Mid-Afternoon Market Update: ACCO Brands Gains On Earnings Beat; Boise Cascade Shares Down

Toward the end of trading Monday, the Dow traded up 0.47 percent to 18,230.25 while the NASDAQ gained 0.92 percent to 5,305.77. The S&P also rose, gaining 0.48 percent to 2,151.33.

Leading and Lagging Sectors

Monday afternoon, technology shares gained by 1.09 percent. Meanwhile, top gainers in the sector included Limelight Networks, Inc. LLNW, and Ceragon Networks Ltd CRNT.

In trading on Monday, healthcare shares fell by 0.26 percent. Meanwhile, top losers in the sector included Apricus Biosciences Inc APRI, down 10 percent, and Ariad Pharmaceuticals, Inc. ARIA, down 8 percent.

Top Headline

AT&T Inc. T agreed to acquire Time Warner Inc TWX for $107.50 per share in cash and stock.

AT&T’s blockbuster $85.4 billion deal to buy Time Warner promises to reshape the media landscape—if the companies can navigate a series of obstacles, including possible opposition from U.S. antitrust authorities and objections by lawmakers and media and telecom rivals.

Equities Trading UP

Unilife Corp UNIS shares shot up 80 percent to $3.15 after the company announced the filing of Form 10-K for fiscal year 2016. The company also reported the completion of the internal investigation and issued an update on the restructuring of its business.

Shares of Merchants Bancshares,Inc. MBVT got a boost, shooting up 30 percent to $42.80 after Community Bank System, Inc. CBU reported a deal to buy Merchants Bancshares for $304 million.

ACCO Brands Corporation ACCO shares were also up, gaining 20 percent to $10.98. ACCO Brands reported upbeat Q3 earnings and raised its FY outlook.

Equities Trading DOWN

Tidewater Inc. TDW shares dropped 45 percent to $1.65 following news late Friday that the company has received limited waiver extensions from lenders and noteholders.

Shares of Inovio Pharmaceuticals Inc INO were down 18 percent to $6.87 after the company disclosed that the FDA has requested for additional information for Phase III program for VGX-3100.

Boise Cascade Co BCC was down, falling around 15 percent to $19.84. Boise Cascade posted adjusted earnings of $0.41 per share on revenue of $1.07 billion for the third quarter.

Commodities

In commodity news, oil traded down 1.22 percent to $50.23 while gold traded down 0.35 percent to $1,263.30.

Silver traded up 0.55 percent Monday to $17.59, while copper rose 0.29 percent to $2.09.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 slipped 0.01 percent, the Spanish Ibex Index rose 1.27 percent, while Italy’s FTSE MIB Index gained 0.81 percent. Meanwhile the German DAX gained 0.47 percent, and the French CAC 40 climbed 0.36 percent while U.K. shares fell 0.49 percent.

Economics

The Chicago Fed National Activity Index rose to -0.14 in September, versus a prior reading of -0.72.

The Markit manufacturing PMI rose to 53.20 for October, versus a previous reading of 51.50. Economists were expecting a reading of 51.50.