Mid-Morning Market Update: Markets Open Higher; CNH Industrial To Buy Raven Industries

Following the market opening Monday, the Dow traded up 1.27% to 33,712.27 while the NASDAQ rose 0.32% to 14,075.68. The S&P also rose, gaining 0.87% to 4,202.85.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,541,990 cases with around 601,820 deaths. India confirmed a total of at least 29,935,220 cases and 388,130 deaths, while Brazil reported over 17,927,920 COVID-19 cases with 501,820 deaths. In total, there were at least 178,513,810 cases of COVID-19 worldwide with more than 3,866,730 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Energy shares surged by 2.5% on Monday. Meanwhile, top gainers in the sector included Torchlight Energy Resources, Inc. TRCH, up 50%, and Dynagas LNG Partners LP DLNG, up 14%.


In trading on Monday, communication services shares rose by just 0.3%.


Top Headline

CNH Industrial N.V. CNHI announced plans to acquire Raven Industries, Inc. RAVN for $58 per share in cash.

 


Equities Trading UP


Lydall, Inc. LDL shares shot up 82% to $60.60 after the company agreed to be acquired by Unifrax for $61.10 per share.


Shares of Torchlight Energy Resources, Inc. TRCH got a boost, shooting 52% to $9.55 after the company provided a business update on its proposed business combination timing and payment date for its preferred stock dividend.


Raven Industries, Inc. RAVN shares were also up, gaining 50% to $57.80 after CNH Industrial announced it will acquire the company for $58 per share in cash.

Check out these big movers of the day


Equities Trading DOWN

AiHuiShou International Co. Ltd. RERE shares tumbled 15% to $14.66. AiHuiShou International, last week, priced its IPO at $14 per share.

Shares of Aptevo Therapeutics Inc. APVO were down 14% to $23.53.

United Time Technology Co., Ltd. UTME was down, falling 12% to $14.63.

Commodities


In commodity news, oil traded up 0.3% to $71.84, while gold traded up 0.8% to $1,783.40.


Silver traded up 0.4% Monday to $26.065 while copper fell 0.6% to $4.1520.


Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.3%, the Spanish Ibex Index rose 0.2% and the German DAX 30 gained 0.6%. Meanwhile, the London’s FTSE 100 rose 0.2%, French CAC 40 rose 0.3% and Italy’s FTSE MIB gained 0.4%.

 

Economics

The Chicago Fed National Activity Index rose to 0.29 in May versus a revised reading of -0.09 in April.


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

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

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