Notable ETF Movers of the Day 02/06: (XME) Higher; (OIH) (IBB) Lower
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Gainers:
SPDR S&P Metals & Mining (NYSE: XME) gained 1.85 percent to 44.5. The spike higher comes in response to increased M&A activity in the space following the announcement of a $1.2 billion all cash deal to acquire Metals USA Holdings Corp. (NYSE: MUSA) by Reliance Steel & Aluminum Co. (NYSE: RS). In response to the news, shares of Reliance Steel ripped higher by 8 percent. RS is the 4th largest holding in XME, with a 3.6 percent weighting.
Decliners:
Market Vectors Oil Services ETF (NYSE: OIH) declined 1.3 percent to 43. Movers in the oil services patch included National Oilwell Varco, Inc. (NYSE: NOV). Its stock traded lower following a downgrade to Market Perform by analysts at Bernstein.
iShares Nasdaq Biotechnology (Nasdaq: IBB) declined 0.5 percent to 146.5. Overall it was a mixed day in biotech, with upside seen in shares of Biogen Idec Inc. (Nasdaq: BIIB), while others like Celgene (Nasdaq: CELG) and Alexion Pharmaceuticals (Nasdaq: ALXN) declined. Year-to-date, IBB is gained 4 percent, slightly higher than the S&P 500.
SPDR S&P Metals & Mining (NYSE: XME) gained 1.85 percent to 44.5. The spike higher comes in response to increased M&A activity in the space following the announcement of a $1.2 billion all cash deal to acquire Metals USA Holdings Corp. (NYSE: MUSA) by Reliance Steel & Aluminum Co. (NYSE: RS). In response to the news, shares of Reliance Steel ripped higher by 8 percent. RS is the 4th largest holding in XME, with a 3.6 percent weighting.
Decliners:
Market Vectors Oil Services ETF (NYSE: OIH) declined 1.3 percent to 43. Movers in the oil services patch included National Oilwell Varco, Inc. (NYSE: NOV). Its stock traded lower following a downgrade to Market Perform by analysts at Bernstein.
iShares Nasdaq Biotechnology (Nasdaq: IBB) declined 0.5 percent to 146.5. Overall it was a mixed day in biotech, with upside seen in shares of Biogen Idec Inc. (Nasdaq: BIIB), while others like Celgene (Nasdaq: CELG) and Alexion Pharmaceuticals (Nasdaq: ALXN) declined. Year-to-date, IBB is gained 4 percent, slightly higher than the S&P 500.
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