Following the market opening Thursday, the Dow traded down 0.51 percent to 21,369.62 while the NASDAQ declined 0.92 percent to 6,094.38. The S&P also fell, dropping 0.63 percent to 2,417.27.
Leading and Lagging Sectors;
In trading on Thursday, healthcare shares fell 1.13 percent. Meanwhile, top losers in the sector included Patterson Companies, Inc. PDCO 6.35%, down 6 percent, and Immunomedics, Inc. IMMU 3.98%, down 5 percent.
Liberty Interactive QVC Group (NASDAQ: QVCA, QVCB) agreed to acquire the outstanding 62 percent shares of HSN, Inc. HSNI 26.84% in all-stock transaction for a total enterprise value of $2.6 billion.
Liberty Interactive will acquire HSN for $40.36 per share, representing a premium of 29 percent over HSN’s closing price on July 5, 2017. The deal is projected to complete in the fourth quarter of 2017.
Equities Trading UP;
Beigene Ltd (ADR) BGNE 24.6% shares shot up 24 percent to $64.71. Celgene Corporation CELG 0.92% disclosed that it has entered into global strategic immuno-oncology collaboration with Beigene to advance PD-1 inhibitor program for solid tumor cancers. Celgene will acquire 5.9 percent stake in Beigene at $4.58 per share.
Shares of HSN, Inc. HSNI 26.84% got a boost, shooting up 28 percent to $40.20 after Liberty Interactive agreed to acquire the outstanding 62 percent shares of HSNin all-stock transaction for a total enterprise value of $2.6 billion.
Herman Miller, Inc. MLHR 8.32% shares were also up, gaining 12 percent to $34.47 as the company reported stronger-than-expected earnings for its fourth quarter and raised its quarterly dividend to $0.18 per share.
Equities Trading DOWN;
Tahoe Resources Inc TAHO 30.97% shares dropped 29 percent to $5.93 following Guatemalan Court suspension of Escobal mining license. BMO Capital downgraded Tahoe Resources from Outperform to Market Perform.
Shares of Egalet Corp EGLT 36.61% were down 37 percent to $1.60. Egalet reported pricing of public offering of common stock and warrants.
Celsion Corporation CLSN 19.83% was down, falling around 21 percent to $1.91. Celsion Corporation reported a $5 million registered direct offering.
In commodity news, oil traded up 1.57 percent to $45.84 while gold traded up 0.19 percent to $1,224.00.
Silver traded up 0.43 percent Thursday to $15.965, while copper fell 0.08 percent to $2.658.
European shares were lower today. The eurozone’s STOXX 600 declined 1.02 percent, the Spanish Ibex Index fell 0.98 percent, while Italy’s FTSE MIB Index slipped 0.30 percent. Meanwhile the German DAX dropped 0.90 percent, and the French CAC 40 declined 1.08 percent while U.K. shares fell 0.57 percent.
Private-sector employers added 158,000 jobs during June, payroll processor ADP reported. However, economists projected a gain of 185,000 jobs.
The trade deficit declined 2.3 percent to $46.5 billion in May, versus $47.6 billion in April. Economists expected a deficit of $46.3 billion. Exports rose 0.4 percent in May, while imports slipped 0.1 percent.
Initial jobless claims rose 4,000 to 248,000 in the latest week. However, economists were expecting claims to reach 243,000 in the week.
The Markit services PMI rose to 54.20 in June, versus prior reading of 53.00. Economists estimated a reading of 53.00.
The ISM non-manufacturing index rose to 57.40 for June, versus previous reading of 56.90. Economists expected a reading of 56.50.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
Data on money supply for the recent week will be released at 4:30 p.m. ET.
Federal Reserve Vice Chairman Stanley Fischer is set to speak in Vineyard Haven, Massachusetts, at 7:30 p.m. ET.