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Omar Venerio
Omar Venerio
Articles (1681) 

Monday Morning Market Highlights

Dow jumps +300 points, Uber advances on deal

US markets

U.S. stocks were in thegreen Monday morningon positive economic activity in the non-manufacturing sector.The NMI index reached 57.1%, up from the May reading of 45.4%.The Dow Jones Industrial Average gained1.50% to 26,218, the S&P 500 index rose 1.62% to3,180and the Nasdaq Composite Index jumped 2.46% to 10,456.

Gainers

Freeport-McMoRan Inc. (NYSE:FCX) +7.7%

Xilinx, Inc. (NASDAQ:XLNX) +6.8%

Twitter, Inc. (NYSE:TWTR) +5.7%

MarketAxess Holdings Inc. (NASDAQ:MKTX) +5.7%

Losers

Dominion Energy, Inc. (NYSE:D) -8.4%

ONEOK, Inc. (NYSE:OKE) -8.3%

Marathon Oil Corporation (NYSE:MRO) -6.8%

DXC Technology Company (NYSE:DXC) -5.8%

Global markets

The main European stock markets traded in the green.The UK's FTSE 100 gained 2.02%, France's CAC 40 rose 1.62%, Germany's Dax advanced 1.72% and Spain's Ibex 35 climbed 2.03%.

In Asia, Japan's Nikkei 225 gained1.83%, Indias BSE Sensex rose 1.29%, Hong Kong's Hang Seng advanced 3.81% and China's Shanghai Composite jumped 5.71%.

Uber to acquire Postmates

Shares of Uber Technologies, Inc. (NYSE:UBER) gained more than 5% on Mondayafter the company announcedits intended acquisition of food delivery servicePostmates(POSTM) in an all-stock deal valued at $2.65 billion.

In the annoucement, Uber says Postmates is "highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates strong relationships with small- and medium-sized restaurants, particularly local favorites that draw customers to the Postmates brand."

The company expects to issue 84 million shares of common stock for all of the fully diluted equity. The transaction will help Ubers growing efforts in the delivery of groceries and essentials.

During the first quarter of 2020,Philippe Laffont (Trades, Portfolio) trimmed his holding in the company by 58% to 1,080,326 shares. Spiros Segalas (Trades, Portfolio) boosted his Uber investment by 42% to 12,557,243 shares. Frank Sands (Trades, Portfolio) initiated a new position in the stock with 20,936,633 shares.

Disclosure:The author holdsno positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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