Midway through trading Monday, the Dow traded up 0.45 percent to 18,226.93 while the NASDAQ gained 0.83 percent to 5,301.15. The
S&P also rose, gaining 0.44 percent to 2,150.63.
Leading and Lagging Sectors
On Monday, technology shares gained by 0.95 percent. Meanwhile, top gainers in the sector included Limelight Networks,
Inc. (NASDAQ: LLNW), and Daktronics, Inc.
(NASDAQ: DAKT).
In trading on Monday, energy shares fell by 0.27 percent. Meanwhile, top losers in the sector included Cloud Peak Energy
Inc. (NYSE: CLD), down 8 percent, and BP Prudhoe Bay
Royalty Trust (NYSE: BPT), down 8 percent.
Top Headline
AT&T Inc. (NYSE: T) agreed to acquire Time
Warner Inc (NYSE: TWX) for $107.50 per share in cash and
stock.
AT&T’s blockbuster $85.4 billion deal to buy Time Warner promises to reshape the media landscape—if the companies can
navigate a series of obstacles, including possible opposition from U.S. antitrust authorities and objections by lawmakers and media
and telecom rivals.
Equities Trading UP
Unilife Corp (NASDAQ: UNIS) shares shot up 90
percent to $3.32 after the company announced the filing of Form 10-K for fiscal year 2016. The company also reported the completion
of the internal investigation and issued an update on the restructuring of its business.
Shares of Merchants Bancshares,Inc. (NASDAQ: MBVT)
got a boost, shooting up 30 percent to $42.80 after Community Bank System, Inc. (NYSE: CBU) reported a deal to buy Merchants Bancshares for $304 million.
B/E Aerospace Inc (NASDAQ: BEAV) shares were also
up, gaining 15 percent to $58.45 after Rockwell Collins Inc (NYSE: COL) agreed to buy the company for $62 per share in cash and stock. The deal is valued
at $6.4 billion plus the assumption of $1.9 billion in debt.
Equities Trading DOWN
Tidewater Inc. (NYSE: TDW) shares dropped 45 percent
to $1.64 following news late Friday that the company has received limited waiver extensions from lenders and noteholders.
Shares of Inovio Pharmaceuticals Inc (NASDAQ: INO)
were down 15 percent to $7.08 after the company disclosed that the FDA has requested for additional information for Phase III
program for VGX-3100.
Boise Cascade Co (NYSE: BCC) was down, falling around
14 percent to $20.07. Boise Cascade posted adjusted earnings of $0.41 per share on revenue of $1.07 billion for the third
quarter.
Commodities
In commodity news, oil traded down 1.24 percent to $50.22 while gold traded down 0.36 percent to $1,263.10.
Silver traded up 0.55 percent Monday to $17.59, while copper rose 0.17 percent to $2.09.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 slipped 0.01 percent, the Spanish Ibex Index rose 1.27
percent, while Italy’s FTSE MIB Index gained 0.81 percent. Meanwhile the German DAX gained 0.47 percent, and the French CAC 40
climbed 0.36 percent while U.K. shares fell 0.49 percent.
Economics
The Chicago Fed National Activity Index rose to -0.14 in September, versus a prior reading of -0.72.
The Markit manufacturing PMI rose to 53.20 for October, versus a previous reading of 51.50. Economists were expecting a reading
of 51.50.
Chicago Federal Reserve President Charles Evans is set to speak in Chicago at 1:30 p.m. ET.
Federal Reserve Board Governor Jerome Powell will speak at 1:45 p.m. ET.
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