Midway through trading Wednesday, the Dow traded up 0.31 percent to 18,122.70 while the NASDAQ gained 0.72 percent to 5,192.17. The
S&P also rose, gaining 0.34 percent to 2,134.61.
Leading and Lagging Sectors
On Wednesday, technology shares gained 0.93 percent. Meanwhile, top gainers in the sector included MakeMyTrip Limited
(NASDAQ: MMYT), and Extreme Networks, Inc (NASDAQ:
EXTR).
In trading on Wednesday, energy shares tumbled 0.41 percent. Meanwhile, top losers in the sector included SunPower
Corporation (NASDAQ: SPWR), down 10 percent, and
Oasis Petroleum Inc. (NYSE: OAS), down 5 percent.
Top Headline
Bayer AG (ADR) (OTC: BAYRY) confirmed a deal to
acquire Monsanto Company (NYSE: MON) for $128 per
share.
The $128 per share or $66 billion acquisition deal has been finalized and the deal is expected to close by the end of 2017. As
part of the agreement, Bayer will pay Monsanto $2 billion if the transaction does not obtain the necessary regulatory approval.
Equities Trading UP
Vitae Pharmaceuticals Inc (NASDAQ: VTAE) shares
shot up 158 percent to $20.88. Allergan plc (NYSE: AGN)
and Vitae Pharmaceuticals reached an agreement by which the former would buy the latter for $21.00 a share in cash.
Shares of Sarepta Therapeutics Inc (NASDAQ: SRPT)
got a boost, shooting up 24 percent to $31.77. Dr. Ron Farkas has left the U.S. Food & Drug Administration, people familiar with
the matter told Benzinga. Farkas was the most vocal critic of Sarepta's eteplirsen, although there were other FDA members who
agreed there was little efficacy for the drug.
Morgans Hotel Group Co. (NASDAQ: MHGC) shares were
also up, gaining 21 percent to $2.15 as the company disclosed that it has received a revised takeover proposal of $2.75 per
share.
Equities Trading DOWN
LifeVantage Corp (NASDAQ: LFVN) shares dropped 20
percent to $8.29 after announcing a delay in the release of its Q4 and FY 2016 financial results and form 10-K filing.
Shares of Venaxis Inc (NASDAQ: APPY) were down 10
percent to $3.82 after the company reported plans to acquire BiOptix Diagnostics.
Radiant Logistics Inc (NYSE: RLGT) was down, falling
around 14 percent to $2.57. On Tuesday, Radiant Logistics reported a Q4 loss of $0.01 per share on revenue of $183.6 million. Its
adjusted net income for the quarter came in at $2.8 million.
Commodities
In commodity news, oil traded down 2.18 percent to $44.49 while gold traded up 0.23 percent to $1,326.80.
Silver traded up 0.53 percent Wednesday to $19.08, while copper rose 2.45 percent to $2.15.
Eurozone
European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.09 percent, the Spanish Ibex Index fell 0.25
percent, while Italy’s FTSE MIB Index declined 0.05 percent. Meanwhile the German DAX declined 0.08 percent, and the French CAC 40
slipped 0.39 percent while U.K. shares rose 0.12 percent.
Economics
The MBA’s index of mortgage application activity rose 4.2 percent for the week ended September 9.
The import price index declined 0.2 percent in August, while export prices dropped 0.8 percent in August.
Crude supplies declined 600,000 barrels for the week ended September 9, the U.S. Energy Information Administration reported.
However, analysts were expecting a gain of 3.3 million barrels. Gasoline supplies increased 600,000 barrels, while distillate
stockpiles rose 4.6 million barrels.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.