Market Overview

Mid-Afternoon Market Update: Tyson Rises After Q4 Results; DreamWorks Shares Decline

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Mid-Afternoon Market Update: Tyson Rises After Q4 Results; DreamWorks Shares Decline

Toward the end of trading Monday, the Dow traded up 0.06 percent to 17,645.60 while the NASDAQ declined 0.34 percent to 4,672.58. The S&P also rose, gaining 0.06 percent to 2,041.00.

Leading and Lagging Sectors

Utilities shares jumped by 0.90 percent on Monday. Top gainers in the sector included Atlantic Power (NYSE: AT), up 4.3 percent, and Pure Cycle (NASDAQ: PCYO), up 4.4 percent.

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.57 percent. Top losers in the sector included B Communications (NASDAQ: BCOM), down 9 percent, and Internet Gold Golden Lines (NASDAQ: IGLD), off 7 percent.

Top Headline

Halliburton Company (NYSE: HAL) announced its plans to buy Baker Hughes (NYSE: BHI).

Under the terms of the deal, Halliburton will acquire all of the outstanding shares of Baker Hughes in a stock and cash transaction valued at $78.62 per Baker Hughes share, or $34.6 billion.

Equities Trading UP

Amicus Therapeutics (NASDAQ: FOLD) shares shot up 16.34 percent to $6.62 after the company reported positive Phase 3 Data on cardiac and composite endpoints from Fabry Monotherapy Study.

Shares of Baker Hughes (NYSE: BHI) got a boost, shooting up 10.30 percent to $66.06 after Halliburton (NYSE: HAL) announced its plans to buy Baker Hughes for $34.6 billion in cash and stock.

Tyson Foods (NYSE: TSN) shares were also up, gaining 4.87 percent to $42.64 after the company reported better-than-expected fiscal fourth-quarter earnings. However, the company’s sales missed analysts’ estimates. The company also issued in-line earnings forecast for fiscal 2015.

Equities Trading DOWN

Shares of DreamWorks Animation SKG (NASDAQ: DWA) were down 14.76 percent to $22.18. The talks between Hasbro (NASDAQ: HAS) and DreamWorks Animation have apparently stalled and are unlikely to resume, according to sources reported by WSJ.

Halliburton Company (NYSE: HAL) shares tumbled 9.37 percent to $49.92 after the company announced its plans to buy Baker Hughes in a stock and cash transaction valued at $78.62 per Baker Hughes share.

ShoreTel (NASDAQ: SHOR) was down, falling 10.60 percent to $7.34 after Mitel announced that it has withdrawn its proposal to acquire ShoreTel.

Commodities

In commodity news, oil traded down 0.57 percent to $75.39, while gold traded down 0.08 percent to $1,184.60.

Silver traded down 1.34 percent Monday to $16.10, while copper fell 0.26 percent to $3.03.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.48 percent, the Spanish Ibex Index surged 1.59 percent, while Italy’s FTSE MIB Index rose 1.33 percent. Meanwhile, the German DAX jumped 0.58 percent and the French CAC 40 climbed 0.56 percent while UK shares rose 0.26 percent.

Economics

The Empire State manufacturing index rose to 10.16 in November, versus a prior reading of 6.17. However, economists were expecting a reading of 12.00.

US industrial production slipped 0.10% in October, versus economists’ expectations for a 0.20% gain.

Posted-In: Earnings M&A News Guidance Futures Commodities Options FDA

 

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