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Dow Up 183, Nasdaq Up 41
Jul 24, 4:18 PM EDT |
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| Proposed buyout for $21 billion by a diveersified investor group of HCA, or at $51 per share put buyers in charge in early trading. |
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| Market averages rallied on $21 billion deal to acquire HCA, American Express reported 78 cents per share earnings beating the estimates of 74 cents and $10.2 billion deal in Europe for semiconductor business of Philips Electronics. Large and small cap stocks rallied. Tech stocks got a boost from an upgrade on Dell by Citigroup. Merck reported 73 cents and Schering-Plough reported operating income of 25 cents. |
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Mergers, Earnings Power Rally
Jul 24, 11:42 AM EDT |
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| Banking stocks advanced on one of the biggest deals in history, involving the acquisition of HCA by an investor group for over $21 billion. |
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| Astec Industries posted Q2 net income of 56 cents a share compared with 49 cents a year ago on 12% sales growth. The company''s June 30 backlog amounted to $121.7 million, climbing 38.2% from 2005. Titanium Metals reported a 62% growth in Q2 net income to 31 cents a share vs. 20 cents a share a year earlier, citing higher revenue. Gateway Financial Holdings said that its Q2 net income increased 68% as net interest income advanced 69% from a year ago. |
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$21 B Offer for HCA
Jul 24, 10:17 AM EDT |
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| Light crude dropped 62 cents to $73.81 on the Nymex. The U.S. dollar advanced vs. the yen. Gold prices dropped to about $610 an ounce. |
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| Stocks moved notably higher at opening, boosted by multibillion-dollar mergers, strong earnings from drugmakers, and retreating oil prices. Three equity firms offered to buy hospital operator HCA for $21.3 billion and assume $11.7 billion of debt. In another deal, AMD agreed to acquire graphics chipmaker ATI Technologies Inc. for $5.4 billion in cash and stock. |
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Schering and Merck Top Estimates
Jul 24, 9:12 AM EDT |
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| AMD stock fell 6.1% after the company agreed to acquire graphics chip maker ATI Technologies, while ATI surged 15.9% to $19.20. |
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| Stock futures indicated a positive start of trading session, supported by a couple of takeover deals and stronger-than-expected earnings reports. Drug maker Schering-Plough reported a Q2 profit above forecasts on sharply higher sales of its cholesterol drugs. Company’s shares rose 3.9%, while rival Merck & Co gained 1.7% on earnings that beat analyst expectations. The company also raised its full-year profit forecast. |
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AMD Acquires ATI for $5.4 B
Jul 24, 8:16 AM EDT |
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| Advanced Micro Devices agreed to pay $5.4 billion for the acquisition of top graphics chip maker ATI Technologies. |
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| Under terms of agreement AMD will pay $4.2 billion in cash and 57 million AMD shares to acquire all of ATI''s outstanding stock, according to a news release. The new offerings would broaden AMD''s package of products as it takes on Intel. ATI makes chipsets and graphics chips for PCs, as well as a host of semiconductors for consumer products. |
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Weak Techs Weigh in Asia
Jul 24, 7:16 AM EDT |
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| In Tokyo at close, PC maker NEC Corp. dropped 2.08%, while the country’s biggest chip maker Toshiba slipped 1.55%. |
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| Asian markets closed slightly lower as gains for automakers helped limit losses brought by the tech sector. The Nikkei lost 0.18% as signs of strengthening domestic economy and strong June production figures for automakers offset declines among technology stocks. Across the region, Hong Kong’s Hang Seng lost 0.06%, while South Korea’s Kospi dropped 0.6%, dragged by Samsung Electronics and LG Electronics. |
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