Stocks Rise on Biotech Merger News
Stocks edged higher as investors turned their attention to a merger between Schering-Plough and Merck. Meanwhile, oil prices rose above $47 a barrel. The Dow rose 54 ponts to 6681 while Nasdaq surged 11 points to 1305.
The New York Times Co. (NYSE: NYT) sold 21 floors of its headquarters building near New York's Times Square to investment firm W.P. Carey & Co. for $225 million.
On the downside
Newspaper publisher McClatchy (NYSE: MNI) announced plans to reduce its workforce by 15% or 1600 positions.
Shares of clothing retailer AnnTaylor Stores (NYSE: ANN) continued to slide after reporting a large 4th quarter loss on Friday.
Human Genome Sciences (Nasdaq: HGSI) reported that its developing hepatitis C drug Albuferon met late stage study goals. Investors worried that competing products may perform better.
On the upside
Schering-Plough (NYSE: SGP) received a $41 billion stock and cash offer from Merck & Co. (NYSE: MRK).
The New York Times Co. (NYSE: NYT) sold 21 floors of its headquarters building near New York's Times Square to investment firm W.P. Carey & Co. for $225 million.
On the downside
Newspaper publisher McClatchy (NYSE: MNI) announced plans to reduce its workforce by 15% or 1600 positions.
Shares of clothing retailer AnnTaylor Stores (NYSE: ANN) continued to slide after reporting a large 4th quarter loss on Friday.
Human Genome Sciences (Nasdaq: HGSI) reported that its developing hepatitis C drug Albuferon met late stage study goals. Investors worried that competing products may perform better.
In the broad market, declining issues outpaced advancers by a margin
of 5 to 4 on the NYSE and were slightly ahead on Nasdaq. The Russell 2000 which tracks
small cap stocks lost a fraction to 350.
