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Market Overview

Mid-Morning Market Update: Markets Open Lower; Verizon To Buy Yahoo's Operating Business For $4.8B

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Following the market opening Monday, the Dow traded down 0.35 percent to 18,506.75 while the NASDAQ declined 0.09 percent to 5,095.61. The S&P also fell, dropping 0.31 percent to 2,168.40.

Leading and Lagging Sectors

On Monday, cyclical consumer goods & services shares climbed by 0.23 percent. Top gainers in the sector included Beasley Broadcast Group Inc (NASDAQ: BBGI) and LifeVantage Corp (NASDAQ: LFVN).

In trading on Monday, basic materials shares fell by 0.05 percent. Meanwhile, top losers in the sector included Olin Corporation (NYSE: OLN), down 21 percent, and Clearwater Paper Corp (NYSE: CLW), down 7 percent.

Top Headline

Verizon Communications Inc. (NYSE: VZ) confirmed Friday's reports that it will acquire some of Yahoo! Inc. (NASDAQ: YHOO)’s assets.

Verizon said in a press release it has reached an agreement to acquire Yahoo's operating business for approximately $4.83 billion in cash.


Equities Trading UP

Outerwall Inc (NASDAQ: OUTR) shares shot up 11 percent to $52.29 after the company agreed to be purchased by certain funds managed by affiliates of Apollo Global Mgmt for $52 per share in cash.

Shares of Bellerophon Therapeutics Inc (NASDAQ: BLPH) got a boost, shooting up 20 percent to $2.21 after the company revealed that it has received a health authority approval in Belgium to commence Phase 2 trial in PH-COPD.

Silicom Ltd. (NASDAQ: SILC) shares were also up, gaining 14 percent to $35.66 as the company reported posted upbeat results for its second quarter.


Equities Trading DOWN

Tobira Therapeutics Inc (NASDAQ: TBRA) shares dropped 49 percent to $5.76 as the company reported that its Phase 2b clinical trial of cenicriviroc missed its primary endpoint.

Shares of Santander Consumer USA Holdings Inc (NYSE: SC) were down 14 percent to $10.25 after the company reported that it will delay the release of Q2 financial results, earlier scheduled for July 27, 2016.

Chembio Diagnostics Inc (NASDAQ: CEMI) was down, falling around 11 percent to $7.55. Chembio Diagnostics reported an offering of $10 million common shares. The company also reported preliminary Q2 revenue of $3.2 million to $3.3 million and net loss of $8.3 million to $8.5 million.


Commodities

In commodity news, oil traded down 1.61 percent to $43.48 while gold traded down 0.55 percent to $1,324.20.

Silver traded down 0.93 percent Monday to $19.51, while copper rose 0.25 percent to $2.24.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.39 percent, the Spanish Ibex Index slipped 0.03 percent, while Italy’s FTSE MIB Index gained 0.13 percent. Meanwhile the German DAX rose 0.82 percent, and the French CAC 40 rose 0.45 percent, while U.K. shares fell 0.08 percent.

Economics

The Dallas Fed manufacturing business index for July is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

 

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