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Market Update

HP to Split Up, Becton Dickinson to Buy CareFusion for $12.2 B

Author: Nichole Harper
Last Update: 11:55 AM ET October 06 2014

11:55 AM New York – Hewlett Packard announced to split the company into two and separate its printer and computer businesses from enterprise software and hardware operations. Becton Dickinson agreed to acquire CareFusion for $12.2 billion. Hilton agreed to sell the Waldorf Astoria in New York for $1.95 billion.

Stocks on Wall Street opened higher but market indexes slid in after more than one hour of trading.

On merger Monday, Hewlett-Packard said it plans to split the 75-year old company into two and separate its computer and printer businesses from its enterprise hardware and software operations.

The struggling giant is faced with structural issues, rising competition from Asian makers and fast changing curve has reduced the need for big and complex machines.

S&P 500 index increased 0.85 to 1,968.88 and the Nasdaq Composite Index decreased 11.48 to 4,464.14.

Merger Monday

Becton Dickinson agreed to acquire CareFusion for $12.2 billion in cash-and-stock deal that will increase the foot print in providing drug management and patient safety services to hospital.

Durata Therapeutics soared as much as 70% after Actavis Plc announced a deal to acquire the skin-infection treatment maker.

Hilton Worldwide announced the sale of the Waldorf Astoria in New York for $1.95 billion to China based Anbang Insurance Group.

Hilton will continue to manage the hotel under the deal for the next 100 years and as a part of the deal the hotel will undergo a “major renovation.”

European Markets

In London trading, FTSE 100 index jumped 0.7% or 45.95 to 6,573.86 and in Frankfurt the DAX index climbed 0.9% or 81.34 to 9,277.02.

In Paris, CAC 40 index increased 0.6% or 24.59 to 4,306.33.

BG Group Plc climbed 3.6% to 1,104.50 pence after the U.K.-based oil and gas producer received a payment of $350 million from the Egyptian government.

Euro Disney SCA declined 10.1% to €3.11 after the France-based amusement park operator agreed to €1 billion or $1.25 billion recapitalization plan, offered by the Walt Disney Co.

Asian Markets

Stocks in Japan surged for the second day in a row after exporters gained and automakers advanced.

Trading in Tokyo was lacklustre after the typhoon Phanfone made landfall and disrupting commerce and lives of thousands of Tokyo residents. Several factories were shuttered across the nation and travel was disrupted.

The Nikkei 225 Stock Average jumped 182.30 or 1.2% to 15,890.95 and the broader Topix index increased 13.86 to 1,296.40.

The yen gained 0.2% and closed at 109.51 against one dollar.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc