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Omar Venerio
Omar Venerio
Articles (1399) 

US Stocks Rebound Monday

Elliott Management's ASG Technologies Group increases offer to buy Mitek Systems

U.S. stocks were in positive territory on Monday, leaving behind some fears regarding the U.S.-China trade dispute.The Dow Jones Industrial Average advanced 0.14% to 24,423, the S&P 500 index gained 0.18% to 2,637 and the Nasdaq Composite Index rose 0.74% to 7,020.

Shares of Mitek Systems Inc. (NASDAQ:MITK) rose 8.7% on Monday after ASG Technologies Group increased its previous buyout offer to $11.50 per share in cash.

In a letter sent to the Mitek board of directors two weeks ago, ASG CEO Charles Sansbury said that the new offer price is a 73% premium the Oct. 9 price.

Further, the letter said the transaction will not be subject to any financing conditions.

The stock closed at $9.75, so it still provides some upside potential.

Gainers

Losers

Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.83%, France's CAC 40 lost 1.47%, Germany's Dax tumbled 1.54% and Spain's IBEX 35 retreated 1.76%.

In Asia, Japan's Nikkei 225 fell 2.12%, India’s BSE Sensex lost 2.0%, Hong Kong's Hang Seng slid 1.19% and China's Shanghai Composite dipped 0.82%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

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

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