Following a string of losses over the last couple of weeks, stocks bounced back on Monday. The Dow surged more than 700 points, while the S&P 500 rose about 2.6% -- just its second higher finish in the last 10 sessions.
Among the leaders of the rally, energy stocks surged. A jump in oil prices sparked gains in names like Marathon Oil (MRO), Devon Energy (DVN), APA Corp. (APA), ConocoPhillips (COP), Halliburton (HAL), Schlumberger (SLB), Chevron (CVX) and Exxon Mobil (XOM).
Viasat (VSAT) also put in a standout performance. The stock soared on news it has agreed to sell its military-communications business for almost $2B. Myovant Sciences (NYSE:MYOV) posted substantial gains as well, expanding its value by more than a third following a rejected takeover offer.
On the downside, Blue Apron (APRN) lost almost half its value after the firm released weak guidance and announced a stock sale.
Sector In Focus
A rebound in oil prices carried stocks in the energy sector higher. The rally came amid speculation that OPEC+ will cut production at the group's meeting later this week.
Under the deal, LHX will pay $1.96B for the military-communications business. The transaction is projected to close in the first half of 2023.
VSAT soared to a close of $38.37 on Monday, a gain of $8.14 on the session. Shares have seen choppy trading lately. Even with Monday's spike, the stock only reached its highest close since mid-September.
APRN predicated Q3 revenue of $109M to $112M, about $16M to $19M below its prior forecast. The firm blamed the shortfall mostly on a shift in the timing of an anticipated bulk sale to an enterprise customer.
Meanwhile, the company revealed that it has made a $15M at-the-market offering of its class A stock.
Dragged down by the news, APRN plunged $2.59 to close at $3.16. The stock has had a volatile few months, rising sharply in August and early September, reaching a multi-month closing high of $7.83 on Sept. 8.
Even with their recent drop, shares remained off a 52-week low of $2.27 set earlier in the year.
Notable New High
MYOV revealed that a special committee of its board of directors rejected an offer from Sumitovant Biopharma, which already holds 52% of outstanding shares. The company had bid $22.75 per share, or $2.4B.
In response to the offer, MYOV said the special committee decided that the bid "significantly undervalues" the firm. Meanwhile, analysts argued that the rejection could point to a possible higher offer.
MYOV finished at $24.44, an advance of $6.48 on the day. Shares also touched an intraday 52-week high of $25.04, adding to gains seen since May. The stock is now up 49% since the end of 2021.
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