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  • S&P 500 dropped below 3,700 after opening at new all-time high.
  • FLIR Systems Inc (FLIR: NASDAQ) shares are up nearly 20% on Monday.
  • Teledyne Technologies Inc (TDY: NYSE) is posting large losses.

The S&P 500 Index (SPX) touched a new record high of 3,770 after the opening bell on Monday but reversed its direction amid souring market mood. As of writing, the SPX was down 1.75% on a daily basis at 3,690.

S&P 500 top movers

Earlier in the day, Teledyne Technologies Inc (TDY: NYSE) has announced that it will be acquiring FLIR Systems Inc (FLIR: NASDAQ) in a cash and stocks transaction valued at approximately $8 billion.

Following this development, FLIR surged higher and was last seen trading at $52.28, gaining 19.3% as the best performer of the day. On the other hand, TDY is the biggest percentage decliner on Monday, losing 7.65% at $362.

Among the other top gainers, L Brands Inc (LB: NYSE) and TechnipFMC PLC (FTI: NYSE) shares are up 8% and 5.5%, respectively.

Meanwhile, resurfacing coronavirus fears weigh on airline and cruise liner stocks at the start of the week. As of writing, 
Norwegian Cruise Line Holdings Ltd (NCLH: NYSE), Alaska Air Group Inc (ALK: NYSE) and Carnival Corp (CCL: NYSE) shares were down between 5% and 4.7%.