Market Overview

Mid-Morning Market Update: Markets Edge Higher; Bayer To Buy Monsanto For $66B

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Following the market opening Wednesday, the Dow traded up 0.06 percent to 18,078.15 while the NASDAQ gained 0.30 percent to 5,170.53. The S&P also rose, gaining 0.03 percent to 2,127.55.

Leading and Lagging Sectors

Wednesday morning, basic materials shares gained 0.51 percent. Meanwhile, top gainers in the sector included Endeavour Silver Corp (NYSE: EXK), and McEwen Mining Inc (NYSE: MUX).

In trading on Wednesday, energy shares tumbled 0.54 percent. Meanwhile, top losers in the sector included SunPower Corporation (NASDAQ: SPWR), down 8 percent, and Oasis Petroleum Inc. (NYSE: OAS), down 5 percent.

Top Headline

Bayer AG (ADR) (OTC: BAYRY) confirmed a deal to acquire Monsanto Company (NYSE: MON) for $128 per share.

The $128 per share or $66 billion acquisition deal has been finalized and the deal is expected to close by the end of 2017. As part of the agreement, Bayer will pay Monsanto $2 billion if the transaction does not obtain the necessary regulatory approval.


Equities Trading UP

Vitae Pharmaceuticals Inc (NASDAQ: VTAE) shares shot up 157 percent to $20.83. Allergan plc (NYSE: AGN) and Vitae Pharmaceuticals reached an agreement by which the former would buy the latter for $21.00 a share in cash.

Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT) got a boost, shooting up 20 percent to $30.66. Dr. Ron Farkas has left the U.S. Food & Drug Administration, people familiar with the matter told Benzinga. Farkas was the most vocal critic of Sarepta's eteplirsen, although there were other FDA members who agreed there was little efficacy for the drug.

Acasti Pharma Inc (NASDAQ: ACST) shares were also up, gaining 11 percent to $1.39 after the company reported positive CaPre Omega-3 bridging study data.


Equities Trading DOWN

LifeVantage Corp (NASDAQ: LFVN) shares dropped 20 percent to $8.34 after announcing a delay in the release of its Q4 and FY 2016 financial results and form 10-K filing.

Shares of Venaxis Inc (NASDAQ: APPY) were down 14 percent to $3.64 after the company reported plans to acquire BiOptix Diagnostics.

Radiant Logistics Inc (NYSE: RLGT) was down, falling around 16 percent to $2.52. On Tuesday, Radiant Logistics reported a Q4 loss of $0.01 per share on revenue of $183.6 million. Its adjusted net income for the quarter came in at $2.8 million.


Commodities


In commodity news, oil traded down 1.17 percent to $44.95 while gold traded up 0.05 percent to $1,324.30.

Silver traded up 0.24 percent Wednesday to $19.02, while copper rose 1.74 percent to $2.14.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.21 percent, the Spanish Ibex Index rose 0.01 percent, while Italy’s FTSE MIB Index declined 0.15 percent. Meanwhile the German DAX gained 0.35 percent, and the French CAC 40 slipped 0.27 percent while U.K. shares rose 0.37 percent.

Economics

The MBA’s index of mortgage application activity rose 4.2 percent for the week ended September 9.
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The import price index declined 0.2 percent in August, while export prices dropped 0.8 percent in August.

 

The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

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

 

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