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Market Update

Intel Wins European Approval for Altera, Icahn Lifts Bid for Pep Boys

Author: Mukesh Buch
Last Update: 11:44 AM ET December 29 2015

11:35 AM New York – GE agreed to acquire privately held gas turbine maker Metem Corp. European Commission approved the merger between Altera and Intel. Icahn Entp lifted Pep Boys-Manny Moe offer to $1 billion.]

Tollbooth Index jumped 116.88 or 1.1% to 10,942.74.

Earnings Review

Anavex Life Sciences Corp (AVXL) declined 5.9% or 42 cents to $6.61 after the clinical-stage biopharmaceutical company said net loss in the year ending in September widened to $12.1 million or 65 cents per diluted share compared to $10 million or $1.02 per share from the same quarter last year.

General Electric Company (GE) gained 1.1% or 33 cents to $31.23 after the diversified industrial conglomerate agreed to acquire privately held heavy-duty gas turbine maker Metem Corporation.

Intel Corporation (INTC) rose 15 cents to $35.08 after the European Commission approved acquisition of Altera Corporation for about $16.7 billion.

Pep Boys-Manny Moe and Jack (PBY) soared 7.1% or $1.23 to $18.62 after the automobile parts and services retailer received revised offer from activist investor’s Icahn Enterprises L.P. for $18.50 per share or $1 billion in cash.

The bid was $2 per share higher from Icahn''s earlier offer and $1.50 better than the Japan-focused tire maker Bridgestone Americas, Inc. The initial offer of Bridgestone was for $15 per share.

Towers Watson & Co (TW) jumped 2.4% or $3.25 to $137.80 after the professional services provider and the U.K.-focused insurance and brokerage services provider Willis Group Holdings Plc will trade under the ticker WLTW after the merger.

Tower Watson agreed to merge with Willis Group in an $18 billion and S&P Dow Jones Indices announced the combined companies will be added to the S&P 500 Index after the close of trading on January 4.

Willis Group will replace Fossil Group Inc in the the S&P 500 and Fossil Group will replace Towers Watson & Co in the S&P MidCap 400 after the close of trading on January 4.

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