Following the market opening Monday, the Dow traded up 1.31 percent to 25,012.66 while the NASDAQ climbed 1.7 percent to
7,289.15. The S&P also rose, gaining 1.74 percent to 2,704.90.
Leading and Lagging Sectors
Monday morning, the financial shares rose 1.5 percent. Meanwhile, top gainers in the sector included Genworth Financial
Inc (NYSE: GNW) up 20 percent, and Codorus
Valley Bancorp, Inc. (NASDAQ: CVLY) up 10
percent.
In trading on Monday, energy shares rose by just 0.4 percent.
Top Headline
IBM Common Stock (NYSE: IBM) announced it
will purchase Red Hat Inc (NYSE: RHT)'s
issued and outstanding common shares for $190 per share in cash.
The $34 billion deal — the culmination of a 20-year partnership — prompted a 51-percent pop in Red Hat, a 2.7-percent decline in
IBM.
Equities Trading UP
Red Hat Inc (NYSE: RHT) shares shot up 48
percent to $173.20. IBM announced plans to acquire Red Hat in a $34 billion deal, including debt.
Shares of Dicerna Pharmaceuticals Inc (NASDAQ: DRNA) got a boost, shooting up 15 percent to $14.98 after reporting a licensing
and research collaboration with Eli Lilly for the development and commercialization of new medicines in cardio-metabolic disease,
neurodegeneration and pain.
Electrameccanica Vehicles Corp (NASDAQ: SOLO) shares were also up, gaining 153 percent to $5.52. The company earlier
issued press release highlighting pre-orders for its vehicles exceeded 64,000 units.
Equities Trading DOWN
Tower Semiconductor Ltd. (NASDAQ: TSEM)
shares dropped 15 percent to $15.14 after the company missed Q3 EPS and sales estimates.
Shares of Denbury Resources Inc. (NYSE: DNR) were down 14 percent to $3.74 after the company announced plans to acquire Penn
Virginia for $79.80 per share.
First Data Corporation (NYSE: FDC) was
down, falling around 10 percent to $19.45 after reporting downbeat earnings for its third quarter.
Commodities
In commodity news, oil traded down 0.19 percent to $67.46 while gold traded down 0.20 percent to $1,233.30.
Silver traded up 0.48 percent Monday to $14.77, while copper rose 1.15 to $2.7725.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 gained 1.71 percent, the Spanish Ibex Index rose 1.53 percent, while
Italy’s FTSE MIB Index surged 2.4 percent. Meanwhile the German DAX climbed 2.07 percent, and the French CAC 40 surged 1.18 percent
while U.K. shares rose 1.94 percent.
Economics
U.S. consumer spending rose 0.4 percent for September, versus economists’ expectations for a 0.4 percent gain. Personal income
increased 0.20 percent in September.
The Dallas Fed manufacturing index for October is schedule for release at 10:30 a.m. ET.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
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