TradingMarkets Mid-Day Movers
Stocks started the week by extending
Friday’s rally, driven largely by M&A activity, earnings and a stronger than
expected Chicago PMI number.
Today’s M&A news came from Barrick Gold
(
ABX |
Quote |
Chart |
News |
PowerRating),
which offered to acquire Placer Dome
(
PDG |
Quote |
Chart |
News |
PowerRating) for $9.2 billion and Novartis
(
NVS |
Quote |
Chart |
News |
PowerRating),
which announced a deal to buy the remaining publicly traded shares of Chiron
(
CHIR |
Quote |
Chart |
News |
PowerRating)
for $5.1 billion.
On the earnings front, Kellogg
(
K |
Quote |
Chart |
News |
PowerRating) announced Q3
earnings of $0.66 per share, up from $0.59 per share last year and above the
$0.64 per share consensus.
In today’s economic news; the Commerce Department
reported Personal Spending +0.5% In Sept., Income +1.7% (report).
Chicago PMI was recorded at 62.9 for October.
The US Dollar Index is trading higher, along with
Treasuries. Energy futures are sharply lower with Natural Gas posting a loss of
more than 6% and Crude Oil trading lower by more than 2% at $59.45.
Stocks On The Move
Bon-Ton Stores
(
BONT |
Quote |
Chart |
News |
PowerRating) is one of the best
performers. Just before the start of trading, the company announced that it has
reached a deal to acquire 142 stores from Saks
(
SKS |
Quote |
Chart |
News |
PowerRating) for $1.1 billion. BONT
is currently up 27%.
Channell Commercial
(
CHNL |
Quote |
Chart |
News |
PowerRating) is among the
day’s biggest percentage decliners after it warned that it now sees a
third-quarter loss. CHNL is currently down about 23%.
| Dow |
+52.83 | 10,455.60 |
| NASDAQ |
+24.03 | 2113.91 |
| S&P 500 |
+7.37 | 1205.78 |
| NYSE | NASDAQ | |
| Volume |
1,064,122,000 | 782,289,000 |
| Advances |
2351 | 2052 |
| Declines |
757 | 837 |
| Up Volume |
749 | 611 |
| Down Volume |
213 | 121 |
| New Hi’s |
79 | 81 |
| New Lo’s |
60 | 31 |
|
|
Weakest Sectors |
| Airline ( XAL | Quote | Chart | News | PowerRating) |
Gold Bug ( HUI | Quote | Chart | News | PowerRating) |
| Retail ( RLX | Quote | Chart | News | PowerRating) |
Gold and Silver ( XAU | Quote | Chart | News | PowerRating) |
| Internet ( INX | Quote | Chart | News | PowerRating) |
Natural Gas ( XNG | Quote | Chart | News | PowerRating) |
Ashton Dorkins