On The Fly: Top Stock Stories For Monday

Stocks began the day sharply higher and the major averages continued to add to their gains from there, finishing with an advance of about 2%. In the process, the S&P broke its nine-day losing streak. Based on today's action the market is pricing in a Clinton presidential victory and a maintenance of the status quo in Washington. Oil prices moved higher as well and closed with gains of almost 2% while U.S. benchmark WTI crude broke its own six-day losing streak.

n the U.S., the Fed's labor market conditions index rose 0.7 points in October following a revised 0.1 point decline in September. September Consumer Credit came in at $19.3B, above consensus estimates of $18.7B for the month. In Europe, Eurozone retail sales edged down by 0.2% in September, led by a decline in Germany.

Oracle (ORCL) announced that it has secured enough shares to complete its tender offer for NetSuite (N) despite opposition from shareholder T. Rowe Price (TROW), which had argued that the $109 per share bid significantly undervalued the company. The buyout deal will be finalized on Monday, Oracle said...

Shares of Biogen (BIIB) gained 6.7% after the company and partner Ionis Pharmaceuticals (IONS) said a Phase 3 study of their muscular disorder treatment, SPINRAZA, met its primary endpoint. Earlier this morning, Piper Jaffray analyst Joshua Schimmer had upgraded Biogen to Overweight, before the data was announced. Meanwhile, Ionis' stock advanced 18.4% following the announcement... Shares of LendingClub (LC) rose about 15% after the online lender secured a new loan-sale deal and its third quarter results beat expectations. MAJOR MOVERS: Among the notable gainers was Sysco (SYY), which advanced 9.8% after the food-service distributor reported better than expected first quarter results. Also higher was Blue Nile (NILE), which jumped nearly 34% to $40.76 after the luxury jeweler announced it plans to be acquired by private equity firm Bain capital and Bow Street for $500M. Additionally, Sothebys (BID) rose 11.2% after the auction house operator announced mixed results for the third quarter, with its CEO Tad Smith pointing out that the art advisory business "has added a number of clients and has a rich pipeline of discussions for future growth."

Among the noteworthy losers was HSN, Inc. (HSNI), which fell over 13% after the parent company of the Home Shopping Network reported disappointing third quarter results. Also lower was EarthLink (ELNK), which slid 10% after the company and Windstream Holdings (WIN) announced that their boards of directors have unanimously approved a definitive merger agreement, under which they will merge in an all-stock transaction valued at approximately $1.1B, including debt. Upon closing of the transaction, Windstream shareholders will own approximately 51% and EarthLink shareholders will own approximately 49% of the combined company. Additionally, Coherus Biosciences (CHRS) dropped 9% after the company announced that it has received a decision from the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office denying institution of Coherus' petition for Inter Partes Review of AbbVie's (ABBV) U.S. Patent '166 related to the latter's Humira formulation. INDEXES: The Dow rose 371.32, or 2.08%, to 18,259.60, the Nasdaq gained 119.80, or 2.37%, to 5,166.17, and the S&P 500 advanced 46.34, or 2.22%, to 2,131.52.

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.
Chee Hin Teh 6 years ago Member's comment

thanks for sharing