Mid-Morning Market Update: Markets Fall, Yahoo To Acquire Tumblr

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Following the market opening Monday, the Dow traded down 0.16 percent to 15,329.97, while the NASDAQ fell 0.05 percent to 3,497.34. The S&P was also down, dropping 0.15 percent to 1,664.99.

Top Headline Yahoo! (NASDAQ: YHOO ) announced its plans to acquire blogging network Tumblr for around $1.1 billion. Yahoo shares dropped 0.45% to $26.40 following the news.

Equities Trading UP Websense (NASDAQ: WBSN ) shot up, gaining 28.58 percent to $24.73, after the company entered into a definitive agreement to be bought by Vista Equity Partners.

Pactera Technology International (NASDAQ: PACT ) was also up 32.13 percent to $6.95, after the company announced receipt of going private proposal.

ACADIA Pharmaceuticals (NASDAQ: ACAD ) got a boost, shooting up 5.12 percent to $13.95 after the company's stock has been added to the NASDAQ Biotechnology Index.

Equities Trading DOWN Team (NYSE: TISI ) was down, falling 8.52 percent to $38.65, after the company cut its Q4 earnings forecast.

Raven Industries (NASDAQ: RAVN ) shares tumbled 7.03 percent to $32.01 on fiscal 2014 first-quarter results.

Ruby Tuesday (NYSE: RT ) was down 2.42 percent to $9.47 after Wells Fargo downgraded the stock from "outperform" to "market perform."

Commodities In commodity news, oil traded down 0.68 percent to $95.37, while gold dropped 1 percent to $1,351.10.

Silver traded down 3.77 percent Monday to $21.51, while copper fell 0.12 percent to $3.32.

Eurozone European shares were mixed today. The Spanish Ibex Index fell 1.48 percent and the Italian FTSE MIB Index dropped 1.22 percent. Meanwhile, the German DAX rose 0.17 percent and the French CAC 40 fell 0.15 percent while U.K. shares added 0.35 percent.

Economics The Chicago Fed's national activity index declined to negative 0.53 in April, versus negative 0.23 in March.

Chicago Fed President Charles Evans will speak along with a three and six month bill auction.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities , Economy , International

Referenced Stocks: ACAD , RAVN , TISI , WBSN , YHOO

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