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Market Update

Archer Daniels to Acquire Wild Flavors for $3.1 B

Author: Mukesh Buch
Last Update: 12:27 PM ET July 07 2014

12:15 PM New York Archer Daniels agreed to acquire Switzerland-based Wild Flavors for $3.1 billion in cash. BioDelivery Sciences surged after experimental pain drug was deemed effective. Warren Resources agreed to acquire all assets of Citrus Energy for $353 million.

Stocks in early trading in New York traded sideways after indexes reached new highs last week.

Tollbooth Index decreased 0.4% or 35.98 to 9,496.94. Dow Jones eased 0.3%, Nasdaq Composite fell 0.7% and the S&P 500 index dropped 0.4%.

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Apple Inc (AAPL) increased 1.2% or $1.19 to $95.24 and the popular gadgets maker expected to launch its smart-watch before the end of this year.

Archer Daniels Midland Company (ADM) gained 45 cents to $46.22 after the food processing company agreed to acquire Switzerland-based Wild Flavors GmbH, a food flavors and specialty ingredients for 2.2 billion or $3.1 billion in cash.

Alcoa Inc (AA) fell 14 cents to $14.84 after the aluminum producer is scheduled to report earnings after the market close tomorrow.

BioDelivery Sciences International, Inc (BDSI) surged 12.8% or $1.53 to $13.52 after the therapeutics drugs maker said it experimental pain drug found effective in a second trial and expected to apply for a marketing approval by January 2015.

GT Advanced Technologies Inc (GTAT) plunged 11.5% or $2.24 to $17.31 after the UBS downgrade the light emitting diode maker on weak shipment in May.

Warren Resources Inc. (WRES) climbed 3.4% or 21 cents to $6.36 after the energy company agreed to acquire all the assets of the Marcellus of Citrus Energy Corp. and two additional interest owners for $352.5 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc