The S&P Materials Index is sharply higher this morning and is currently outperforming the gains in the broader market.
Sector News: CMC (+22.3%) shares are sharply higher after Icahn offered to buy the company for $15/share. GEF (-2.5%) lowered their FY EPS guidance to below consensus; company said shortfall was primarily caused by lower than expected results in Western Europe. MON (+3.6%) shares are higher this morning after Reuters reported that the French high court cancelled all decisions banning Monsanto GMO maize cultivation, use in France.
Broker Calls: AVL (+5.3%) was initiated with a Buy at Citigroup. POT (+4.5%) was upgraded to Outperform from Sector Perform at Scotia. AEM (+1.3%) and MOS (+2.8%) were downgraded to Hold from Buy at Canaccord Genuity.






