Casper Surges 89% on Buyout News

Major indexes were little changed
By Newser Editors and Wire Services
Posted Nov 15, 2021 3:37 PM CST
Casper Surges 89% on Buyout News
Casper Sleep is being taken private in a deal with Durational Capital Management that sent the mattress maker’s stock soaring before the market opened on Monday, Nov. 15, 2021.   (AP Photo/Jenny Kane, File)

Major indexes ended a wobbly day mostly lower on Wall Street as the market comes off its first weekly loss in six weeks. The S&P 500 ended little changed and the Dow Jones Industrial Average edged barely higher, the AP reports. The yield on the 10-year Treasury note rose to 1.63%. Trading was choppy as investors hold back ahead of earnings reports later this week from several big retailers including Home Depot and Walmart on Tuesday and Target on Wednesday. The Commerce Department will release its retail sales report for October on Tuesday. The S&P 500 fell 0.05 points, or less than 0.1%, to 4,682.80. The Dow Jones Industrial Average fell 12.86 points, or less than 0.1%, to 36,087.45. The Nasdaq fell 7.11 points, or less than 0.1%, to 15,853.85.

Companies that rely on consumer spending, such as retailers, were mixed. Dollar Tree jumped 14.3% following reports that activist investor Mantle Ridge plans to push the discount retailer to take measures to increase its stock value. Tesla continued sliding after CEO Elon Musk's latest move to sell a chunk of his stock. The electric vehicle maker's stock fell 1.9% on Monday and shed 15% last week. Communications companies were mixed after bouncing up and down throughout the day. Technology stocks fell, countering gains elsewhere in the market.

Elsewhere in the market Monday, buyout news helped lift several companies. E-commerce mattress maker Casper surged 89% following news that is being acquired and taken private for about $308 million, less than a year after its public debut. Data center owners and operators CyrusOne rose 4.7% and and CoreSite rose 3.7% after announcing deals. (More stock market stories.)

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