Skip to main content

Market Overview

Mid-Day Market Update: Martha Stewart Living Omnimedia Drops After Sequential Buyout Deal; CIGNA Shares Gain

Share:

Midway through trading Monday, the Dow traded up 0.62 percent to 18,127.55 while the NASDAQ rose 0.66 percent to 5,150.92. The S&P also rose, surging 0.67 percent to 2,124.02.

Leading and Lagging Sectors

Financial shares rose by 1.19 percent on Monday. Meanwhile, top gainers in the sector included CIGNA Corporation (NYSE: CI), up 5 percent, and Banco Santander, S.A. (ADR) (NYSE: SAN), up 6 percent.

In trading on Monday, basic materials shares rose by just 0.35 percent. Meanwhile, top losers in the sector included Endeavour Silver Corp (NYSE: EXK), down 5 percent, and KapStone Paper and Packaging Corp. (NYSE: KS), off 5 percent.

Top Headline

Energy Transfer Equity, L.P. (NYSE: ETE) made a proposal to merge with Williams Companies Inc (NYSE: WMB) for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.

Equities Trading UP

Epizyme Inc (NASDAQ: EPZM) shares shot up 31 percent to $27.08 after the company reported positive data from ongoing Phase 1 study of Tazemetostat in relapsed or refractory NHL.

Shares of Williams Companies Inc (NYSE: WMB) got a boost, shooting up 25 percent to $60.20. Energy Transfer Equity, L.P. (NYSE: ETE) made a proposal to merge with Williams Companies for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.

CIGNA Corporation (NYSE: CI) shares were also up, gaining 5 percent to $163.62 following the announcement of a rejected $184 per share bid from Anthem Inc (NYSE: ANTM).

Equities Trading DOWN

Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) shares tumbled 12 percent to $6.13 after Sequential Brands Group Inc (NASDAQ: SQBG) announced its plans to buy Martha Stewart Living in a $353 million deal.

Shares of Ambarella Inc (NASDAQ: AMBA) were down 18 percent to $97.67 after dropping 5.80 percent on Friday.

Williams Partners LP (NYSE: WPZ) was down, falling 8 percent to $48.95. Energy Transfer Equity, L.P. (NYSE: ETE) made a proposal to merge with Williams Companies for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.

Commodities

In commodity news, oil traded down 0.69 percent to $59.20, while gold traded down 1.54 percent to $1,183.40.

Silver traded down 0.06 percent Monday to $16.10, while copper fell 0.27 percent to $2.57.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 2.25 percent, the Spanish Ibex Index jumped 3.87 percent, while Italy’s FTSE MIB Index gained 3.47 percent. Meanwhile, the German DAX jumped 3.81 percent, and the French CAC 40 rose 3.81 percent while UK shares gained 1.72 percent.

Economics

The Chicago Fed National Activity Index slipped to -0.17 in May, versus a prior reading of -0.15. However, economists were expecting a reading of 0.16.

Sales of existing homes climbed 5.1 percent to an annual rate of 5.35 million in May. However, economists were projecting a rate of 5.25 million.

 

Related Articles (BZSUM)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com