On The Fly: Top stock stories at midday

Stocks opened sharply lower, with concerns about the trade war between the U.S. and China being blamed even though not much movement on that front was reported over the weekend. The market is off its lows and the Nasdaq even turned positive for a few minutes, though so far it has been unable to hold above the flat line. ECONOMIC EVENTS: In the U.S., the NAHB housing market index fell 2 points back to 68 in June, reversing a 2 point increase in May. COMPANY NEWS: Shares of Rent-A-Center (RCII) surged 22% after the company announced that it has agreed to be acquired by an affiliate of Vintage Capital Management for $15 per share in cash. The deal is expected to close by the end of 2018... In other M&A news, W.P. Carey (WPC) shares were 2% lower after the company said its board of directors unanimously approved a definitive merger pact via which Corporate Property Associates 17 - Global Incorporated, a publicly-held non-traded REIT advised by W.P. Carey, will merge with and into a subsidiary of W. P. Carey in a stock-for-stock transaction valued at approximately $6B... Meanwhile, JD.com (JD) shares were fractionally higher in New York trading after Google (GOOG) said it will invest $550M in cash in the Chinese internet company as part of a strategic partnership. The two companies plan to collaborate on a range of strategic initiatives, including joint development of retail solutions in a range of regions around the world, including Southeast Asia, the U.S. and Europe. MAJOR MOVERS: Among the notable gainers was Arrowhead (ARWR), which jumped 25% after it completed enrollment in its Phase 1 ARO-AAT study in liver disease. Also higher was China Biologic (CBPO), which gained 21% after holders CCRE and CITIC Capital offered to buy the company for $110 per share. Among the notable losers was Catalyst Biosciences (CBIO), which plunged 57% after it provided on update on its ongoing Phase 1/2 trial investigation its severe hemophilia B treatment, saying it is conducting an analysis to assess the cause and impact of antibody observations prior to dosing any further subjects. Also lower was Ziopharm (ZIOP), which fell over 18% after reporting that the FDA placed a clinical hold on its trial of CD19-targeted CAR T therapy. INDEXES: Near midday, the Dow was down 152.51, or 0.61%, to 24,937.97, the Nasdaq was down 11.94, or 0.15%, to 7,734.44, and the S&P 500 was down 9.53, or 0.34%, to 2,770.13.