Post Market News
Stocks that were active in U.S. trading on Monday include Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V), Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX), Acura Pharmaceuticals, Inc. (NASDAQ:ACUR), InterDigital, Inc. (NASDAQ:IDCC) and FleetMatics Group PLC (NYSE:FLTX).
- U.S.: Dow Jones: 14,980.66 (+0.48%), S&P 500: 1,614.96 (+0.54%), Nasdaq: 3,434.49 (+0.92%)
- World Markets: Shanghai: 1,995.24 (+0.81%), Nikkei 225: 13,852.50 (+1.28%), Hang Seng Index: 20,803.29 (+1.78%), TSEC: 8,036.00 (-0.33%), FTSE 100: 6,307.78 (+1.49%), EURO STOXX 50: 2,622.62 (+0.77%), BSE Sensex: 19,577.39 (+0.94%)
- Metals: Gold: $1,254.10 (-0.13%), Silver: $19.56 (-0.07%), Platinum: $1,375.50 (-0.51%)
- Currency: EUR/USD: 1.3059 (+0.31%), USD/JPY: 99.72 (+0.54%), GBP/USD: 1.5207 (-0.04%), USD/CAD: 1.0501 (-0.01%), USD/CNY: 6.1327 (-0.08%), AUD/USD: 0.9232 (+0.81%)
- 10 year U.S. Treasury: 2.48% (-0.05), 30 year U.S. Treasury: 3.48% (-0.05)
Market & Economy Update
Data showed today that U.S. manufacturing picked up in June amid increasing orders. Factory Data from the U.K. and Japan also showed signs of stabilization. ISM said that U.S. manufacturing PMI rose from 49 in May to 50.9 in June. The Dow Jones Industrial Average boomed 65.12 points to 14,974.72, the S&P 500 Index surged 8.68% to 1,614.96 while Nasdaq rose 31.24 points to 3,434.49.
Stocks In Focus
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has announced they will buy the remaining stake in Nokia Siemens Networks from its partner Siemens AG for $2.2 billion (1.7 billion euros). The joint venture which makes telecom equipment is the strongest business unit of Nokia. The Finnish mobile maker said it will pay 1.2 billion euros in cash and the remaining sum will be paid in the form of a secured loan. After the deal, NSN will become a wholly-owned subsidiary of Nokia. Shares rose 3.21% to end the session at $3.86.
After 10.1% Return In 2020, Mohnish Pabrai Changes Strategy [2020 Letter]
Mohnish Pabrai's flagship hedge fund, the Pabrai Investment Fund II, returned 29.6% in the second half of 2020. Following this performance, the fund returned 10.1% net for the year, underperforming the S&P 500 but outperforming the Dow Jones Industrial Average, which returned just 9.7%. According to a copy of the investment manager's year-end letter to Read More
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX)
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) rejected an unsolicited offer from Amgen, and said it is looking for potential buyers. Amgen had offered to pay $120 per share, a 38% premium to its closing price on Friday. The rejection is expected to initiate a bidding war for the biopharmaceutical company. Shares soared 51.27% to $130.96 at the end of the trading session.
Acura Pharmaceuticals, Inc. (NASDAQ:ACUR)
Acura Pharmaceuticals, Inc. (NASDAQ:ACUR) said in a statement that Pfizer has decided to expand the commercialization of a painkiller Oxecta that uses Acura’s tamper resistant technology. The specialty pharmaceutical company has licensed its Aversion technology to Pfizer in the United States, Canada and Mexico. Shares jumped 18.09% to end the session at $2.25.
InterDigital, Inc. (NASDAQ:IDCC)
In a major ruling today, a judge overseeing InterDigital, Inc. (NASDAQ:IDCC)’s patent infringement claims against Huawei Technology, Nokia and ZTE said that they had infringed only one of its patents, and that patent was invalid. The other six patents were not infringed. Shares tanked 12.07% to $39.26.
FleetMatics Group PLC (NYSE:FLTX)
FleetMatics Group PLC (NYSE:FLTX) has announced they will sell eight million shares. The company said seven million of those shares will be from certain shareholders. As of March 31, the fleet management software company has 34.58 million shares outstanding. Shares skidded 3.97% to end the session at $31.91.