Mid-Day Market Update: Dow Up Over 1%; Qumu Shares Plunge

Midway through trading Monday, the Dow traded up 1.02 percent to 24,436.90 while the NASDAQ climbed 1.11 percent to 6,950.73. The S&P also rose, gaining 0.86 percent to 2,642.09.

Leading and Lagging Sectors

On Monday, the technology shares climbed 1.52 percent. Meanwhile, top gainers in the sector included Ceragon Networks Ltd CRNT, up 14 percent, and Glu Mobile Inc. GLUU, up 10 percent.

In trading on Monday, utilities shares fell 0.30 percent. Meanwhile, top losers in the sector included Connecticut Water Service Inc CTWS, down 4 percent, and SCANA Corporation SCG down 4 percent.

Top Headline

General Dynamics Corporation GD announced plans to buy CSRA Inc CSRA for about $6.8 billion.
General Dynamics said it will buy CSRA in a deal that values the stock at $40.75 per share, which marks a premium of more than 30 percent from Friday's closing price of $30.82.

Equities Trading UP

CSRA Inc CSRA shares shot up 31 percent to $40.47 after the company agreed to be acquired by General Dynamics Corporation GD for $40.75 per share in cash.

Shares of Amber Road Inc AMBR got a boost, shooting up 41 percent to $9.69. E2open proposed to acquire Amber Road for $10.50 per share in cash in a transaction valued at over $300 million.

Ceragon Networks Ltd CRNT shares were also up, gaining 14 percent to $2.38 after the company posted upbeat quarterly results.

Equities Trading DOWN

Sapiens International Corporation N.V. SPNS shares dropped 12 percent to $10.38. Sapiens Intl narrowed its FY2017 sales guidance and issued a weak FY18 sales forecast.

Shares of Qumu Corp QUMU were down 18 percent to $1.83 as the company issued a weak forecast for the fourth quarter and FY 2017.

Lumber Liquidators Holdings Inc LL was down, falling around 10 percent to $24.31. Wedbush downgraded Lumber Liquidators from Outperform to Neutral.

Commodities

In commodity news, oil traded up 1.22 percent to $59.92 while gold traded up 0.83 percent to $1,326.60.

Silver traded up 2.17 percent Monday to $16.49, while copper rose 1.34 percent to $3.074.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 surged 1.32 percent, the Spanish Ibex Index gained 1.48 percent, while Italy’s FTSE MIB Index rose 0.78 percent. Meanwhile the German DAX climbed 1.56 percent, and the French CAC 40 rose 1.47 percent while U.K. shares rose 1.32 percent.

Economics

The Treasury budget report for January is schedule for release at 2:00 p.m. ET.