23 Jan Mid-Afternoon Market Update: Bioverativ Climbs Following $105/Share Offer From Sanofi; Recon Technology Shares Drop
Toward the end of trading Monday, the Dow traded up 0.17 percent to 26,115.51 while the NASDAQ gained 0.60 percent to 7,380.30. The S&P also rose, gaining 0.39 percent to 2,821.31.
Leading and Lagging Sectors
In trading on Monday, basic materials shares fell 0.33 percent. Meanwhile, top losers in the sector included AK Steel Holding Corporation (NYSE: AKS ), down 4 percent, and OMNOVA Solutions Inc. (NYSE: OMN ) down 3 percent.
Halliburton Company (NYSE: HAL ) posted stronger-than-expected results for its fourth quarter.
Halliburton posted adjusted earnings of $0.53 per share in the quarter on revenue of $5.94 billion which exceeded Wall Street’s expectations for $0.46 per share and $5.63 billion.
Equities Trading UP
Shares of Validus Holdings, Ltd. (NYSE: VR ) got a boost, shooting up 44 percent to $67.36 after American International Group Inc (NYSE: AIG ) announced plans to acquire Validus for $68 per share in cash.
Equities Trading DOWN
Sanmina Corp (NASDAQ: SANM ) shares dropped 24 percent to $27.00 after the company lowered its forecast for the first quarter and also issued a weak outlook for the second quarter.
Shares of Recon Technology, Ltd. (NASDAQ: RCON ) were down 23 percent to $2.01. Recon Technology priced its 3.96 million share registered direct offering at $1.66 per share.
Idera Pharmaceuticals Inc (NASDAQ: IDRA ) was down, falling around 18 percent to $2.09. BioCryst Pharma and Idera Pharma announced plans to merge.
In commodity news, oil traded up 0.17 percent to $63.48 while gold traded down 0.09 percent to $1,331.90.
Silver traded down 0.30 percent Monday to $16.985, while copper rose 0.47 percent to $3.2025.
European shares closed higher today. The eurozone’s STOXX 600 rose 0.31 percent, the Spanish Ibex Index climbed 1 percent, while Italy’s FTSE MIB Index gained 0.59 percent. Meanwhile the German DAX gained 0.22 percent, and the French CAC 40 rose 0.28 percent while U.K. shares fell 0.20 percent.
USA Chicago Fed National Activity Index rose to 0.27 for December, versus prior reading of 0.15. However, economists were expecting a reading of 0.44.
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