Daily Market Commentary for June 6, 2011
Ocwen Financial (NYSE: OCN) has agreed to acquire Goldman Sachs Group (NYSE: GS) troubled mortgage-servicing unit, Litton Loan Servicing LP, for an initial amount in cash of $263.7 million.
(read more at Millennium-Traders.Com)
The new trading week started in negative territory where into the lunchtime session, they remained. With no economic on tap for the U.S. markets, there was no catalyst to provide direction, one way or the other.
Teva Pharmaceutical Industries (NasdaqGS: TEVA) reported that an experimental treatment for chemotherapy side effects reduced the duration of severe Neutrogena, meeting its primary goal in a late-stage study. The study compared breast cancer patients taking Teva's drug, lipegfilgrastim with others taking pegfilgrastim. Reportedly, the duration of severe Neutrogena, a condition in which the number of white blood cells is decreased, was similar in both treatment groups. TEVA had acquired the drug candidate through its August acquisition of ratiopharm. Shares were slightly higher into mid-trading session amidst light trading volume.
EBay (NasdaqGS: EBAY) announced they would acquire the remaining stake in Internet commerce platform company Magneto Inc. The purchase will allow eBay to expand their portfolio of capabilities that they can offer to online merchants and is expected to close during Q3. The investment was worth $22.5 million, according to a filing Magento made with the Securities and Exchange Commission during March 2010. EBay reported that they expect the acquisition and its open commerce X.Commerce group will allow eBay to provide services for merchants and retailers beyond payments and websites. EBay announced that more details would be released during the X.Commerce Innovate conference in October.
EnerNOC (NasdaqGS: ENOC) shares surged to $18.75 per share on an order from federal regulators regarding proposed tariff changes by grid operator PJM Interconnection. EnerNOC reported that the Federal Energy Regulatory Commission found PJM's proposed tariff changes haven't been shown to be reasonable and may be unjust, unduly discriminatory or unlawful.
Economic data released today: n/a
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