Mid-Morning Market Update: Markets Edge Higher; Marriott To Acquire Starwood Hotels For $12.2B

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Following the market opening Monday, the Dow traded up 0.14 percent to 17,269.62 while the NASDAQ gained 0.05 percent to 4,930.24. The S&P also rose, gaining 0.18 percent to 2,026.60.
Leading and Lagging Sectors
In trading on Monday, non-cyclical consumer goods & services shares rose by 0.64 percent. Top gainers in the sector included
Craft Brew Alliance IncBREW
, up 3.4 percent, and
Boston Beer Co IncSAM
, up 3 percent. Financial shares dipped around 0.18 percent in Monday's trading. Meanwhile, top losers in the sector included
MFC Industrial LtdMIL
, down 7 percent, and
Farmers Capital Bank CorpFFKT
, off 3 percent.
Top Headline Marriott International IncMAR
announced its plans to buy
Starwood Hotels & Resorts Worldwide Inc HOT
for $12.2 billion. The combined company would have more than 5,500 hotels with around 1.1 million rooms worldwide.
Equities Trading UP Sunoco LPSUN
shares shot up 11 percent to $36.75. Sunoco reported the dropdown to SUN of the remaining 68.42% interest in Sunoco and 100% interest in the Legacy Sunoco retail business for around $2.226 billion. Shares of
Nexvet Biopharma plcNVET
got a boost, shooting up 16 percent to $5.65 after the company reported positive results from NV-01 pivotal study in dogs with osteoarthritis.
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Oracle CorporationORCL
shares were also up, gaining 2 percent to $38.07. Goldman Sachs added Oracle to its Conviction Buy list and raised the price target to $47.00.
Equities Trading DOWN Clovis Oncology IncCLVS
shares tumbled 68 percent to $32.06 following report of the FDA request for additional information on lung cancer drug. Shares of
Starwood Hotels & Resorts Worldwide IncHOT
were down 6 percent to $70.70 after
Marriott International IncMAR
announced its plans to buy Starwood for $12.2 billion.
Dillard's, Inc.DDS
was down, falling 7 percent to $72.38 after the company reported weaker-than-expected Q3 earnings.
Commodities
In commodity news, oil traded up 0.10 percent to $40.78, while gold traded up 0.57 percent to $1,087.10. Silver traded up 0.36 percent Monday to $14.26, while copper fell 1.18 percent to $2.14.
Eurozone
European shares were lower today. The eurozone's STOXX 600 rose 0.06 percent, the Spanish Ibex Index fell 0.32 percent, while Italy's FTSE MIB Index slipped 0.38 percent. Meanwhile, the German DAX declined 0.07 percent, and the French CAC 40 slipped 0.44 percent, while U.K. shares rose 0.28 percent.
Economics
The Empire State manufacturing index rose to negative 10.74 for November, compared to negative 11.36 in October. However, economists were expecting a reading of negative 6.
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Posted In: EarningsNewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversConsumer DiscretionaryHealth CareHotels, Resorts & Cruise LinesLife Sciences Tools & ServicesMid-Morning Market Update
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