Dow Surges 175 Points; Fabrinet Shares Slide
Midway through trading Monday, the Dow traded up 1.05 percent to 16,837.56 while the NASDAQ surged 0.89 percent to 4,504.60. The S&P also rose, gaining 0.84 percent to 1,971.45.Leading and Lagging Sectors In trading on Monday, industrials shares were relative leaders, up on the day by about 1.28 percent. Meanwhile, top gainers in the sector included Hutchinson Technology (NASDAQ: HTCH), up 11 percent, and Career Education (NASDAQ: CECO), up 7.4 percent. Utilities shares gained by just 0.28 percent in today’s trading. Meanwhile, top decliners in the sector included Artesian Resources (NASDAQ: ARTNA), down 0.9 percent, and Regency Energy Partners LP (NYSE: RGP), off 0.75 percent.Top Headline Dollar General (NYSE: DG) offered to buy Family Dollar Stores (NYSE: FDO) for around $9.7 billion. Dollar General will pay $78.50 per share in cash, 3% higher than Family Dollar’s closing price of $76.06 on Friday.Equities Trading UP Dollar General (NYSE: DG) shares shot up 9.54 percent to $62.94 after the company offered to buy Family Dollar Stores (NYSE: FDO) for around $9.7 billion. Shares of Family Dollar Stores (NYSE: FDO) got a boost, shooting up 4.98 percent to $79.85 after a $9.7 billion offer by Dollar General. Achillion Pharmaceuticals (NASDAQ: ACHN) shares were also up, gaining 2.05 percent to $9.44 after Deutsche Bank upgraded the stock from Hold to Buy and raised the price target from $6 to $17.Equities Trading DOWN Shares of Fabrinet (NYSE: FN) were down 18.48 percent to $14.47 after the company announced audit committee probe into accounting matters. The company also reported that it has postponed Q4 earnings release and conference call. Monster Beverage (NASDAQ: MNST) shares tumbled 4.24 percent to $89.53 after jumping 30.48% on Friday. Dollar Tree (NASDAQ: DLTR) was down, falling 2.08 percent to $54.45 after Dollar General (NYSE: DG) offered to buy Family Dollar Stores for around $9.7 billion.Commodities In commodity news, oil traded down 1.34 percent to $96.05, while gold traded down 0.50 percent to $1,299.70. Silver traded up 0.56 percent Monday to $19.64, while copper rose 0.53 percent to $3.14.Eurozone European shares were higher today. The eurozone’s STOXX 600 surged 1.18 percent, the Spanish Ibex Index jumped 1.28 percent, while Italy’s FTSE MIB Index climbed 0.82 percent. Meanwhile, the German DAX gained 1.68 percent and the French CAC 40 climbed 1.35 percent while UK shares gained 0.78 percent.Economics The NAHB housing market index rose 2 points to 55 in August.