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Following the market opening Monday, the Dow traded up 0.31 percent to 17,589.73 while the NASDAQ surged 0.38 percent to 4,735.42. The S&P also rose, gaining 0.30 percent to 2,052.80.
Leading and Lagging Sectors
Basic materials shares rose around 2.01 percent in trading on Monday. Top gainers in the sector included
Freeport-McMoRan IncFCX,
United States Steel CorporationX, and
Teck Resources Ltd (USA)TCK.
In trading on Monday, utilities shares fell by 0.25 percent. Meanwhile, top losers in the sector included
Korea Electric Power Corporation (ADR)KEP, down 1.5 percent, and
Consolidated Water Co. Ltd.CWCO, down 2 percent.
Top Headline Pfizer Inc. PFE announced plans to buy
Anacor Pharmaceuticals IncANAC rose for $99.25 per share in cash.
The total transaction value, net of cash, is estimated to be approximately $5.2 billion, which assumes the conversion of Anacor's outstanding convertible notes.
Equities Trading UP Tribune Publishing CoTPUB shares shot up 19 percent to $13.65 as
Gannett Co Inc increased its offer to buy Tribune Publishing to $15 per share from $12.25 per share.
Shares of
Anacor Pharmaceuticals IncANACLoading...
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got a boost, shooting up 55 percent to $99.02 after the company agreed to be acquired by
Pfizer Inc. PFE for $99.25 per share.
Nanosphere, Inc.NSPH shares were also up, gaining 71 percent to $1.33 after the company agreed to be acquired by
Luminex CorporationLMNX for $1.35 per share.
Equities Trading DOWN Aduro BioTech IncADRO shares dropped 26 percent to $7.89 after the company reported that its Phase 2b ECLIPSE trial has missed primary endpoint.
Shares of
Versar Inc.VSR were down 31 percent to $1.75. Versar reported a Q3 loss of $1.34 per share on revenue of $36.5 million.
Trevena IncTRVN was down, falling around 9 percent to $6.23 as the company reported that TRV027 did not achieve primary or secondary endpoints.
Commodities
In commodity news, oil traded up 2.21 percent to $47.23 while gold traded up 1.12 percent to $1,286.90.
Silver traded up 1.33 percent Monday to $17.36, while copper rose 0.41 percent to $2.08.
Eurozone
European shares were mostly lower today. The eurozone's STOXX 600 dropped 0.38 percent, the Spanish Ibex Index fell 0.87 percent, while Italy's FTSE MIB Index gained 0.20 percent. The French CAC 40 declined 0.68 percent while U.K. shares fell 0.36 percent.
Economics
The Empire State general business conditions index dropped to negative 9.02 in May, compared to positive 9.56 in April. However, economists were expecting a reading of positive 6.50.
The NAHB housing market index was unchanged at 58 in May. However, economists were projecting a reading of 59.
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Posted In: EarningsNewsEurozoneCommoditiesM&AGlobalIntraday UpdateMarketsMoversHealth CareLife Sciences Tools & ServicesMid-Morning Market Update
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