Following the market opening Monday, the Dow traded up 0.01
percent to 12,816.12 while the NASDAQ rose 0.07 percent to
2,906.84. The S&P also rose, increasing 0.04 percent to
Jefferies Group announced this morning that it had agreed to sell
itself to Leucadia for $2.76 billion in stock or roughly $17.66
per share. The deal was described by the Jefferies executive team
as one that would allow the company greater freedom and capital
access, adding that the company would now be able to 'go on the
offensive'. The announcement lead to a Jefferies shares up over
21 percent in the pre-market.
Equities Trading UP
Titanium Metals Corporation (NYSE:
) remained up 42.44 percent to $16.48 following the market
opening after the company announced it would be acquired by
Precision Castparts for $2.9 billion.
Shares of Sarepta Therapeutics (NASDAQ:
) steadily gained after the market opening, getting a 12.47
percent boost to $25.59 after an analyst stated that a delay in a
competing drug will help the company in the near future.
Gilead Sciences (NASDAQ:
) was up as well, remaining up 11.72 percent to $72.63 after the
company announced positive data in its Hepatitis C trials.
Equities Trading DOWN
Clovis Oncology (NASDAQ:
) slowed its fall, remaining down 34.02 percent at $14.18 after
the company released negative results from its pancreatic cancer
study Sunday evening.
Achillion Pharmaceuticals (NASDAQ:
) also fell, dropping 11.15 percent to $8.01, possibly linked to
Gilead's rally, although Wells Fargo came out with a statement
that the drop may be a 'misinterpretation'.
Shares of JC Penney (NYSE:
) continued their fall Monday, tumbling 9.47 percent to $18.68
following a poor earnings release last week and a cut at
In commodity news, oil traded down 0.72 percent to $85.45, while
gold traded down 0.21 percent to $1,727.20.
Silver traded up 0.10 percent Monday to $32.34.
European markets rose mostly Monday morning following Greece's
austerity vote last week, aside from the Spanish Ibex which fell
In news around Europe, Italian prime minister Mario Monti
released a statement indicating that the country had no plans of
taking a bailout.
Spain's Luis De Guindos also came out with a statement,
issuing a more optimistic forecast for the nation than the EU and
IMF had shown in the past few weeks. He went on to say that
Spain's forecasting was conservative, but not set in stone.
There were no major US economic releases Monday.
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