Midway through trading Monday, the Dow traded up 0.34% to 26689.66 while the NASDAQ rose 0.94% to 8081.12. The S&P also rose, gaining 0.58% to 2,958.95.
Leading and Lagging Sectors
In trading on Monday, utilities shares fell 1.1%.
Brookfield Infrastructure (NYSE: BIP) and GIC, along with Brookfield Infrastructure’s institutional partners, will acquire U.S. freight railroad owner and operator Genesee & Wyoming Inc. (NYSE: GWR) in a transaction valued at approximately $8.4 billion including debt.
Genesee & Wyoming stockholders will receive $112 in cash per share of common stock.
Equities Trading UP
Pioneer Power Solutions, Inc. (NASDAQ: PPSI) shares shot up 26% to $5.96 after the company announced it plans to sell its transformer business to Mill Point Capital for $65.5 million.
Shares of Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) got a boost, shooting up 38% to $2.81 after the company announced it has won two wind contract awards in Texas valued at $150 million.
Emmis Communications Corporation (NASDAQ: EMMS) shares were also up, gaining 23% to $5.85 after the company reported a deal to form new public co., Mediaco Holding, with Standard General.
Equities Trading DOWN
Cemtrex, Inc. (NASDAQ: CETX) shares tumbled 19% to $2.57 after the company priced its registered offering of 224,215 shares at $2.23 per share.
Shares of Vuzix Corporation (NASDAQ: VUZI) were down 15% to $3.48 after the company announced a $20 million registered direct offering.
Coty Inc. (NYSE: COTY) was down, falling 16% to $11.31 after reporting a $600 million restructuring plan.
In commodity news, oil traded up 0.9% to $59.00, while gold traded down 1.5% to $1,392.50.
Silver traded down 0.7% Monday to $15.235, while copper fell 1% to $2.686.
European shares were higher today. The eurozone’s STOXX 600 rose 0.78%, the Spanish Ibex Index rose 0.72%, while Italy’s FTSE MIB Index gained 0.09%. Meanwhile, the German DAX gained 0.99%, and the French CAC 40 rose 0.52% while UK shares rose 0.97%.
The manufacturing PMI rose to 50.6 in June, versus initial reading of 50.1.
The ISM manufacturing index fell to a reading of 51.7 in June, compared to 52.1 in the previous month.
U.S. construction spending dropped 0.8% for May, versus economists’ expectations for a 0.3% rise.
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