Merger And Acquisition News Lifts Markets

September 8, 2009 10:02 AM |
Merger and acquisition news lifted the markets modestly higher during the midday with the Dow gaining 29 points to 9470. Nasdaq rose 10 points to 2029.

On the upside 

Atheros Communications (Nasdaq: ATHR) announced plans to acquire Intellon (Nasdaq: ITLN) in a cash and stock deal valued at approximately $244 million.

Cadbury (NYSE: CBY) rejected Kraft Foods (NYSE: KFT) $16.7 billion acquisition offer saying that the bid was too low prompting an upgrade.

Fairfax Financial Holdings announced that it will acquire Odyssey Re Holdings (NYSE: ORH).

On the downside

Morgan Joseph downgraded Spectrum Pharmaceuticals (Nasdaq: SPPI).

Former director of the Federal Housing Finance Agency James Lockhart said that he does not expect Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) to repay the federal government in full.

Shares of Bank of Granite (Nasdaq: GRAN) continued to fall after the company signed a cease and desist order with the FDIC.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 574.

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This page contains a single entry by published on September 8, 2009 10:02 AM.

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