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Market Overview

Mid-Morning Market Update: Markets Open Lower; Apollo Global Management To Acquire Fresh Market For $28.50/Share

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Following the market opening Monday, the Dow traded down 0.22 percent to 17,175.92 while the NASDAQ declined 0.20 percent to 4,738.90. The S&P also fell, dropping 0.38 percent to 2,014.52.

Leading and Lagging Sectors

On Monday, cyclical consumer goods & services shares gained by 0.06 percent. Top gainers in the sector included Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT), Park-Ohio Holdings Corp. (NASDAQ: PKOH), and Federal-Mogul Holdings Corp (NASDAQ: FDML).

In trading on Monday, energy shares dipped by 1.50 percent. Meanwhile, top losers in the sector included TravelCenters of America LLC (NYSE: TA), down 17 percent, and Peabody Energy Corporation (NYSE: BTU), down 12 percent.

Top Headline

The Fresh Market Inc (NASDAQ: TFM) agreed be acquired by Apollo Global Management LLC (NYSE: APO) for $28.50 per share in cash.

In an approximately $1.4 billion in cash buyout, shareholders are set to receive $28.50 per share. This calculates to an approximately 53 percent premium over the February 10 closing price and an approximately 24 percent premium over last Friday's closing price.

Equities Trading UP

GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) shares shot up 122 percent to $85.50 after the company reported positive epidiolex results.

Shares of Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) got a boost, shooting up 56 percent to $13.14. Zynerba reported a Q4 loss of $0.62 per share on revenue of $49,000.

The Fresh Market Inc (NASDAQ: TFM) shares were also up, gaining 24 percent to $28.42 after the company agreed be acquired by Apollo Global Management LLC (NYSE: APO) for $28.50 per share in cash.

Equities Trading DOWN

NQ Mobile Inc (ADR) (NYSE: NQ) shares dropped 22 percent to $3.64 after the company issued an update on the FL Mobile divestment. NQ Mobile is expected to report Q4 financial results on March 21, 2016.

Shares of Harte Hanks Inc (NYSE: HHS) were down 20 percent to $2.93. Harte Hanks entered into a new $110 million credit facility over 5 years.

TravelCenters of America LLC (NYSE: TA) was down, falling around 17 percent to $7.89. TravelCenters of America reported a Q4 loss of $0.04 per share on revenue of $1.35 billion.

Commodities

In commodity news, oil traded down 2.91 percent to $37.38, while gold traded down 0.03 percent to $1,259.00.

Silver traded up 0.80 percent Friday to $15.73, while copper rose 0.45 percent to $2.25.

Eurozone

European shares were mostly higher today. The eurozone's STOXX 600 rose 0.56 percent, the Spanish Ibex Index rose 0.78 percent, while Italy's FTSE MIB Index fell 0.16 percent. Meanwhile, the German DAX climbed 1.35 percent, and the French CAC 40 surged 0.35 percent, while U.K. shares rose 0.27 percent.

Economics

There were no major US economic releases Monday.

 

Related Articles (PKOH + HOT)

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Posted-In: Earnings M&A News Eurozone Commodities Global Intraday Update Markets

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