Toward the end of trading Monday, the Dow traded up 0.67
percent to 16,694.95 while the NASDAQ jumped 1.74 percent to
4,143.89. The S&P also rose, gaining 0.91 percent to
Leading and Lagging Sectors Basic materials shares jumped
about 1.72 percent in Monday's trading. Leading the sector was
strength from Century Aluminum Co (NASDAQ:
) and Horsehead Holding (NASDAQ:
). In trading on Monday, utilities shares dropped by 0.13
Meanwhile, top losers in the sector included Exelon (NYSE:
), down 1.2 percent, and Vectren (NYSE:
), off 2.3 percent.
Top Headline Hillshire Brands Co (NYSE:
) announced its plans to buy Pinnacle Foods (NYSE:
) for around $6.6 billion including debt. Hillshire will offer
$18.00 in cash and 0.50 shares of its common stock for each
Equities Trading UP Tesaro (NASDAQ:
) shares shot up 20.78 percent to $29.00 after the company
reported successful primary and secondary endpoints in final
Phase 3 trial for rolapitant.
Shares of Pinnacle Foods (NYSE:
) got a boost, shooting up 12.28 percent to $34.18 after
Hillshire Brands Co (NYSE:
) announced its plans to buy Pinnacle Foods for around $6.6
billion including debt.
Iridium Communications (NASDAQ:
) was also up, gaining 10.72 percent to $7.54 after the company
caught an upgrade to Outperform from Neutral at Macquarie Monday
Equities Trading DOWN Shares of Core Laboratories NV (NYSE:
) were 16.38 percent to $158.05 after the company lowered its
forecast for the second quarter and FY14.
INSYS Therapeutics (NASDAQ:
) was also down, falling 15.14 percent to $27.73 after news broke
that a doctor had fraudulently prescribed its drug Subsys.
The Hillshire Brands Company (NYSE:
) was down, falling 4.85 percent to $35.20 after the company
announced its plans to buy Pinnacle Foods.
Commodities In commodity news,
oil traded up 0.63 percent
to $100.62, while gold traded up 0.68 percent to $1,296.40.
Silver traded up 2.03 percent Monday to $19.56, while copper
rose 2.01 percent to $3.14.
Eurozone European shares
The eurozone's STOXX 600 gained 0.71 percent, the Spanish Ibex
Index rose 0.76 percent, while Italy's FTSE MIB Index climbed
Meanwhile, the German DAX jumped 1.26 percent and the French
CAC 40 surged 0.37 percent while UK shares rose 0.55 percent.
Economics The U.S. Treasury monthly budget report for April
will be released at 2:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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