Related AKS Mid-Afternoon Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge AK Steel Unveils Q2 Outlook - Analyst Blog Midway through trading Monday, the Dow traded down 0.19 percent to 16,915.55 while the NASDAQ declined 0.01 percent to 4,367.74. The S&P also fell, dropping 0.08 percent to 1,961.27.
Leading and Lagging Sectors
Monday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from AK Steel Holding (NYSE: AKS) and Thompson Creek Metals Company (NYSE: TC).
Telecommunications services shares fell around 0.65 percent in trading on Monday. Top losers in the sector included NQ Mobile (NYSE: NQ), down 4 percent, and ORBCOMM (NASDAQ: ORBC), off 5 percent.
Top Headline
Oracle (NYSE: ORCL) announced its plans to buy Micros Systems (NASDAQ: MCRS) in a $5.3 billion deal.
The offer price of $68 per share represents a 3.4% premium over Micros' closing price on Friday.
Equities Trading UP
Integrys Energy Group (NYSE: TEG) shares shot up 12.90 percent to $68.81 after Wisconsin Energy (NYSE: WEC) announced its plans to acquire Integrys Energy Group in a deal valued at $9.1 billion.
Shares of Central Garden & Pet Company (NASDAQ: CENT) got a boost, shooting up 9.22 percent to $9.83 after Harbinger Group offered to buy Central Garden & Pet Co for $10 per share.
MICROS Systems (NASDAQ: MCRS) shares were also up, gaining 3.36 percent to $67.98 after Oracle (NYSE: ORCL) announced its plans to buy MICROS for $68 per share.
Equities Trading DOWN
Shares of Meritor (NYSE: MTOR) were 12.47 percent to $12.77 after the company reached a $500 million settlement with Eaton (NYSE: ETN) related to an anti-trust suit filed in 2006. The company’s board also authorized a repurchase of up to $210 million.
Ixia (NASDAQ: XXIA) shares tumbled 1.68 percent to $11.67 after the company reported its Q4 earnings of $0.15 per share on revenue of $120.60 million. Ixia now expected Q1 sales of $109.0 million to $113.0 million.
FMC (NYSE: FMC) was down, falling 3.65 percent to $72.02 after the company lowered its FY14 earnings forecast and issued a weak Q2 outlook.
Commodities
In commodity news, oil traded down 0.77 percent to $106.01, while gold traded up 0.02 percent to $1,316.90.
Silver traded down 0.26 percent Monday to $20.94, while copper rose 0.90 percent to $3.14.
Eurozone
European shares were lower today.
The eurozone’s STOXX 600 declined 0.51 percent, the Spanish Ibex Index dropped 0.33 percent, while Italy’s FTSE MIB Index fell 1.33 percent.
Meanwhile, the German DAX declined 0.66 percent and the French CAC 40 dropped 0.57 percent while UK shares slipped 0.36 percent.
Economics
The Chicago Fed National Activity Index rose to 0.21 in May, versus economists’ expectations for a reading of 0.20.
The flash reading of Markit PMI manufacturing index rose to a reading of 57.5 in June versus a reading of 56.4 in May. However, economists were expecting a reading of 56.0.
Sales of existing homes rose 4.9% to an annual rate of 4.89 million in May. However, economists were estimating a sales rate of 4.74 million.
Posted-In: Earnings News Eurozone Futures Commodities Economics Intraday Update Markets
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Most Popular Micron Technology Earnings Preview: Can Momentum Continue? Earnings Expectations For The Week Of June 23: Nike, Walgreen And More Stocks To Watch For June 23, 2014 Morgan Stanley Reiterates On General Electric Following Alstom Board Recommendation #PreMarket Primer: Monday, June 23: BNP Expected To Pay $9 Billion For Sanctions Violations Barron's Recap: 50 Best Annuities Related Articles (CENT + AKS) Mid-Afternoon Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge 'Merger Monday' Deals, Offers And Rejections Mid-Day Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge Mid-Morning Market Update: Markets Edge Lower; Oracle To Acquire Micros For $68/Share Stocks Hitting 52-Week Highs Morning Market Movers
No comments:
Post a Comment