- Wall Street indices open higher, led by Russell 2000
- S&P 500 at 3-week highs
- Perficient rallies 50% after accepting acquistion offer
Wall Street indices launched the first trading session of a new week higher. S&P 500, Dow Jones and Nasdaq all gain over 0.4% after opening, while small-cap Russell 2000 trades over 0.8% higher. This comes after a positive session in Europe, where major indices from the region traded over 0.5% higher.
Economic calendar for today's afternoon is empty, with only speeches from Fed Barkin and Williams scheduled at 5:50 pm BST and 6:00 pm BST, respectively.
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Source: xStation5
S&P 500 futures (US500) broke to 3-week highs today and are approaching an important short-term resistance. Index broke above the previous local high in the 5,153 pts area and is testing the 5,180 pts resistance zone now. The area is marked with previous price reactions as well as the 200-hour moving average (purple line). A break above may pave the way for a bigger upward move as the next resistance zone of note can be found in the 5,275 pts area, around 80 points higher.
Company News
Paramount Global (PARA.US) gains after company's Board approved to proceed with negotiations with Apollo Global Management and Sony over potential acquisition. Apollo and Sony made a $26 billion offer on Thursday last week.
Luminar Technologies (LAZR.US) drops after company announced major job cuts on Friday. The company will lay off around 20% of the workforce in a shift to more asset-light model.
Perficient (PRFT.US), tech consultancy firm, rallies over 50% after agreeing to be sold to private equity company EQT (EQT.US) for $3 billion, or $76 per share in cash. This represents a 58% premium over Friday's closing price. Deal is expected to close by the end of this year.
Vistra Corp (VST.US) trades higher as the company is set to enter S&P 500 index. Stock will replace Pioneer Resources, which was acquired by ExxonMobil. Changes to the index will be made prior to opening on Wednesday, 8 May 2024.
Analysts' actions
- Micron Technology (MU.US) upgraded to 'outperform' at Baird. Price target set at $150.00
Perficient (PRFT.US) rallies over 50% after agreeing to buy purchased by EQT for $76 per share. Source: xStation5
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