Following the market opening Tuesday, the Dow traded up 0.34 percent to 17,836.94 while the NASDAQ surged 0.50 percent to 4,750.96. The S&P also rose, gaining 0.41 percent to 2,061.87.
Leading and Lagging Sectors
Tuesday morning, the healthcare sector proved to be a source of strength for the market. Leading the sector was strength from Avanir Pharmaceuticals AVNR and Idera Pharmaceuticals IDRA.
In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 0.26 percent. Meanwhile, top losers in the sector included AuRico Gold AUQ, down 7.5 percent, and IAMGOLD IAG, off 6.3 percent.
Top Headline
On Monday, Cypress Semiconductor CY announced its plans to buy Spansion CODE for $1.59 billion in stock.
The all-stock deal was valued at $4 billion. Cypress and Spansion project the transaction to close in the first half of 2015.
Equities Trading UP
Spansion CODE shares shot up 22.32 percent to $27.95 after Cypress Semiconductor CY announced its plans to buy Spansion for $1.59 billion in stock.
Shares of Avanir Pharmaceuticals AVNR got a boost, shooting up 13 percent to $16.95 after the company agreed to be acquired by Otsuka Pharmaceutical for $17.00 per share in cash.
Cypress Semiconductor CY shares were also up, gaining 16.97 percent to $12.20 after the company announced its plans to buy Spansion CODE for $1.59 billion in stock. Analysts at Topeka Capital upgraded Cypress from Hold to Buy and raised the price target from $10.50 to $13.
Equities Trading DOWN
Vince Holding VNCE shares tumbled 20.26 percent to $29.12. Vince reported better-than-expected earnings for the third quarter.
Shares of Quidel QDEL were down 7.21 percent to $25.42 after the company announced a proposed offering of $150 million of convertible senior notes due 2020.
National Health Investors NHI was down, falling 2.81 percent to $64.61 after the company priced an offering of 3.85 million shares at $63.80 per share.
Commodities
In commodity news, oil traded down 1.25 percent to $68.14, while gold traded down 1.41 percent to $1,200.90.
Silver traded down 1.57 percent Tuesday to $16.43, while copper fell 1.45 percent to $2.86.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.51 percent, the Spanish Ibex Index gained 0.70 percent, while Italy’s FTSE MIB Index climbed 0.49 percent. Meanwhile, the German DAX declined 0.05 percent and the French CAC 40 jumped 0.40 percent while UK shares rose 1.09 percent.
Economics
The ICSC-Goldman Store Sales Index declined 1.8% in the week ended Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index slipped 0.6% in the four weeks of November versus October.
US construction spending rose 1.10% in October, versus economists’ expectations for a 0.60% gain.
The Treasury is set to auction 4-week bills.
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