Wall Street's Top Stories For Monday June 17, 2019

MAJOR MOVERS: Among the noteworthy gainers was Sotheby's (BID), which surged 58.6% after it agreed to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, shareholders will receive $57 in cash per share of Sotheby's common stock in a transaction with an enterprise value of $3.7B. Also higher was ArQule (ARQL), which rose 16.8% after it announced preliminary results from its miransertibe study.

Among the notable losers was PaySign (PAYS), which slid 10.9% after after BTIG analyst Mark Palmer downgraded the stock to Neutral from Buy citing valuation. Also lower was Ashford Hospitality (AHT), which fell 4.4% after DA Davidson analyst James Lykins downgraded to the stock to Neutral from Buy and cut his price target on the shares to $4 from $7.

INDEXES: The Dow rose 22.92, or 0.09%, to 26,112.53, the Nasdaq gained 48.37, or 0.62%, to 7,845.02, and the S&P 500 advanced 2.69, or 0.09%, to 2,889.67.

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