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Market Overview

Mid-Morning Market Update: Markets Edge Higher; Morgan Stanley To Buy E*Trade Financial For $13 Billion

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Following the market opening Thursday, the Dow traded up 0.03% to 29,357.18 while the NASDAQ rose 0.02% to 9819.38. The S&P also rose, gaining 0.07% to 3388.51.

Leading and Lagging Sectors

Material shares climbed 0.8% on Thursday. Meanwhile, top gainers in the sector included Constellium SE (NYSE: CSTM), up 16%, and Platinum Group Metals Ltd. (NYSE: PLG), up 6%.

In trading on Thursday, health care shares fell 0.2%.

Top Headline

Morgan Stanley (NYSE: MS) is buying E*Trade Financial Corp. (NASDAQ: ETFC) in an all-stock $13 billion deal with the aim to reshape the investment bank..

The bank aims to take on Charles Schwab and Fidelity.

Equities Trading UP

Adesto Technologies Corporation (NASDAQ: IOTS) shares shot up 55% to $12.36 after the company announced it will be acquired by Dialog Semiconductor for $12.55 per share in cash.

Shares of Stamps.com Inc. (NASDAQ: STMP) got a boost, shooting 54% to $146.55 after the company reported better-than-expected Q4 results and issued FY20 guidance above estimates.

Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) shares were also up, gaining 27% to $7.00 after the company reported better-than-expected Q4 results.

Equities Trading DOWN

Tivity Health, Inc. (NASDAQ: TVTY) shares tumbled 42% to $13.35 after the company reported worse-than-expected Q4 results. The company also issued FY20 sales guidance below analyst estimates.

Shares of MEDNAX, Inc. (NYSE: MD) were down 18% to $21.70 despite of reporting upbeat quarterly results.

ViacomCBS Inc. (NASDAQ: VIAC) was down, falling 16% to $29.87 after the company reported Q4 EPS and sales results down from last year.

Commodities

In commodity news, oil traded up 0.3% to $53.45, while gold traded up 0.5% to $1,619.90.

Silver traded up 0.4% Thursday to $18.375, while copper fell 0.4% to $2.596.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 dropped 0.4% the Spanish Ibex Index declined 0.9%, while Italy’s FTSE MIB Index dipped 0.8% Meanwhile, the German DAX dropped 0.2%, and the French CAC 40 fell 0.2% while UK shares rose 0.1%.

Economics

Initial jobless claims rose by 4,000 to 210,000 in the week ended Feb. 15. However, economists were expecting a 210,000 reading.

The Philadelphia Fed manufacturing index rose to 36.7 in February, versus prior reading of 17. However, analysts were expecting a reading of 12.

The index of leading economic indicators increased 0.8% for January.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 1:20 p.m. ET.

Data on money supply for the recent week will be released at 4:30 p.m. ET.

 

Related Articles (CNSL + CSTM)

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Posted-In: Mid-Morning Market UpdateEarnings News Eurozone Commodities Global Intraday Update Markets

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