After futures prices for main indices were up in pre-market trading, the open showed where investors were heading, and the selling ensued. The Dow Jones, S&P500 and Nasdaq all plunged into negative territory after the first hour of trading.
Worries that came from the increase in unemployment claims last week still hangover the market, and with approaching summer months, and an impending Brexit vote to contend with in Europe, there doesn’t seem anything bullish on the horizon.
Demand for Gold remained strong, as always during market weakness, with the yellow stuff holding above the April highs, albeit on a down day.
Import prices data showed an increase for April, as released before the bell, suggesting that inflation below the Fed’s 2 percent was becoming less likely.
Although the markets are negative there are a few notable stocks on the move upwards today.
Monsanto (MON) was at $99.28 a gain of over 9% after rumors that the U.S. seed company was said to be the possible acquisition target of Bayer AG.
Infoblox Inc. (BLOX) blew upwards with a gain of over 20% on the takeover offer from Thoma Bravo. Bloomberg quoted:
“Infoblox shares are soaring 18.81% to $18.19 on Thursday morning after the company received a buyout approach from technology-focused private equity firm Thoma Bravo, valuing the deal at around $886 million”
Jack in the Box Inc. (JACK) sprung into life (no pun) with a shooting gain of 14% after pushing numbers that beat all estimates after the bell yesterday. Zaks commented:
“Shares soared almost 11% during afterhours trading yesterday, reflecting positive investor sentiment on the back of solid comps growth in the Qdoba restaurants.” And also “Adjusted earnings of 85 cents per share missed the Zacks Consensus Estimate of 70 cents by 21.4%. Further, it surged 23.2% year over year on lower expenses and lower tax rate.”
Even though the stock has gained it still remains 20% down over the last 12 months.
Published first at: http://www.stockpricetoday.com/stock-news/markets-fall-after-open-investors-not-sure-what-summer-brings/.
No comments:
Post a Comment