Intraday Market Update
US equities are lower as they digest Friday's steep advance and await economic data due out later this week. All of the major indexes are posting modest losses being led by the banking sector which is down -1%. US Treasuries have erased Friday's losses and gold remains near all-time highs just under $1,300 per ounce. Front month crude has made an intraday reversal and is down more than -1%. The economic calendar and news flows are light with the exception of a few M&A deals in the headlines. Overseas, the Asia-Pacific region posted solid gains while Europe posted modest losses.

In equities, AirTran (AII) has gained +62% after Southwest Airlines (LUV) announced they were acquiring the firm for $1.4B in cash and stock. Each share of AirTran stock will be exchanged for $3.75 in cash and 0.321 shares of Southwest stock. LUV has also surged +10% on the news. Alberto Culver (ACV) has gained +20% after consumer products giant Unilever announced they were buying the firm for $3.7B in cash. Unilever sees the deal as immediately accretive.

Core Sector List: Overall reading: 4 sectors advancing, 16 sectors declining
Strongest Sectors: Internet, Utilities, Telecom
Weakest Sectors: Real Estate, Banks, Biotechnology, Gold Miners


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