Toward the end of trading Monday, the Dow traded up 3.17% to 26,214.72 while the NASDAQ rose 2.46% to 8,778.38. The S&P also rose, gaining 2.63% to 3,031.90. Coronavirus cases continued to rise outside China. South Korea confirmed 123 new coronavirus cases today, while Italy reported a 50% increase in coronavirus cases. In Iran, total number of infections surged by 523.
Leading and Lagging Sectors
In trading on Monday, energy shares rose by just 0.2%.
Gilead said in a Monday press release that it has entered into a definitive agreement to acquire Menlo Park, California-based Forty Seven for $95.50 per share in cash. This per-share value represents a 96% premium to the $48.79 at which the stock closed Thursday, when speculation regarding the interest began building.
The boards of both companies approved the transaction.
Equities Trading UP
China Pharma Holdings, Inc. (NASDAQ: CPHI) shares shot up 111% to $1.2037 after the company announced a wash-free sanitizer in response to the coronavirus.
Shares of Daxor Corporation (NYSE: DXR) got a boost, shooting 46% to $12.53. Daxor said hospitals are using its blood volume analyzer to prevent coronavirus deaths.
Forty Seven, Inc. (NASDAQ: FTSV) shares were also up, gaining 62% to $93.75 after the company announced it will be acquired by Gilead Sciences for $95.50 per share.
Equities Trading DOWN
Allied Healthcare Products, Inc. (NASDAQ: AHPI) shares tumbled 38% to $14.89 after surging 54.6% on Friday.
Shares of Enlivex Therapeutics Ltd. (NASDAQ: ENLV) were down 21% to $7.08. Enlivex Therapeutics announced a $16.75 million registered direct offering for a stock and warrant unit at $8 per unit.
Novavax, Inc. (NASDAQ: NVAX) was down, falling 25% to $11.98 following news of a $150 million common stock offering via B. Riley FBR.
In commodity news, oil traded up 4.4% to $46.71, while gold traded up 1.7% to $1,594.00.
Silver traded up 1.6% Monday to $16.715, while copper rose 2.1% to $2.594.
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.09% the Spanish Ibex Index rose 0.21%, while Italy’s FTSE MIB Index declined 1.50% Meanwhile, the German DAX dropped 0.27%, and the French CAC 40 rose 0.44% while UK shares rose 1.13%.
The IHS Markit manufacturing PMI slipped to 50.7 in February, versus a preliminary reading of 50.8.
The ISM manufacturing PMI slipped to 50.1 in February, versus a reading of 50.9 in January.
U.S. construction spending rose 1.8% in January, versus a revised 0.2% gain in December.