Markets

Mid-Morning Market Update: Markets Open Higher; Brookfield Infrastructure To Buy Genesee & Wyoming

Following the market opening Monday, the Dow traded up 0.55% to 26747.23 while the NASDAQ rose 1.11% to 8,095.38. The S&P also rose, gaining 0.76% to 2,964.11.

Leading and Lagging Sectors

Information technology shares rose 1.6% on Monday. Meanwhile, top gainers in the sector included NeoPhotonics Corp (NYSE: NPTN), up 17%, and GTT Communications Inc (NYSE: GTT), up 10%.

In trading on Monday, real estate shares fell 1.3%.

Top Headline

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 20% to $5.70 after the company announced it plans to sell its transformer business to Mill Point Capital for $65.5 million.

Shares of NeoPhotonics Corp (NYSE: NPTN) got a boost, shooting up 16% to $4.83 after President Trump said he would ease the ban on US companies selling to Hauwei.

Emmis Communications Corporation (NASDAQ: EMMS) shares were also up, gaining 22% to $5.80 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 16% to $2.68 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 $3.4773 after the company announced a $20 million registered direct offering.

Coty Inc. (NYSE: COTY) was down, falling 15% to $11.39 after reporting a $600 million restructuring plan.

Commodities

In commodity news, oil traded up 2.9% to $60.16, while gold traded down 1.3% to $1,395.10.

Silver traded down 0.2% Monday to $15.31, while copper rose 0.2% to $2.7185.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 1%, the Spanish Ibex Index rose 0.7%, while Italy’s FTSE MIB Index gained 0.5%. Meanwhile, the German DAX gained 1.3%, and the French CAC 40 rose 0.8% while UK shares rose 1.3%.

Economics

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.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

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