Following the market opening Monday, the Dow traded down 0.35
percent to 14,463.74 while the NASDAQ dropped 0.65 percent to
3,228.06. The S&P also fell, declining 0.63 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 3.80 percent to $7.93. Ericsson and STMicroelectronics
announced an agreement on the way forward for the joint venture
Shares of Constellation Brands (NYSE:
) got a boost, shooting up 2.30 percent to $46.80.
J. C. Penney Company (NYSE:
) was also up, gaining 6.07 percent to $16.42.
Equities Trading DOWN Incyte (NASDAQ:
) shares tumbled 9.43 percent to $22.50 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 9.88 percent to $26.00 after the
company's board remained committed to continue as an independent
company after completing a review of its strategic
Shares of ING Groep NV (NYSE:
) were down 5.26 percent to $7.92.
Commodities In commodity news, oil traded down 1.35 percent to
$92.19, while gold traded up 0.85 percent to $1,606.10.
Silver traded up 0.29 percent Monday to $28.94, while copper
fell 2.47 percent to $3.43.
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 2.06 percent and the Italian FTSE
MIB Index fell 1.89 percent. The STOXX Europe 600 Index fell 0.58
percent, London's FTSE 100 Index declined 0.54 percent, French
CAC 40 Index dipped 1.32 percent and German DAX 30 index dropped
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
advice. All rights reserved.
Profit with More New & Research
. Gain access to a streaming platform with all the information
you need to invest better today.
Click here to start your 14 Day Trial of Benzinga