Midway through trading Monday, the Dow traded down 0.66
percent to 16,304.32 while the NASDAQ declined 0.79 percent to
4,095.19. The S&P also fell, dropping 0.66 percent to
Leading and Lagging Sectors Monday morning, the utilities
sector proved to be a source of strength for the market. Leading
the sector was strength Huaneng Power International (NYSE:
) and Companhia Energética de Minas Gerais SA (NYSE:
). In trading on Monday, cyclical consumer goods & services
shares were relative laggards, down on the day by about 1.25
Top decliners in the sector included Sears Holdings (NASDAQ:
), off 18 percent, and World Wrestling Entertainment (NYSE:
), down 21 percent.
Top Headline Mallinckrodt (NYSE:
) announced its plans to acquire Questcor Pharmaceuticals
) in a deal valued at around $5.6 billion. Mallinckrodt will buy
Questcor for a total consideration of around $86.10 per share.
Questcor stockholders will get $30.00 a share in cash and 0.897
of a Mallinckrodt share for every Questcor share.
Equities Trading UP Questcor Pharmaceuticals (NASDAQ:
) shares shot up 16.91 percent to $79.35 after the company
agreed to be bought
by Mallinckrodt (NYSE:
) in a deal valued at around $5.6 billion.
Shares of Agios Pharmaceuticals (NASDAQ:
) got a boost, shooting up 24.72 percent to $44.25 after the
initial Phase 1 AG-221
data presented at AACR 2014. JP Morgan upgraded the stock from
Neutral to Overweight and raised the price target from $40.00 to
) shares were also up, gaining 1.80 percent to $26.63 after
Pacific Crest upgraded the stock from Sector Perform to
Equities Trading DOWN Shares of Sears Holdings (NASDAQ:
) were down 19.06 percent to $40.64 after the company announced
the completion of Lands' End separation.
World Wrestling Entertainment (NYSE:
) shares tumbled 20.59 percent to $22.25. The company reported
that WWE Network is on pace for 1 million subscribers by the end
) was down, falling 11.19 percent to $6.10 after the company
announced that the
PDUFA date for AFREZZA by 3 months.
Commodities In commodity news,
oil traded down 0.58 percent
to $100.55, while gold traded down 0.57 percent to $1,296.10.
Silver traded down 0.58 percent Monday to $19.83, while copper
rose 0.48 percent to $3.04.
Eurozone European shares
The Spanish Ibex Index fell 0.61 percent, while Italy's FTSE
MIB Index dropped 0.84 percent.
Meanwhile, the German DAX tumbled 1.96 percent and the French
CAC 40 slipped 1.08 percent while U.K. shares declined 1.10
Economics Data on consumer credit for February will be
released at 3:00 p.m. ET.
© 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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