Author: 123jump.com Staff
123jump.com
Last Update: 4:45 PM EDT May 12 2008

U.S. stocks closed higher after Hewlett Packard offered to pay nearly $13 billion for EDS. The offer valued the company nearly 30% higher than market value at the close on Friday. Separately, Ann Taylor revised its earnings outlook. The revision lifted stocks in the retail sector. MBIA closed higher despite it reported $2.4 billion in losses. HSBC set aside $3.2 billion in the first quarter to cover losses related to the U.S. mortgage lending.