U.S. stocks were in the green Monday morning on positive economic activity in the non-manufacturing sector. The NMI(R) index reached 57.1%, up from the May reading of 45.4%. The Dow Jones Industrial Average gained 1.50% to 26,218, the S&P 500 index rose 1.62% to 3,180 and the Nasdaq Composite Index jumped 2.46% to 10,456.
o Freeport-McMoRan Inc. (NYSE:FCX) +7.7%
o Xilinx, Inc. (NASDAQ:XLNX) +6.8%
o Twitter, Inc. (NYSE:TWTR) +5.7%
o MarketAxess Holdings Inc. (NASDAQ:MKTX) +5.7%
o Dominion Energy, Inc. (NYSE:D) -8.4%
o ONEOK, Inc. (NYSE:OKE) -8.3%
o Marathon Oil Corporation (NYSE:MRO) -6.8%
o DXC Technology Company (NYSE:DXC) -5.8%
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 gained 1.83%, India's 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 Monday after the company announced its intended acquisition of food delivery service Postmates (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 Uber's 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 holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.