- The S&P 500 fell below 3,700 after opening at a new all-time high.
- Shares of FLIR Systems Inc (FLIR: NASDAQ) rose nearly 20% on Monday.
- Teledyne Technologies Inc (TDY: NYSE) is experiencing major losses.
The S&P 500 Index (SPX) It hit a new high of 3,770 after the opening bell on Monday, but reversed its direction amid the bitter market mood. At time of writing, the SPX was down 1.75% on the day at 3,690.
S&P 500 Major Changes
Earlier in the day, Teledyne Technologies Inc (TDY: NYSE) announced that it will acquire FLIR Systems Inc (FLIR: NASDAQ) in a cash and stock transaction valued at approximately $ 8 billion.
Following this development, FLIR rallied and was last seen trading at $ 52.28, gaining 19.3% as the best performance of the day. On the other hand, TDY is the biggest percentage decline on Monday, losing 7.65% to $ 362.
Among the other top winners, shares of L Brands Inc (LB: NYSE) and TechnipFMC PLC (FTI: NYSE) rose 8% and 5.5%, respectively.
Meanwhile, the resurgence of coronavirus fears weighed on airline and cruise ship stocks at the start of the week. At the time of writing, shares in Norwegian Cruise Line Holdings Ltd (NCLH: NYSE), Alaska Air Group Inc (ALK: NYSE) and Carnival Corp (CCL: NYSE) fell between 5% and 4.7%.
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