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Market Update

Stocks on Wall Street Rebound on Merger Monday, Greek Risks Resurface


Author: Nichole Harper
ticker.com
Last Update: 1:38 PM ET March 09 2015

1:35 PM New York Stocks in New York rebounded on Merger Monday. Simon Property launched a hostile offer for the rival Macerich. Alcoa agreed to acquire RTI Metals. GM plans to buy back $5 billion of its stock. European markets declined after Greek proposal fell short of expectations.

Stocks on Wall Street rebounded after several deals news dominated market sentiment on Merger Monday.

Simon Property announced a hostile takeover attempt to acquire rival Macerich for $22.4 billion including more than $6 billion in debt. RTI International Metals Inc soared more than 36% after the company agreed to be acquired by Alcoa In for $1.26 billion.

In addition, General Motors announced a $5 billion share buyback and activist shareholder Harry J. Wilson will drop his request to win a board seat.

On Wall Street trading, Tollbooth Strategy Index rose 0.3% or 33.71 to 10,659.58.

S&P 500 index gained 6.89 or 0.3% to 2,078.159 and the Nasdaq Composite Index edged up 3.03 or 0.07% to 4,930.71.

Crude oil rose 73 cents a barrel to $50.34 and gold rose $2.30 to $1,166.60 an ounce.

U.S. Movers

Alcoa Inc (AA) declined 4.9% or 71 cents to $13.76 after the aluminum producer agreed to acquire titanium supplier RTI International Metals Inc for about $1.5 billion or equivalent of $41 per share.

The transaction is expected to close in three to six months and RTI International Metals, Inc surged 40.9% to $38.45.

Gaming and Leisure Properties Inc (GLPI) surged 10% to $3.23 to $35.60 after the property developer offered to buy the real estate assets of casino operator Pinnacle Entertainment Inc for $4.1 billion, including debt.

Pinnacle Entertainment, Inc climbed 15.2% to $31.60.

Simon Property Group Inc (SPG) fell 11 cents to $180.60 after the mall real estate developer offered to acquire rival Macerich Co for $22.4 billion in cash and stock, including outstanding debt of about $6.4 billion.

Macerich Co climbed 6.1% to $91.99.

European Markets

In London trading, FTSE 100 index slipped 0.5% or 34.20 to 6,877.60 and in Frankfurt the DAX index rose 0.1% or 17.05 to 11,568.02.

In Paris, CAC 40 index fell 0.4% or 20.57 to 4,943.78.

Balfour Beatty Plc slipped 1.6% to 239.60 pence after the U.K.-based infrastructure developer was appointed as the civil contractor for an integrated team for ten-year Thames Estuary Asset Management Program on behalf of the Environment Agency for about 250 million.

WPP Plc, the U.K.-based advertising company reported revenues in the year ending in December jumped 4.6% to 11.53 billion from 11.02 billion a year ago period.

Net profit in the year climbed 13.8% form a year ago to 1.15 billion compared to 1.01 billion and diluted earnings per share soared to 80.5 pence from 69.6 pence in the same period a year ago.

Asian Markets

Stocks in Tokyo fell and market indexes closed down and the yen traded above 121-mark against the U.S. dollar.

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