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Markets Languish
Mar 13, 4:59 PM EST |
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| Emerging and European markets advance but the domestic market averages languish. AMD lost 7% on downgrade and Apple rose 4% on upgrades. |
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| Markets in the U.S. charted a lacklusted course despite several stock upgrades and deals of more than $24 billion. Mega deals continued to drive investors interest in the first quarter of this year. European markets raced ahead and emerging markets are on the recovery path after losing between 5% and 10% in two weeks. Russia, Turkey, Taiwan, Mexico recovered more than 1%. India closed at record high for the second day in a row. |
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Ratings Revisions Drive Buyers
Mar 13, 3:02 PM EST |
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| AMD down 7% and Duke Energy and Energizer holdings up 2.5%. Ratings revisions and stock buy backs drive several stocks higher. |
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| Market averages modest move do not reflect the underlying dynamism in the market. Deals of more than $24 billion today, ratings revisions and stock buybacks have increased buying activity in the market. European markets closed higher on potential bids in the pharma industry and for LSE from Nasdaq. Shares of LSE, Euronext and Deutsche Borse jumped. Advanced Micro is down 7% on a broker downgrade. |
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Merger and Ratings
Mar 13, 2:18 PM EST |
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| Investors overcame inflation, interest rates worries of the last week on the news of mergers of more than $24 billion. Oil and gas up. AMD down 7%. |
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| Euroean maarkets advance as merger related news put several stocks in the UK and Germany on the higher grounds. Nasdaq bid for LISE lifted stocks of other exchanges on the continet with LSE stock jumping up 30%. German Schering jumped 26% on bid from Merck KGaA. Sanofi and Astra-Zeneca rose more than 2% each. South Africa closed up 1.03% but nine markets in western Europe rose above 0.5% led by 0.87% rise in German index. |
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Europe Closes Higher
Mar 13, 1:05 PM EST |
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| Oil prices rose 1% to $60.50 a barrel on continuous concerns over Iran's nuclear program. Gold advanced. The dollar gained vs. the yen. |
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| European averages closed higher Monday, boosted by merger deals and takeover talk. The biggest advancers were drug maker Schering, up 26% on bid from rival company Merck and London Stock Exchange which jumped 30% on bid speculations, involving U.S. stock exchanges. The German DAX 30 rose 0.9%. London FTSE 100 rose 0.8%. |
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Schering Jumps 26% on Hostile Bid
Mar 13, 12:28 PM EST |
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| Apple Computers rose 5% on upgrade from Citigroup on new products. PowerMac and Intel chip-based iBooks, and video iPod are expected in April. |
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| Stocks came off intraday highs, posting weakness on rising crude oil prices and pressured Treasury yields. U.S. stocks advanced Monday morning on a string of merger deals, including a $14 billion bank takeover that lifted regional bank shares. North Fork Bancorp rose 17% on agreement to be acquired by Capital One for $14.6 B in cash and stock. Schering AG soared 26% after rival German drug maker Merck KGaA made a hostile bid for the company for $17.4 billion. |
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$6.5 B Bid for Knight Ridder
Mar 13, 11:05 AM EST |
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| Watson Pharmaceuticals offered to buy rival Andrx Corp. for $1.9 B in cash, creating the nation's third-largest generic drugmaker. |
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| Merger activity pushed stocks moderately higher. Capital One Financial agreed to acquire North Fork Bancorp in a cash and stock deal for $14.6 B, with about $5.2 B of the amount to be paid in cash. McClatchy agreed to acquire newspaper publisher Knight-Ridder in cash and stock for $6.5 B, including the assumption of $2 B in debt. In Europe, Merck KGaA made a hostile offer of $17.4 B for the German Schering AG in a bid rejected by the drugmaker. |
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Merger Monday
Mar 13, 10:31 AM EST |
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| Crude oil prices eased back to $59.83 on expectations of sufficient supplies. European gold advanced. The U.S. dollar declined vs. major currencies. |
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| Merger activity on both sides of the Atlantic sent stocks higher at opening. Capital One Financial agreed to acquire North Fork Bancorp in a cash and stock deal for $14.6 B, with about $5.2 B of the amount to be paid in cash. McClatchy agreed to acquire newspaper publisher Knight-Ridder in cash and stock for $6.5 B, including the assumption of $2 B in debt. In Europe, Merck KGaA made a hostile offer of $17.4 B for the German Schering AG in a bid rejected by the drugmaker. |
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Capital One to Buy North Fork for $14.6 B
Mar 13, 9:25 AM EST |
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| Crude oil prices eased back to $59.83 on expectations of sufficient supplies. European gold advanced. The U.S. dollar declined vs. major currencies. |
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| Stock futures pointed to a higher opening, supported by mergers-and-acquisition activity. Capital One Financial, credit card issuer, announced an agreement to acquire North Fork Bancorp in a cash and stock deal for $14.6 billion, with about $5.2 billion of the amount to be paid in cash. McClatchy Co. agreed to acquire its larger rival, newspaper publisher Knight-Ridder Inc. in cash and stock for $4.5 billion before debt. |
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Nasdaq Bids for LSE
Mar 13, 8:57 AM EST |
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| Among European gainers, Vodafone Group rose 3.4%, AstraZaneca gained 3.1%, and U.K.'s airport operator BAA added 2%. |
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| European markets traded higher at mid-day on merger-and-acquistion activity as well as takeover speculations. The German DAX 30 rose 0.7%, lifted by 23% gain in drug maker Schering. The French CAC 40 added 0.4%. London FTSE 100 rose 0.5%, boosted by London Stock Exchange which rocketed 28%, following a bid of $4.1 billion from Nasdaq stock exchange. |
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New Zealand at Record High
Mar 13, 8:30 AM EST |
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| At market close, Nissan Motor rose 1.3%, Toyota Motor gained 0.8%, while top brokerage company Nomura Holdings climbed 2.6%. |
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| Asian-Pacific benchmarks gained across the region, led by the Nikkei rising 1.5% to 16,361.51 on improved confidence in the economic recovery. South Korean Kospi climbed 1.4% on automobile and bank stocks, followed by Australian All Ordinaries, up 1.3%, lifted by corporate news and overseas markets. Shanghai Composite rose 1.1% on gains in property stocks and cement companies. New Zealand reached an all-time high of 0.8% to 3516.99. |
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