Midway through trading Monday, the Dow traded down 0.05
percent to 14,507.39 while the NASDAQ dropped 0.08 percent to
3,246.37. The S&P also fell, declining 0.22 percent to
Index Technicals: The S&P looks set to lose its 1,556
support today, with lower support set at 1,540.
The Dow seems to be breaking down this morning, falling under
14,410, while holding lower support at 14,200.
The Russell is also heading lower, testing its 938 support,
with 920 acting as support below that.
Finally, the NASDAQ loses its 3,230 support and rests in the
3,215 support area.
Top Headline Cynosure (NASDAQ:
) announced its plans to acquire Palomar Medical Technologies
) for around $294 million in cash and stock. Palomar shareholders
will receive $6.825 per share in cash and $6.825 in stock. The
transaction price represents an 8% premium to Palomar's closing
price on Friday. The deal is likely to close in the third quarter
of 2013. Equities Trading UP STMicroelectronics NV (NYSE:
) shot up 4.43 percent to $7.98. Ericsson and STMicroelectronics
announced an agreement on the way forward for the joint venture
Shares of ValueClick (NASDAQ:
) got a boost, shooting up 9.69 percent to $30.44 following a Buy
initiation at Lake Street Capital this morning. J. C. Penney
) was also up, gaining 10.21 percent to $17.06 after an ISI Group
report noted that the company could convert its real-estate to a
REIT like entity. Equities Trading DOWN Incyte (NASDAQ:
) shares tumbled 7.01 percent to $30.44 after the company
disclosed that it was informed of a case of PML in a male patient
treated with ruxolitinib. Advent Software (NASDAQ:
) was also down, falling 7.45 percent to $26.70 after the
company's board remained committed to continue as an independent
company after completing a review of its strategic alternatives.
Shares of Pacira Pharmaceuticals (NASDAQ:
) were down 7.91 percent to $27.70.
Commodities In commodity news, oil traded up 0.21 percent to
$93.65, while gold traded up 0.79 percent to $1,605.20. Silver
traded up 0.15 percent Monday to $28.90, while copper fell 2.29
percent to $3.44.
Eurozone European shares traded lower but off of session lows
as financials led stocks lower following the bailout of Cyprus.
The Spanish Ibex Index tumbled 1.65 percent and the Italian FTSE
MIB Index fell 1.14 percent. The STOXX Europe 600 Index fell 0.34
percent, London's FTSE 100 Index declined 0.48 percent, French
CAC 40 Index dipped 0.32 percent and German DAX 30 index dropped
0.64 percent. Economics The NAHB builder-confidence index fell to
44 in March, versus 46 in February. However, analysts were
expecting the index to rise to 47 in March. The Treasury is set
to auction 3- and 6-month bills.
(c) 2013 Benzinga.com. Benzinga does not provide investment
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