAQ: BCRX), off 10.8 percent.

Top Headline

Hewlett-Packard Company (NYSE: HPQ) announced its plans to split the company into HP Inc and HP Enterprise.

Hewlett-Packard will separate its PC and printer businesses from its corporate hardware business and other units.

Equities Trading UP

Durata Therapeutics (NASDAQ: DRTX) shares shot up 71.69 percent to $23.83 after Actavis (NYSE: ACT) announced its plans to buy Durata Therapeutics for around $616.4 million.

Shares of CareFusion (NYSE: CFN) got a boost, shooting up 23.32 percent to $56.94 after Becton Dickinson & Co (NYSE: BDX) announced its plans to acquire CareFusion for $12.2 billion in cash and stock.

Petrobas (NYSE: PBR) shares were also up, gaining 15.03 percent to $16.07 as the company announced the discovery of gas accumulation at Espírito Santo Basin.

Equities Trading DOWN

Shares of EZchip Semiconductor (NASDAQ: EZCH) were down 12.62 percent to $21.61 after the company lowered its Q3 sales forecast.

H&R Block (NYSE: HRB) shares tumbled 6.51 percent to $29.60 as the company announced that the regulatory approval process for the company’s deal with BofI Federal Bank won't be completed this year.

Sunesis Pharmaceuticals (NASDAQ: SNSS) was down, falling 71.93 percent to $1.86 as pivotal Phase 3 VALOR trial of acute myeloid leukemia treatment did not meet primary endpoint.

Commodities

In commodity news, oil traded down 0.47 percent to $89.32, while gold traded up 0.77 percent to $1,202.10.

Silver traded up 1.54 percent Monday to $17.09, while copper rose 1.28 percent to $3.04.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 surged 0.24 percent, the Spanish Ibex Index jumped 0.69 percent, while Italy’s FTSE MIB Index declined 0.40 percent. Meanwhile, the German DAX climbed 0.10 percent and the French CAC 40 gained 0.11 percent while UK shares rose 0.42 percent.

Economics

The Treasury is set to auction 3-and 6-month bills.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Markets

 

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