2018-02-21 12:19:23 | On The Fly: Top stock stories at middayStocks began the session with modest gains and trading has been fairly quiet since the open as investors await the release of the minutes from the most recent Fed meeting. Oil prices remain in negative territory but are off the worst levels, dipping fractionally to trade near $61.50 per barrel near noon. ECONOMIC EVENTS: In the U.S., Markit's manufacturing PMI rose 0.4 points to 55.9 in the flash February print. The flash services index jumped 2.6 points, also to a reading of 55.9. Existing home sales fell 3.2% to a 5.38M unit rate. The minutes from the January 30-31 meeting of the Federal Open Market Committee will be released this afternoon at 2 pm ET. COMPANY NEWS: Shares of Qualcomm (QCOM) have slid about 1% after Broadcom (AVGO) reaffirmed its commitment to acquiring the company but lowered its offer to $79 per Qualcomm share from $82 citing Qualcomm's decision to "transfer...$6.2B of value from Qualcomm stockholders to NXP stockholders." Broadcom added that its proposed merger agreement would provide for an automatic increase of $3 in cash per Qualcomm share in the event that Qualcomm is unable to complete its planned acquisition of NXP Semiconductors (NXPI). MAJOR MOVERS: Among the noteworthy gainers was Finish Line (FINL), which rose 6.5% after Buckingham upgraded the stock to Neutral from Underperform on valuation. Also higher after reporting quarterly results were Quad/Graphics (QUAD) and Advance Auto Parts (AAP), which gained a respective 26% and 11%. Among the notable losers was Inovalon (INOV), which fell nearly 7% after it announced the resignation of its CFO and COO Christopher Greiner, who accepted the position of CFO of LivePerson (LPSN). Also lower after reporting quarterly results were Tile Shop (TTS), and U.S. Silica (SLCA), which fell a respective 27% and 16%. INDEXES: Near midday, the Dow was up 90.95, or 0.36%, to 25,055.70, the Nasdaq was up 57.71, or 0.8%, to 7,292.02, and the S&P 500 was up 14.40, or 0.53%, to 2,730.66. | |
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