Stocks rebounded Monday as investors set aside worries over
global tensions and another batch of mixed corporate earnings to
instead take advantage of lower share prices following the worst
weekly drubbing for equities in nearly two years.
Gains picked up speed in afternoon trade, with nine of the 10
sectors in the S&P 500 finishing in the black, led by shares of
energy and consumer discretionary companies. Utility stocks were
the day's lone decliners.
There were no economic reports today.
Commodities trading today also reflected renewed market
optimism, with crude oil and copper futures rising - likely
indicating prospects for future growth - while precious metals
Crude oil for September delivery settled 41 cents higher at
$98.29 per barrel while September natural gas rose 4 cents to $3.83
per 1 million BTU. December gold fell $5.60 to $1,289 per ounce
while September silver slipped 14 cents to $20.24 per ounce.
September copper rose 3 cents to settle at $3.24 per pound.
Here's where U.S. stocks stood at the end-of-day:
Dow Jones Industrial Average up 75.91 (+0.46%) to 16,569.28
S&P 500 up 13.84 (+0.72%) to 1,938.99
Nasdaq Composite Index up 31.25 (+0.72%) to 4,383.89
Hang Seng Index up 0.28%
Shanghai China Composite Index up 1.74%
FTSE 100 Index down 0.02%
(+) PIKE, Agrees to management-led buyout by Court Square
Capital, which will pay $12 a share for the construction and
engineering firm - a 55% premium over Friday's closing price. The
deal is expected to close before the end of the year.
(+) CBMG, Announces plans to acquire Agreen Biotech and its
founder's patent for $3.28 mln in cash, 753,522 shares of its
common stock and 75,000 shares of restricted stock units.
(+) OVRL, Expects Q4 revenue to top $24 mln, including more than
$8 mln in RDX revenue and exceeding analyst estimates by at least
(-) INSM, Discloses plans for two Phase 3 studies of its
Arikayce inhaled antibiotic treatment to treat lung infections,
likely extending the wait before the company will seek FDA approval
for the drug. Expects to file for EU nod by Dec. 31.
(-) ESI, Terminates proposed sale-leaseback transaction with
College Portfolio Buyer LLC, instead choosing to pursue alternative
buyers rather than agreeing to extending negotiations until Sept.
15, according to regulatory documents filed today.
(-) ALR, Excluding non-recurring items, diagnostics lab company
earns $0.42 per share, trailing analyst forecasts by $0.16 per
share. Revenue declined 3.4% year over year to $737.9 million,
lagging analyst estimates by around $9.65 million.