Toward the end of trading Monday, the Dow traded up 0.55
percent to 16,456.23 while the NASDAQ rose 0.08 percent to
4,078.85. The S&P also rose, gaining 0.35 percent to
Leading and Lagging Sectors Telecommunications services shares
gained around 0.83 percent in the US market on Monday. Top
gainers in the sector included China Telecom Corp. (NYSE:
),Turkcell Iletisim Hizmetleri AS (NYSE:
), and China Unicom (Hong Kong) Limited (NYSE:
). In trading on Monday, basic materials shares were relative
laggards, down on the day by about 0.75 percent.
Top decliners in the sector included Newmont Mining (NYSE:
), off 6.3 percent, and Eagle Materials (NYSE:
), down 4.3 percent.
Top Headline Forest Laboratories (NYSE:
) announced its
plans to buy
Furiex Pharmaceuticals (NASDAQ:
) for up to $1.46 billion. Forest will pay around $95 per share,
or around $1.1 billion in cash. Forest Labs will also pay up to
$30 per share, or around $360 million in a contingent value
right. The deal is projected to close in the second or third
quarter of 2014.
Equities Trading UP Susser Holdings (NYSE:
) shares shot up 35.74 percent to $77.41 after Energy Transfer
Partners LP (NYSE:
) announced its
plans to acquire
Susser Holdings in a deal valued at around $1.8 billion.
J.C. Penney (NYSE:
) was also on the rise, gaining 10.78 percent to $8.84 after the
company after Calvin Klein parent PVH corporation stated at a
conference that the company was strong and 'ahead of time".
AstraZeneca PLC (NYSE:
) shares were also up, gaining 11.23 percent to $76.37 following
the rejection of Pfizer's (NYSE:
) $76.62 per share bid.
Equities Trading DOWN Shares of New Oriental Education &
Technology Group (NYSE:
) were 8.55 percent to $23.76 after the company reported FQ3
results. New Oriental's quarterly net income surged 50.2% y/y to
US$42.1 million versus US$28.0 million.
) shares tumbled 7.59 percent to $53.60 after the company
reported a Q1
of $1.26 per share on revenue of $365.0 million.
Plug Power (NASDAQ:
) also took a hit on Monday's session, falling 14.53 percent to
$4.60 after the company continued its sell off after pricing its
22.6 million share offering Friday morning at $5.50 per
Commodities In commodity news,
oil traded down 0.20 percent
to $100.80, while gold traded down 0.25 percent to $1,297.70.
Silver traded down 0.54 percent Monday to $19.63, while copper
fell 0.16 percent to $3.09.
Eurozone European shares
The Spanish Ibex Index surged 0.10 percent, while Italy's FTSE
MIB Index rose 0.65 percent.
Meanwhile, the German DAX surged 0.35 percent and the French
CAC 40 rose 0.30 percent while U.K. shares gained 0.30
Economics The pending home sales index increased 3.4% to a
reading of 97.4 in March from 94.2 in February, the National
Association of Realtors said. However, economists were expecting
a 1% gain.
The Dallas Fed general business activity index rose to 11.70
in April, versus a prior reading of 4.90. However, economists
were expecting a reading of 6.00.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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