On The Fly: Top Stock Stories For Monday

Stocks began the day sharply higher and the major averages continued to add to their gains from there, finishing with an advance of about 2%. In the process, the S&P broke its nine-day losing streak. Based on today's action the market is pricing in a Clinton presidential victory and a maintenance of the status quo in Washington. Oil prices moved higher as well and closed with gains of almost 2% while U.S. benchmark WTI crude broke its own six-day losing streak.

ECONOMIC NEWS:
n the U.S., the Fed's labor market conditions index rose 0.7 points in October following a revised 0.1 point decline in September. September Consumer Credit came in at $19.3B, above consensus estimates of $18.7B for the month. In Europe, Eurozone retail sales edged down by 0.2% in September, led by a decline in Germany.

COMPANY NEWS:
Oracle (ORCL) announced that it has secured enough shares to complete its tender offer for NetSuite (N) despite opposition from shareholder T. Rowe Price (TROW), which had argued that the $109 per share bid significantly undervalued the company. The buyout deal will be finalized on Monday, Oracle said...

Shares of Biogen (BIIB) gained 6.7% after the company and partner Ionis Pharmaceuticals (IONS) said a Phase 3 study of their muscular disorder treatment, SPINRAZA, met its primary endpoint. Earlier this morning, Piper Jaffray analyst Joshua Schimmer had upgraded Biogen to Overweight, before the data was announced. Meanwhile, Ionis' stock advanced 18.4% following the announcement... Shares of LendingClub (LC) rose about 15% after the online lender secured a new loan-sale deal and its third quarter results beat expectations. MAJOR MOVERS: Among the notable gainers was Sysco (SYY), which advanced 9.8% after the food-service distributor reported better than expected first quarter results. Also higher was Blue Nile (NILE), which jumped nearly 34% to $40.76 after the luxury jeweler announced it plans to be acquired by private equity firm Bain capital and Bow Street for $500M. Additionally, Sothebys (BID) rose 11.2% after the auction house operator announced mixed results for the third quarter, with its CEO Tad Smith pointing out that the art advisory business "has added a number of clients and has a rich pipeline of discussions for future growth."

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