Market Overview

Mid-Afternoon Market Update: Lions Gate Shares Climb on Report of Dalian Wanda Stake; Crude Oil Jumps Over 3%

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Mid-Afternoon Market Update: Lions Gate Shares Climb on Report of Dalian Wanda Stake; Crude Oil Jumps Over 3%
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Toward the end of trading Monday, the Dow traded down 0.23 percent to 17,788.04 while the NASDAQ declined 1.27 percent to 4,730.87. The S&P also fell, dropping 0.65 percent to 2,054.12.

Leading and Lagging Sectors

Healthcare shares slipped by just 0.09 percent on Monday. Top gainers in the sector included Healthways (NASDAQ: HWAY), Cardiome Pharma (NASDAQ: CRME), and Symmetry Medical (NYSE: SMA).

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 1.62 percent. Meanwhile, top losers in the sector included NQ Mobile (NYSE: NQ), down 7.1 percent, and TIM Participacoes S.A. (NYSE: TSU), off 7.8 percent.

Top Headline

Weatherford International plc (NYSE: WFT) announced its plans to sell engineered chemistry and drilling fluid operations to Berkshire's Lubrizol for $825 million in cash plus earnout potential.

The transaction is likely to close before year end 2014.

Equities Trading UP

21Vianet Group (NASDAQ: VNET) shares shot up 5.57 percent to $19.87 after the company reported a $296 million investment from Kingsoft, Xiaomi and Temasek.

Shares of ON Semiconductor (NASDAQ: ONNN) got a boost, shooting up 5.20 percent to $9.50 after the company announced a $1 billion buyback plan.

Lions Gate Entertainment (NYSE: LGF) shares were also up, gaining 4.71 percent to $35.49 after Dalian Wanda Group Chairman Wang Jianlin announced the firm has been in discussion with Lions Gate about acquiring a stake in the company.

Equities Trading DOWN

Big Lots (NYSE: BIG) shares tumbled 6.40 percent to $47.55 after JP Morgan downgraded the stock from Overweight to Neutral and lowered the price target from $53.00 to $51.00.

Shares of Qihoo 360 Technology Co (NYSE: QIHU) were down 7.41 percent to $68.82 after JP Morgan downgraded the stock from Overweight to Neutral and lowered the price target from $145.00 to $78.00.

CTC Media (NASDAQ: CTCM) was down, falling 7.88 percent to $5.4901. CTC Media named Maxim Bobin as its new Chief Legal Officer.

Commodities

In commodity news, oil traded up 3.45 percent to $68.43, while gold traded up 3.64 percent to $1,218.30.

Silver traded up 6.58 percent Monday to $16.58, while copper rose 1.81 percent to $2.90.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.46 percent, the Spanish Ibex Index dropped 0.91 percent, while Italy’s FTSE MIB Index slipped 1.64 percent. Meanwhile, the German DAX declined 0.17 percent and the French CAC 40 slipped 0.29 percent while UK shares fell 0.99 percent.

Economics

The final reading of Markit manufacturing PMI gained to 54.80 in November, versus a prior reading of 54.70. However, economists were expecting a reading of 55.00.

The ISM manufacturing composite index slipped to 58.70 in November, versus a prior reading of 59.00. However, economists were expecting a reading of 58.00.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Legal Management

 

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