Mid-Day Report


The markets advanced during the midday amidst hopes for another interest rate cut.  The Dow soared 96 points to 13,721 while Nasdaq climbed 15 points to 2721.

On the upside

Adams Respiratory Therapeutics (Nasdaq: ARXT) will be acquired by Reckitt Benckiser Group for approximately $2.3 billion.

Eisai will pay $3.9 billion in cash to purchase MGI Pharma (Nasdaq: MOGN).

Private equity firm Warburg Pincus will invest up to $1 billion in MBIA (NYSE: MBI).

On the downside

Celgene (Nasdaq: CELG) reported disappointing results from two late stage trials of its blood cancer treatment Revlimid.

The closing deadline for private equity Goldman Sachs Capital Partners' acquisition of Myers Industries (NYSE: MYE) was extended from December 15 to April 30.

In order to fund Agrium's (NYSE: AGU) $2.65 billion purchase of UAP Holding, the agricultural products maker will offer up to $1.25 billion in common stock.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 792.

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