Markets Open Higher; Pfizer To Acquire Trillium Therapeutics
Following the market opening Monday, the Dow traded up 0.56% to 35,318.36 while the NASDAQ rose 0.90% to 14,847.67. The S&P also rose, gaining 0.64% to 4,469.94.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 37,711,150 cases with around 628,500 deaths. India confirmed a total of at least 32,449,300 cases and 434,750 deaths, while Brazil reported over 20,570,890 COVID-19 cases with 574,520 deaths. In total, there were at least 211,921,920 cases of COVID-19 worldwide with more than 4,433,550 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
In trading on Monday, utilities fell 0.6%.
The offer price represents a 118% premium to the 60-day weighted average price for Trillium.
Equities Trading UP
Trillium Therapeutics Inc. (NASDAQ: TRIL) shares shot up 190% to $17.65 after the company announced it will be acquired by Pfizer for $18.50 per share, implying an equity value of $2.26 billion.
Shares of Vivos Therapeutics, Inc. (NASDAQ: VVOS) got a boost, shooting 56% to $5.98. The FDA granted 510(k) clearance to Vivos Therapeutics’ mmRNA (modified mandibular Repositioning Nighttime Appliance) obstructive sleep apnea (OSA) device.
Siyata Mobile Inc. (NASDAQ: SYTA) shares were also up, gaining 35% to $6.62.
Check out these big movers of the day
Equities Trading DOWN
Staffing 360 Solutions, Inc. (NASDAQ: STAF) shares tumbled 16% to $1.7000 after the company announced a 1.36 million share stock offering priced at $2.10 per share.
Shares of Regencell Bioscience Holdings Limited (NASDAQ: RGC) were down 14% to $16.41 after jumping over 200% on Friday. Regencell Bioscience reported partial exercise of underwriter’s over-allotment option.
Flora Growth Corp. (NASDAQ: FLGC) was down, falling 10% to $11.40. Flora Growth shares surged 44% on Friday after the company reported its financial and operating results for the six months ending June 30, 2021, revealing revenues of over $2 million, compared to revenues of approximately $100 000 in the same period of last year.
In commodity news, oil traded up 3% to $64.03, while gold traded up 0.5% to $1,792.10.
Silver traded up 1.3% Monday to $23.40 while copper rose 2% to $4.2205.
European shares were higher today. The eurozone’s STOXX 600 gained 0.4%, the Spanish Ibex Index gained 0.6% and the German DAX 30 gained 0.2%. Meanwhile, the London’s FTSE 100 gained 0.4%, French CAC 40 rose 0.8% and Italy’s FTSE MIB climbed 0.4%.
The IHS Markit Eurozone services PMI declined slightly to 59.7 in August from 59.8 in the previous month, while manufacturing PMI dropped to 61.5 from 62.8. German composite PMI fell to 60.6 in August from 62.4 in July, while French composite PMI dropped to 55.9 in August from 56.6.
UK’s services PMI fell to 55.5 in August from 59.6 a month ago, while manufacturing PMI slipped to 60.1 from 60.4.
The Chicago Fed National Activity Index rose to 0.53 in July from a revised reading of -0.01 in June.
The IHS Markit services PMI dipped to 55.2 in August, while manufacturing index declined to 61.20.
US existing home sales rose 2% to an annual rate of 5.99 million in July.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
Check out the full economic calendar here
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