Mid-Morning Market Update: Markets Open Higher; Berkshire Hathaway To Acquire Precision Castparts For $37.2B
Following the market opening Monday, the Dow traded up 1.08 percent to 17,561.05 while the NASDAQ surged 1.06 percent to 5,097.02. The S&P also rose, gaining 1.03 percent to 2,098.88.
Leading and Lagging Sectors
In trading on Monday, utilities shares rose by just 0.3 percent. Meanwhile, top losers in the sector included TransAlta Corporation ( USA ) (NYSE: TAC ), down 1 percent, and Exterran Partners, L.P. (NASDAQ: EXLP ), off 1 percent.
Berkshire will pay $235 per share to buy Precision Castparts, representing a 21.2 percent premium over PCP's closing price on Friday.
Equities Trading UP
Aquinox Pharmaceuticals Inc (NASDAQ: AQXP ) shares shot up 309 percent to $42.66 after jumping 482.12 percent on Friday. Aquinox Pharmaceuticals posted a quarterly loss of $0.44 per share. Cowen maintained Outperform rating on Aquinox Pharmaceuticals and raised the price target from $3 to $14.
Shares of Inovio Pharmaceuticals Inc (NASDAQ: INO ) got a boost, shooting up 34 percent to $8.67 following the announcement of a licensing deal with AstraZeneca plc (ADR) (NYSE: AZN ) unit. Inovio Pharma reported a Q2 loss of $0.09 per share on revenue of $5.3 million.
Equities Trading DOWN
Karyopharm Therapeutics Inc (NASDAQ: KPTI ) shares tumbled 15 percent to $18.66. Karyopharm reported a Q2 loss of $0.92 per share.
Shares of PHI Inc. (NASDAQ: PHII ) were down 22 percent to $22.25. PHI posted Q2 consolidated net earnings of $6.5 million on operating revenue of $198.5 million.
Kronos Worldwide, Inc. (NYSE: KRO ) was down, falling 15 percent to $8.31. Kronos Worldwide reported a Q2 GAAP loss of $1.38 per share on sales of $360.2 million.
In commodity news, oil traded down 0.11 percent to $43.82, while gold traded up 0.13 percent to $1,095.50.
Silver traded up 0.40 percent Monday to $14.88, while copper rose 0.79 percent to $2.35.
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.34 percent, the Spanish Ibex Index jumped 1.17 percent, while Italy's FTSE MIB Index gained 0.81 percent. Meanwhile, the German DAX climbed 0.63 percent, and the French CAC 40 rose 0.59 percent while UK shares fell 0.45 percent.
On the economics calendar Monday, there is no important data due out.
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