Morning Movers: AveXis Soars on Novartis Takeover, Boeing Bounces, Leucadia Leaps

The Dow Jones Industrial Average opened with a big gain this morning. Following Friday's gigantic drop, however, that doesn't get us excited. Instead, we're simply breathing a sigh of relief.


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The Dow has risen 171.96 points, or 0.7%, to 24,104.72, while the S&P 500 has advanced 0.7% to 2,623.19, and the Nasdaq Composite has gained 1.2% to 6,999.72. All three are off their highs from earlier this morning.

We're grateful that the market didn't open lower this morning, which it very easily could have done following Friday's 500-plus point drop. But we're not getting excited either, because 147 points isn't what it used to be. Nor is the S&P 500's 12 point rise. And we're not the only ones. "The rally this morning is not so impressive given the seventy handle dump on Mnuchin, Powell, trade, and continued angst in the FAANGs on Friday," writes Rhino Trading's Michael Block.

And it's not like there's much market-moving news this morning. A deal here, an upgrade there. The big news will come on Wednesday, we get the first-quarter CPI reading and the minutes from March's Fed meeting are released, and on Friday, when JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) release their earnings.

Let's just hope there's not too much excitement until then- Ben Levisohn

Agilent Technologies (A) is up 1.3% to $64.45 after Goldman Sachs upgraded it to Buy.

AveXis (AVXS) is up 81% to $210.30 on news that Novartis (NVS), up 0.8% to $80.80, will acquire it for $218 a share in cash, in an $8.7 billion deal.


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Boeing (BA) is up 1.7% to $331.50 on news that American Airlines (AAL), up 3.4% to $52, ordered 47 of its Dreamliner aircraft.

Comerica (CMA) is up 2.2% to $96.98 after Wedbush upgraded it to Outperform.

Deutsche Bank (DB) is up 3.1% to $14.30 after the bank named Christian Sewing as its new CEO.

Facebook (FB) is up 0.5% o $158.05 on reports that it suspended two more data companies, although a whistleblower warns that many more users' accounts may have had their data exposed.

Franklin Resources (BEN) is down 0.4% to $33.09 after Bank of America Merrill Lynch downgraded it to Neutral.

General Motors (GM) is up 2.2% to $$38.50 after Morgan Stanley upgraded it to Overweight.

Leucadia National (LUK) has jumped 14% to $24.90 after the company said it would sell its car dealership business and pare down its stake in National Beef.

World Wrestling Entertainment (WWE) has gained 5.1% to $39.45 after announcing record results for WrestleMania 34. - Teresa Rivas

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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