Following the market opening Friday, the Dow traded up 0.82 percent to 18,043.09 while the NASDAQ climbed 0.96 percent to 4,923.46.
The S&P also rose, gaining 0.86 percent to 2,116.03.
Leading and Lagging Sectors
On Friday, basic materials shares gained by 1.59 percent. Top gainers in the sector included Haynes International, Inc.
(NASDAQ: HAYN) and Companhia Siderurgica Nacional
(ADR) (NYSE: SID).
In trading on Friday, utilities shares fell by 0.41 percent. Meanwhile, top losers in the sector included Xcel Energy Inc
(NYSE: XEL), down 1 percent, and PG&E Corporation
(NYSE: PCG), down 1 percent.
Top Headline
Polycom, Inc. (NASDAQ: PLCM) revealed Friday that
private equity firm, Siris Capital Group, LLC and its affiliates, have submitted a unilaterally binding offer to buy all
outstanding shares for $12.50 per share in cash.
The company indicated that the all-cash transaction was valued at about $2.0 billion. That included outstanding debt. The
current offer represented a premium of 13.6 percent to the existing value of Mitel's offer, based on Mitel's closing share price as
of July 7.
Equities Trading UP
Eleven Biotherapeutics Inc (NASDAQ: EBIO) shares
shot up 49 percent to $2.92 after the company reported the effectiveness of IND application for EBI-031.
Shares of Resolute Energy Corp (NYSE: REN) got a
boost, shooting up 23 percent to $3.62 as the company agreed to sell Permain Basin mid-stream assets.
Mitel Networks Corporation (NASDAQ: MITL) shares
were also up, gaining 18 percent to $7.10 after Polycom revealed that its board has approved the cancellation of its previously
announced merger agreement with Mitel Networks. The company will have to pay a termination fee of about $60 million. Polycom said
it received a unilaterally binding offer from Siris on July 7 to acquire all outstanding shares for $12.50 per share in cash.
Equities Trading DOWN
Juno Therapeutics Inc (NASDAQ: JUNO) shares
dropped 26 percent to $30.01 after the company announced JCAR015's Phase 2 trial was put on hold after two patients died last
week.
Shares of T2 Biosystems Inc (NASDAQ: TTOO) were
down 23 percent to $5.88.’s T2 Biosystems extended timeline for the completion of the T2Bacteria trial. BTIG downgraded the rating
on T2 Biosystems from Buy to Sell, while lowering the price target from $12 to $4.
PriceSmart, Inc. (NASDAQ: PSMT) was down, falling
around 8 percent to $84.12 as the company posted weaker-than-expected results for the third quarter. The company’s same store sales
declined 1.9 percent for June.
Commodities
In commodity news, oil traded up 0.86 percent to $45.53 while gold traded down 0.34 percent to $1,357.50.
Silver traded up 0.19 percent Friday to $19.88, while copper rose 0.19 percent to $2.13.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 1.27 percent, the Spanish Ibex Index climbed 2.19 percent,
while Italy’s FTSE MIB Index rose 3.19 percent. Meanwhile the German DAX gained 1.94 percent, and the French CAC 40 climbed 1.46
percent, while U.K. shares rose 0.49 percent.
Economics
The U.S. economy added 287,000 new jobs in June, while the unemployment rate increased to 4.9 percent from 4.7 percent.
Economists were expecting a 175,000 rise in new nonfarm jobs.
Data on consumer credit for May will be released at 3:00 p.m. ET.
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