Market News: Elan, Saks, Synta,, Interpublic

Market News: Elan, Saks, Synta,, Interpublic
market news

Post Market Update

market news Morning News

Stocks that were active in U.S. trading on Monday include Elan Corporation, plc (NYSE:ELN), Saks Inc (NYSE:SKS), Synta Pharmaceuticals Corp. (NASDAQ:SNTA), Changyou.Com Ltd (NASDAQ:CYOU) and Interpublic Group of Companies Inc (NYSE:IPG).

Market Levels

  • U.S.: Dow Jones: 15,526.80 (-0.21%), S&P 500: 1,687.22 (-0.26%), Nasdaq: 3,604.14 (-0.25%)
  • World Markets: Shanghai: 1,976.31 (-1.72%), Nikkei 225: 13,661.13 (-3.32%), Hang Seng Index: 21,850.15 (-0.54%), TSEC: 8,084.50 (-0.80%), FTSE 100: 6,560.25 (+0.08%), EURO STOXX 50: 2,741.73 (-0.01%), BSE Sensex: 19,593.28 (-0.78%)
  • Metals: Gold: $1,328.40 (+0.52%), Silver: $19.86 (+0.47%), Platinum: $1,442.70 (+1.40%)
  • Currency: EUR/USD: 1.3266 (-0.08%), USD/JPY: 97.88 (-0.32%), GBP/USD: 1.5357 (-0.17%), USD/CAD: 1.0256 (-0.26%), USD/CNY: 6.1325 (+0.01%), AUD/USD: 0.9201 (-0.64%)
  • 10 year U.S. Treasury: 2.49% (-0.03), 30 year U.S. Treasury: 3.58% (-0.03)

Market & Economy Update

Asian stock markets retreated amid concerns that the Federal Reserve may decide to keep interest rates at record low levels in its two-day policy meeting starting Tuesday. Nikkei 225 Index slumped 3.32% to 13,661.13. The U.S. dollar rose against its European rivals on Monday, but plunged 0.32% against the yen to 97.88. The Dow Jones Industrial Average slipped 32.03 points to 15,526.80, the S&P 500 Index fell 4.94 points to 1,686.60, while Nasdaq was down 11.44% to 3,601.72.

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Stocks In Focus

Elan Corporation, plc (NYSE:ELN)

Pharmaceutical firm Perrigo Company (NYSE:PRGO) has agreed to buy Elan Corporation, plc (NYSE:ELN) for $8.6 billion. The acquisition of Elan was partially motivated by taxes. Perrigo has agreed to pay $16.50 in a mix of cash and stock to buy Elan. That’s 11% premium to Elan’s closing price on Friday. American shares of the company inched up 3.82% to $15.50 at the end of the trading session.

Saks Inc (NYSE:SKS)

Hudson’s Bay Co is acquiring Saks Inc (NYSE:SKS) for $2.9 billion in cash. The Wall Street Journal said that the deal is about luxury clothes as well as high-end real estate. Hudson’s Bay has announced to pay $16 per share of the luxury retailer, a 4.5% to its Friday’s closing price. Under the terms of the deal, Saks will operate independently, having its own marketing and merchandising teams. Shares soared 3.89% to $15.90.

Synta Pharmaceuticals Corp. (NASDAQ:SNTA)

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares soared today after the drug maker reported that its breast cancer drug showed positive results in a preliminary study. The company will now expand its study. The experimental molecule ganetespib was tested on patients with triple-negative breast cancer. Shares surged 40.61% to close the trading session at $7.13.

Changyou.Com Ltd (NASDAQ:CYOU)

Changyou.Com Ltd (NASDAQ:CYOU)’s second quarter earnings handily beat Wall Street expectations. However, shares of the Chinese online game developer tanked after the company issued disappointing forecasts for the current quarter. The company said it expects to earn $1.33-$1.38 per share on revenues of $180-$186 million. Analysts polled by Thompson Reuters were expecting $1.48 in earnings and $191 million in revenues. Shares plummeted 19.89% to end the trading session at $32.90.

Interpublic Group of Companies Inc (NYSE:IPG)

Omnicom Group and Publicis Groupe SA announced their merger to create the world’s largest advertising firm. However, their planned merger is expected to benefit rivals like Interpublic Group of Companies Inc (NYSE:IPG) because the merged company will have conflicting clients that may leave the newly formed firm. For example, Publicis has The Coca-Cola Company (NYSE:KO) as its major client, while PepsiCo, Inc. (NYSE:PEP) is a client of Omnicom Group Inc. (NYSE:OMC). The two competitors are unlikely to user the same advertiser. IPG shares surged 4.66% to $16.61.

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