Following the market opening Monday, the Dow traded up 0.48 percent to 19,262.56 while the NASDAQ climbed 0.92 percent to
5,304.16. The S&P also rose, gaining 0.69 percent to 2,207.03.
Leading and Lagging Sectors
Monday morning, basic materials shares gained by 1.05 percent. Meanwhile, top gainers in the sector included Braskem SA
(ADR) (NYSE: BAK), and AK Steel Holding Corporation
(NYSE: AKS).
In trading on Monday, utilities shares fell by 0.78 percent. Meanwhile, top losers in the sector included Energy Transfer
Partners LP (NYSE: ETP), down 3 percent, and Empresa
Distribuidora y Cmrz Nrt SA(ADR) (NYSE: EDN), down 2
percent.
Top Headline
Consolidated Communications Holdings Inc (NASDAQ: CNSL) announced plans to acquire FairPoint Communications Inc (NASDAQ:
FRP) for $1.5 billion in an all-stock merger.
The transaction is projected to close by mid-2017.
Equities Trading UP
Ocean Power Technologies Inc (NASDAQ: OPTT) shares
shot up 12 percent to $3.63. Ocean Power Technologies and Sonalysts reported a joint marketing agreement.
Shares of FairPoint Communications Inc (NASDAQ: FRP) got a boost, shooting up 14 percent to $19.35 after Consolidated Communications
Holdings Inc (NASDAQ: CNSL) announced plans to acquire the
company.
Neuroderm Ltd (NASDAQ: NDRM) shares were also up,
gaining 23 percent to $19.10 as the company disclosed that it will replace two Phase 3 clinical trials with small pharmacokinetic
trials following the FDA meeting on ND0612 regulatory development.
Equities Trading DOWN
Cerecor Inc (NASDAQ: CERC) shares dropped 25
percent to $1.31 after the company disclosed that its CERC-501 Phase 2 study did not meet primary objective.
Shares of Hudson Technologies, Inc. (NASDAQ: HDSN)
were down 11 percent to $7.06 after the company announced a $45 million offering of its common stock and an additional $4 million
offering by selling shareholders.
Agios Pharmaceuticals Inc (NASDAQ: AGIO) was down,
falling around 11 percent to $50.42 after the company reported a new data from AG-348 and AG-519 demonstrating the potential for
the first disease-modifying treatment for patients with PK deficiency at the ASH 2016.
Commodities
In commodity news, oil traded up 0.81 percent to $52.10 while gold traded down 0.80 percent to $1,168.40.
Silver traded down 0.99 percent Monday to $16.67, while copper rose 2.80 percent to $2.70.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.63 percent, the Spanish Ibex Index rose 0.29
percent, while Italy’s FTSE MIB Index declined 1.24 percent. Meanwhile the German DAX climbed 1.36 percent, and the French CAC 40
gained 0.62 percent while U.K. shares rose 0.13 percent.
Economics
The final reading of Markit services PMI dropped to 54.6 for November, versus a flash reading of 54.7.
The ISM non-manufacturing index rose to 57.20 for November, versus a prior reading of 54.80. However, economists were expecting
a reading of 55.40.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The TD Ameritrade IMX for November will be released at 12:30 p.m. ET.
St. Louis Federal Reserve Bank President James Bullard is set to speak at the Arizona State University, W.P. Carey School at
2:05 p.m. ET.
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