Toward the end of trading Tuesday, the Dow traded up 0.45
percent to 16,681.76 while the NASDAQ surged 1.05 percent to
4,229.94. The S&P also rose, gaining 0.57 percent to
Leading and Lagging Sectors Financial sector was the top
gainer in the US market on Tuesday. Meanwhile, top gainers in the
sector included Citizens (NYSE:
), up 6.4 percent, and State Auto Financial (NASDAQ:
), up 4.7 percent. In trading on Tuesday, energy shares were
relative laggards, down on the day by about 0.34 percent.
Top losers in the sector included Frontline (NYSE:
), down 16.7 percent, and Oiltanking Partners LP (NYSE:
), off 8.3 percent.
Top Headline Pilgrim's Pride (NASDAQ:
) offered to
buy Hillshire Brands
) in an all-cash transaction valued at $6.4 billion. Pilgrim's
Pride will offer $45 per share in cash, representing a 24%
premium to Hillshire's closing price of $36.23 on Friday.
Equities Trading UP BioCryst Pharmaceuticals (NASDAQ:
) shares shot up 10.61 percent to $9.97 following the
OPuS-1 Phase 2a trial
meeting primary and secondary endpoints.
Shares of Arrowhead Research (NASDAQ:
) were also on the rise, gaining 11.94 percent to $12.75 despite
little in the way of headlines on the name.
The Hillshire Brands Company (NYSE:
) shares were also up, gaining 22.47 percent to $45.33 on a
$45.00 bid from Pilgrim's Pride (NASDAQ:
Equities Trading DOWN Shares of Analogic (NASDAQ:
) were 11.79 percent to $67.85 after the company issued a
downbeat Q3 forecast and lowered its FY14 revenue outlook.
Pinnacle Foods (NYSE:
) shares tumbled 6.06 percent to $31.25 on proposed Pilgrim's
) acquisition of Hilshire (NYSE:
) was down as well, falling 9.91 percent to $28.90 after the
company was mentioned cautiously by Kerrisdale Capital in a piece
on Seeking Alpha.
Commodities In commodity news,
oil traded down 0.22 percent
to $104.12, while gold traded down 1.90 percent to $1,267.10.
Silver traded down 1.54 percent Tuesday to $19.14, while
copper rose 0.17 percent to $3.17.
Eurozone European shares
were mostly higher
The eurozone's STOXX 600 gained 0.22 percent, the Spanish Ibex
Index rose 0.20 percent, while Italy's FTSE MIB Index declined
Meanwhile, the German DAX climbed 0.47 percent and the French
CAC 40 surged 0.06 percent while UK shares rose 0.38 percent.
Economics US durable goods-orders rose 0.8% in April, versus
economists' expectations for a 0.8% drop.
The FHFA house price index rose 0.70% in March, versus
economists' expectations for a 0.50% gain.
The S&P/Case-Shiller home price index increased 0.9% in
March. However, home prices rose 12.4% y/y in March.
The flash reading of Markit PMI services index rose to 58.40
in May, versus a prior reading of 55.00.
The Conference Board's consumer confidence index rose to 83.00
in May, versus a prior reading of 82.30. However, economists were
expecting a reading of 83.00.
The Richmond Fed manufacturing index came in at 7.00 in May,
versus a previous reading of 7.00. However, economists were
estimating a reading of 8.00.
The Dallas Fed general business activity index fell to 8.00 in
May, versus a prior reading of 11.70. However, economists were
projecting a reading of 9.50.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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