Lower close as bond yields rise

Rising bond yields weighed the markets down to a lower close with the Dow slipping 14 points to 24,448. Nasdaq lost 17 points to 7128.

On the upside

The Stars Group (Nasdaq: TSG) will acquire Sky Betting & Gaming in a cash and stock transaction valued at approximately $4.7 billion.

Credit Suisse upgraded Insmed (Nasdaq: INSM) from a Neutral rating to an Outperform rating and lifted its price target from $27.00 to $33.00.

Hedge Fund manager Chamath Palihapitiya said the Box (NYSE: BOX) is the best investment in artificial intelligence.

On the downside

Prothena (Nasdaq: PRTA) is discontinuing the development of NEOD001 to treat AL amyloidosis after disappointing Phase 2b PRONTO study results.

Fresenius has terminated its agreement to acquire Akorn (Nasdaq: AKRX) prompting Akorn to file a complaint against the German company.

Imperial Capital downgraded Controladora Vuela Compania de Aviacion (NYSE: VLRS) from an Outperform rating to an In-Line rating and cut its price target from $12.00 to $7.50.

In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 held steady at 2,670. Bitcoin added $3 to $8,920.

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