Post Market News
Stocks that were active in U.S. trading on Monday include Booz Allen Hamilton Holding Corporation (NYSE:BAH), IHS Inc. (NYSE:IHS), Titan International Inc (NYSE:TWI), Dynavax Technologies Corporation (NASDAQ:DVAX) and AVEO Pharmaceuticals, Inc. (NASDAQ:DVAX).
- U.S.: Dow Jones: 15,244.24 (-0.03%), S&P 500: 1,642.81 (-0.03%), Nasdaq: 3,473.77 (+0.13%)
- World Markets: Shanghai: 2,210.90 (-1.39%), Nikkei 225: 13,514.20 (+4.94%), Hang Seng Index: 21,615.09 (+0.18%), TSEC: 8,160.55 (+0.81%), FTSE 100: 6,400.45 (-0.18%), EURO STOXX 50: 2,719.40 (-0.17%), BSE Sensex: 19,441.07 (+0.06%)
- Metals: Gold: $1,386.00 (+0.22%), Silver: $21.92 (+0.84%), Platinum: $1,506.90 (+0.29%)
- Currency: EUR/USD: 1.3261 (+0.29%), USD/JPY: 98.71 (+1.31%), GBP/USD: 1.5584 (+0.17%), USD/CAD: 1.0191 (-0.22%), USD/CNY: 6.1335 (0.00%), AUD/USD: 0.9475 (-0.20%)
- 10 year U.S. Treasury: 2.21% (+0.03), 30 year U.S. Treasury: 3.36% (+0.02)
Market & Economy Update
Credit rating agency Standard & Poor's has upgraded the U.S. credit outlook from negative to stable, removing the short term threat of another downgrade. The Treasury Department said that credit rating agencies are recognizing progress of the U.S. economy. However, that failed to please stock markets. The Dow Jones Industrial Average skidded 9.53 points to 15,238.59, the S&P 500 Index was down 0.57 points to 1,642.81, while Nasdaq posted a gain of 4.55 points to 3,473.77.
Stocks In Focus
Booz Allen Hamilton Holding Corporation (NYSE:BAH)
Booz Allen Hamilton employee Edward Snowden has admitted that he was responsible for leaking highly confidential information on surveillance programs. Booz Allen said Snowden has been working with the company for the past three months. The government consultancy firm criticized its employee by saying that Snowden's act was against the code of conduct and core values of Booz Allen. Shares of Booz Allen tanked 2.69 percent to end the session at $17.54.
IHS Inc. (NYSE:IHS)
The business information provider has agreed to purchase R. L. Polk & Co. (OTCMKTS:POLL), which owns the used-car shopping service Carfax, for $1.4 billion in cash and stock. IHS Inc. (NYSE:IHS) expects to acquisition to boost its presence in the automobile industry. Shares rose 2.78 percent to close trading at $109.91.
Titan International Inc (NYSE:TWI)
The farm, mining and construction original equipment maker said it is going through tough market conditions. The company plans to lower its full-year forecasts issued in December. But Titan said before lowering the outlook, it has to find out by how much the mining firm will reduce their inventories. Shares tanked 13.62 percent to end the trading session at $17.89.
Dynavax Technologies Corporation (NASDAQ:DVAX)
The biopharmaceutical company said that U.S. FDA has asked the company to work more on its investigational hepatitis B vaccine before filing the Biological License Application again. Shares plunged 43.32 percent to $1.40. The company currently has a market value of $256 million.
AVEO Pharmaceuticals, Inc. (NASDAQ:DVAX)
The pharmaceutical company said in a statement that the U.S. Food and Drug Administration has rejected its tivozanib new drug application. Tivozanib can be used in advanced renal cell carcinoma. The USFDA said that clinical studies for the drug have shown inconsistent survival results. However, shares surprisingly rose 8.12 percent to $2.53.