Market Overview

Mid-Morning Market Update: Markets Open Higher; Thermo Fisher to Acquire Patheon For $35/Share

Share:

Following the market opening Monday, the Dow traded up 0.33 percent to 20,965.73 while the NASDAQ gained 0.37 percent to 6,144.03. The S&P also rose, gaining 0.40 percent to 2,400.41.

Leading and Lagging Sectors

Energy sector was the top gainer in the US market on Monday. Top gainers in the sector included Superior Energy Services, Inc. (NYSE: SPN), Pioneer Energy Services Corp (NYSE: PES), and Patterson-UTI Energy, Inc. (NASDAQ: PTEN).

In trading on Monday, telecommunications services shares rose by just 0.2 percent. Meanwhile, top losers in the sector included Internet Gold Golden Lines Ltd (NASDAQ: IGLD), down 5 percent, and PLDT Inc (ADR) (NYSE: PHI), down 3 percent.

Top Headline

Thermo Fisher Scientific Inc. (NYSE: TMO) announced plans to acquire Patheon NV (NYSE: PTHN) for $35 per share in cash.

The deal is projected to complete by the end of 2017.

Equities Trading UP

Cellular Biomedicine Group Inc (NASDAQ: CBMG) shares shot up 55 percent to $8.22 after the company reported the addition of a second clinical site in expansion of chimeric antigen Phase 1 trial.

Shares of Patheon NV (NYSE: PTHN) got a boost, shooting up 33 percent to $34.60 after Thermo Fisher Scientific Inc. (NYSE: TMO) announced plans to acquire the company for $35 per share in cash.

Sorl Auto Parts, Inc. (NASDAQ: SORL) shares were also up, gaining 25 percent to $5.68 after the company reported strong Q1 results and raised its guidance.

Equities Trading DOWN

Forterra Inc (NASDAQ: FRTA) shares dropped 27 percent to $14.44. Forterra posted a Q1 loss of $0.35 per share on sales of $338.3 million.

Shares of Westmoreland Coal Company (NASDAQ: WLB) were down around 22 percent to $7.62. Westmoreland reported a Q1 loss of $1.98 per share on revenue of $339 million.

Quorum Health Corp (NYSE: QHC) was down, falling around 25 percent to $2.91. Quorum Health posted a Q1 loss of $0.99 per share on sales of $527.6 million.

Commodities

In commodity news, oil traded up 3.32 percent to $49.43 while gold traded up 0.64 percent to $1,235.50.

Silver traded up 2.21 percent Monday to $16.765, while copper rose 1.11 percent to $2.552.

Eurozone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.14 percent, the Spanish Ibex Index rose 0.12 percent, while Italy’s FTSE MIB Index climbed 0.26 percent. Meanwhile the German DAX dropped 0.14 percent, and the French CAC 40 declined 0.11 percent while U.K. shares rose 0.12 percent.

Economics

The Empire State manufacturing index dropped to negative 1 in May, compared to positive 5.2 in April. However, economists were projecting a reading of 7 for the month.

The NAHB housing market index increased 2 points to a reading of 70 for May. Economists expected a reading of 68 for the month.

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

The Treasury International Capital data for March is schedule for release at 4:00 p.m. ET.

 

Related Articles (CBMG + FRTA)

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