Stocks opened the week by heading lower, following the price of oil but not the price of gold, which is going the other way. The big news for the market this morning is Microsoft’s acquisition of LinkedIn (LNKD). The $26.2 billion deal is a happy ending for owners of LNKD shares, or perhaps even a deus-ex-machina, as the offer represents a huge premium over the company’s Friday value, but is still less than its value at the beginning of the year. LNKD is up 47% this morning; Microsoft (MSFT) is down 3%.
Here are your Monday morning market metrics. Industries doing well today include healthcare technology, metals & mining, and semiconductors. Industries showing weakness include airlines, software, and trading companies. The VIX is up 7% to 18.28 after closing on Friday at 17.03. The most heavily traded options this morning are for the Financial Select Sector SPDR ETF (XLF), with 43K July 20 puts and 43K July 22 puts changing hands. The total put/call ratio as of 9:00 AM was 0.98 (458,348/447,607). NYSE Adv/Dec 1,297/1,555. Nasdaq Adv/Dec 1,020/1,248.