Mid-Afternoon Market Update: Williams Surges Following Bid from ETE; Ambarella Shares Slide

Toward the end of trading Monday, the Dow traded up 0.59 percent to 18,121.45 while the NASDAQ rose 0.66 percent to 5,150.54. The S&P also rose, surging 0.62 percent to 2,123.09.

Leading and Lagging Sectors
Financial shares rose by 1.15 percent on Monday. Meanwhile, top gainers in the sector included Greene County Bancorp GCBC, up 12 percent, and Irsa Inversiones y Rprsntcins SA (ADR) IRS, up 9 percent.
In trading on Monday, utilities shares rose by just 0.37 percent. Meanwhile, top losers in the sector included Empire District Electric Co EDE, down 1.3 percent, and MGE Energy, Inc. MGEE, off 1.1 percent.

Top Headline
Energy Transfer Equity, L.P. ETE made a proposal to merge with Williams Companies Inc WMB for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.
Equities Trading UP
Epizyme Inc EPZM shares shot up 27 percent to $26.43 after the company reported positive data from ongoing Phase 1 study of Tazemetostat in relapsed or refractory NHL.
Shares of Williams Companies Inc WMB got a boost, shooting up 24 percent to $59.77. Energy Transfer Equity, L.P. ETE made a proposal to merge with Williams Companies for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.
CIGNA Corporation CI shares were also up, gaining 5 percent to $163.42 following the announcement of a rejected $184 per share bid from Anthem Inc ANTM.

Equities Trading DOWN
Martha Stewart Living Omnimedia, Inc. MSO shares tumbled 12 percent to $6.16 after Sequential Brands Group Inc SQBG announced its plans to buy Martha Stewart Living in a $353 million deal.
Shares of Ambarella Inc AMBA were down 18 percent to $97.55 after dropping 5.80 percent on Friday. Citron Research has stated that the share price of Ambarella is currently “ridiculous,” and has cut its targeted price down to $60 per share, nearly half of what the stock previously closed at.
Williams Partners LP WPZ was down, falling 7 percent to $49.39. Energy Transfer Equity, L.P. ETE made a proposal to merge with Williams Companies for $53.1 billion in an all equity transaction, including debt and other liabilities. However, Williams rejected the offer from Energy Transfer Equity.

Commodities
In commodity news, oil traded down 0.22 percent to $59.48, while gold traded down 1.52 percent to $1,183.60.
Silver traded up 0.25 percent Monday to $16.15, while copper fell 0.19 percent to $2.57.

Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 2.25 percent, the Spanish Ibex Index jumped 3.87 percent, while Italy’s FTSE MIB Index gained 3.47 percent. Meanwhile, the German DAX jumped 3.81 percent, and the French CAC 40 rose 3.81 percent while UK shares gained 1.72 percent.

Economics
The Chicago Fed National Activity Index slipped to -0.17 in May, versus a prior reading of -0.15. However, economists were expecting a reading of 0.16.
Sales of existing homes climbed 5.1 percent to an annual rate of 5.35 million in May. However, economists were projecting a rate of 5.25 million.