Dow Surges Over 150 Points; Gilead Sciences To Acquire CymaBay Therapeutics For $4.3B
U.S. stocks traded higher midway through trading, with the Dow Jones index jumping over 150 points on Monday.
The Dow traded up 0.48% to 38,856.99 while the NASDAQ rose 0.26% to 16,031.87. The S&P 500 also rose, gaining, 0.30% to 5,041.87.
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Leading and Lagging Sectors
Energy shares rose by 1.1% on Monday.
In trading on Monday, health care shares fell by 0.1%.
Top Headline
Gilead Sciences Inc (NASDAQ:GILD) agreed to acquire CymaBay Therapeutics Inc (NASDAQ:CBAY) for $32.50 per share in cash or a total equity value of $4.3 billion.
The addition of CymaBay’s investigational lead product candidate, seladelpar for primary biliary cholangitis (PBC) including pruritus, complements Gilead’s existing liver portfolio.
Equities Trading UP
Beamr Imaging Ltd. (NASDAQ:BMR) shares shot up 975% to $22.70 after the company announced it will present its joint research relating to automated video modernization with NVIDIA at the ACM Mile-High-Video 2024 conference.
Shares of ContextLogic Inc. (NASDAQ:WISH) got a boost, surging 46% to $6.59 after the company announced an agreement to sell substantially all of its operating assets and liabilities to Qoo10 for approximately $173 million in cash.
Millennium Group International Holdings Limited (NASDAQ:MGIH) shares were also up, gaining 500% to $6.18 after YC 1926 (BVI) Limited reported an 88.89% stake in the company in a 13G filing on Friday.
Equities Trading DOWN
AN2 Therapeutics, Inc. (NASDAQ:ANTX) shares dropped 75% to $5.04 after the company announced it will voluntarily pause enrollment in the Phase 3 part of the Phase 2/3 pivotal clinical trial evaluating epetraborole in treatment-refractory MAC lung disease.
Shares of WiSA Technologies, Inc. (NASDAQ:WISA) were down 37% to $0.05. WiSA Technologies priced 153,840,000 unit offering for gross proceeds of $10 million.
Big Lots, Inc. (NYSE:BIG) was down, falling 31% to $3.72 after the company reported preliminary fourth-quarter results.
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Commodities
In commodity news, oil traded down 0.2% to $76.69 while gold traded down 0.4% at $2,029.70.
Silver traded up 0.4% to $22.675 on Monday while copper rose 0.9% to $3.7150.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 rose 0.54%, London’s FTSE 100 rose 0.01% while Spain’s IBEX 35 Index rose 0.89% The German DAX rose 0.65% French CAC 40 rose 0.55% while Italy’s FTSE MIB Index gained 0.97%.
The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 45.9 in January from December’s reading of 45.1.
Asia Pacific Markets
Asia Pacific markets closed lower on Monday, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 falling 0.39%.
Economics
The U.S. Treasury statement for January will be released at 2:00 p.m. ET.
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