|
|
|
Nasdaq Up 35, S&P500 Up 13
Dec 04, 7:08 PM EST |
|
| A flurry of mergers, drop in oil and recovery in dollar helped market averages. Bank of NY and Mellon merger will cut 4,000 jobs. |
|
| Merger news worth more than $30 billion, 1.6% drop in oil price and investors desire to add tech stocks led three popular averages near the record level. Bank of New York agreed to buy Mellon Financial after $16.5 billion and form the largest custodian of financial assets. Bank of NY shres jumped 12% and Mellon rose 5% on the news. Agere Systems and LSI Logic agreed to merge. Pfizer lost 11% after dropping its cholesterol drug. |
|
|
Full Story... |
Europe Rallies on Deal News
Dec 04, 1:06 PM EST |
|
| Shares in RWE rose 2.7% on a report that it's preparing a defense strategy against a possible takeover from Gazprom or Enel. |
|
| European stocks closed in the positive Monday. The regional markets advanced on deal-making news, takeover speculation, gains on Wall Street, and late-session buying on relief that Pfizer didn’t drag other U.S. stocks down. The German DAX 30 climbed 0.9%, boosted by utilities stocks RWE and E.On, and airline Deutsche Lufthansa. The French CAC 40 closed higher by 0.7%, supported by EADS. London FTSE 100 added 0.5%, led by foods group RHM. |
|
|
Full Story... |
Station Casinos Jumps 18% on Takeover Bid
Dec 04, 12:02 PM EST |
|
| Station Casinos Inc. soared 18% after an investor group led by the company's chairman offered to take the company private in a deal worth $4.65 B. |
|
| The three major market averages posted a significant strength on Monday morning, boosted by well-received merger-and-acquisition news and lower crude oil prices. The Nasdaq showed a particularly strong upward move, with the tech-heavy index rising 1% on solid gains in the semiconductor sector. Oil prices retreated from last-week highs, with a barrel of light, sweet crude falling $1.05 to $62.38 on the Nymex. |
|
|
Full Story... |
India Up 0.2%
Dec 04, 10:44 AM EST |
|
| The Sensex finished with a modest gain, supported by a rise in auto and metal stocks. Sugar stocks rose on governemt permission to export to Indonesia |
|
| The market closed almost flat in volatile trading. The Sensex traded in a narrow range of 84 points today. Almost all sectors traded in the positive territory. Capital goods stocks, consumer durables and metal stocks advanced. Tata Motors led the gainers and ACC rallied. Satyam, HDFC Bank and Wipro led the decliners. India is hoping to resolve through dialogue a trade dispute with the European Union. |
|
|
Full Story... |
FTSE Gains on Food Stocks
Dec 04, 9:33 AM EST |
|
| Food companies gained in London on Monday after Premier Foods agreed to buy RHM for 1.2 billion pounds. |
|
| It is all about the food producers today after Branston pickles to Sarsons vinegar group Premier Foods agreed a recommended offer for Hovis owner RHM. Several other food companies gained following the announcement including Northern Foods and Cadbury Schweppes. Cadbury Schweppes and Cairn Energy lead the FTSE 100 advancers. Both are being buoyed by vague bid talk. The FTSE 100 rose 8.8 points, or 0.1%, at 6,029.7 at mid-day on Monday. |
|
|
Full Story... |
Pfizer Drops 14% on Halted Drug
Dec 04, 9:02 AM EST |
|
| Crude-oil lost 34 cents to trade at $63.09 a barrel. The dollar gained some ground against its major rivals, rising 0.3% vs. the yen. |
|
| U.S. stock futures declined, hurt by weakness in Pfizer shares. Pfizer dropped 14% in pre-market trading as the drugmaker said it halted the development of cholesterol drug torcetrapib because of deaths and cardiovascular problems in patients using it. A downgrade by Leman Brothers followed the news. Bank stocks were also in focus after Bank of NY agreed to buy Mellon Financial to become the world''s largest financial assets service company. |
|
|
Full Story... |
Bank of NY Buys Mellon Financial for $16.5 B
Dec 04, 8:00 AM EST |
|
| The Bank of New York announced on Monday it agreed to take over Mellon Financial Corp. in a $16.5 billion all-stock deal. |
|
| The combined company will be the world''s biggest asset custodian and corporate trustee with $16.6 trillion in assets under custody and $8 billion in assets under trusteeship. It will also be a top ten global asset manager with $1.1 trillion of assets under management. It will be called Bank of New York Mellon Corp. The deal is expected to complete in Q3 of 2007. |
|
|
Full Story... |
Japan Falls on Exports, HK Rises on Banks
Dec 04, 7:51 AM EST |
|
| Asian stocks were mixed Monday, with Japan falling as export-related shares such as Canon. and Matsushita declined. |
|
| Asian markets finished mixed on Monday, with the Nikkei 225 in Japan retreating as a strong yen hurt shares of exporters, while Hong Kong benchmark index edged higher on gains by Chinese banks. In South Korea shares fell on U.S. market losses as disappointing U.S. economic data released on Friday. Taiwan rose for the fourth session in row while Australia fell after data released Monday showed Australian new home building approvals dropped in October. |
|
|
Full Story... |
Gold Dips, Silver Rises
Dec 04, 5:20 AM EST |
|
| Gold prices slipped Friday as traders took profits from recent rises, while silver was the only metal to finish higher. |
|
| A little profit-taking was seen on the market. This was occurring toward the end of a week when gold and silver had made big upward moves. Much of the activity was speculative in nature. Silver generally found more buying from funds and speculators than other metals lately. Obviously, a lower dollar helped support silver prices. Crude oil futures settled higher as well as Arabica coffee. |
|
|
Full Story... |
1
 |
|
