Mid-Morning Market Update: Markets Rise; Covidien To Buy Given Imaging For $30/Share


Following the market opening Monday, the Dow traded up 0.05 percent to 16,027.52 while the NASDAQ surged 0.39 percent to 4,078.40. The S&P also rose, gaining 0.19 percent to 1,808.52.

Top Headline Covidien PLC (NYSE: COV ) announced its plans to acquire Given Imaging (NASDAQ: GIVN ) for a total of $860 million Covidien will buy all the outstanding stock of Given Imaging for $30.00 per share in cash, representing a 27% premium to the company's closing price on Friday.

The deal is likely to be completed by March 31.

Equities Trading UP Given Imaging (NASDAQ: GIVN ) shot up 25.16 percent to $29.60 after Covidien PLC (NYSE: COV ) announced its plans to acquire Given Imaging for $30.00 per share in cash.

Shares of Sysco (NYSE: SYY ) got a boost, shooting up 21.25 percent to $41.60 after the company announced its plans to buy US Foods for around $3.5 billion in cash and stock.

Infinity Pharmaceuticals (NASDAQ: INFI ) was also up, gaining 17.06 percent to $17.50 after the company reported encouraging Phase 1 IPI-145 data at the American Society of Hematology ( ASH ).

Equities Trading DOWN Shares of EZCORP (NASDAQ: EZPW ) were down 8.54 percent to $10.07 after Sterne Agee downgraded the stock from Buy to Neutral and lowered the target price from $15.50 to $12.

Ply Gem Holdings (NYSE: PGEM ) shares tumbled 6.32 percent to $17.04 after Credit Suisse downgraded the stock from Outperform to Neutral.

McDonald's (NYSE: MCD ) was down, falling 1.17 percent to $95.67 after the company reported a 0.8% drop in its US sales in November. McDonald's also reported a 0.5% rise in its global comparable sales in the month.

Commodities In commodity news, oil traded down 0.08 percent to $97.57, while gold traded up 0.13 percent to $1,230.60. Silver traded up 0.45 percent Monday to $19.61, while copper rose 0.15 percent to $3.25.

Eurozone European shares today. The Spanish Ibex Index gained 0.70 percent, while Italy's FTSE MIB Index surged 0.40 percent. Meanwhile, the German DAX gained 0.38 percent and the French CAC 40 climbed 0.02 percent while U.K. shares fell 0.05 percent.

Economics The Treasury is set to auction 3-and 6-month bills. The TD Ameritrade IMX for November will be released at 12:30 p.m. ET.

(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 , Futures , International

Referenced Stocks: ASH , COV , EZPW , GIVN , INFI


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