U.S. stocks returned to winning ways on Monday, rising 1.15% to 1.4% across the board. Energy and materials names led the way higher on the session, while utility stocks lagged. Elsewhere, the yield on the benchmark, 10-year U.S. Treasury note moved 6.8 basis points higher, to 2.23%. Also, crude oil prices increased 2%.
Precision Castparts (PCP) was the big winner on Monday, advancing 19%. The industrial metal producer received a $32 billion cash takeover from Berkshire Hathaway (BRK.A, BRK.B). Several energy names, including Denbury Resources (DNR), Noble Energy (NE), Oasis Petroleum (OAS) and Whiting Petroleum (WLL) all posted double-digit percentage gains on high volume.
In after-hours action, Shake Shack (SHAK) is up 8%, after posting better-than-expected quarterly results and raising sales guidance. Rackspace (RAX) is also up 4%, in reaction to its own quarterly results. On the hand, Take-Two Interactive (TTWO) is down 3% after posting quarterly results.
Looking ahead to Tuesday morning, Aecom (ACM) and Red Robin Gourmet (RRGB) headline a quiet earnings calendar.
David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.
