Bailout To Cost $200 Billion Less Than Expected

December 7, 2009 10:22 AM |
The markets advanced during the midday with the Dow gaining 47 points to 10,436 as the government announced that the bailout of the financial services sector will cost $200 billion less than originally anticipated. Nasdaq added 2 points to 2197.

On the upside

IXYS will acquire Zilog (Nasdaq: ZILG) in a $62.4 million deal.

A Barron's article over the weekend said that Sprint (NYSE: S) stock was undervalued by as much as 50%.

McDermott International (NYSE: MDR) announced that it will spin-off its Babcock & Wilcox business.

On the downside

Allos Therapeutics (Nasdaq: ALTH) defended its lymphoma treatment Folotyn as rival Celgene (Nasdaq: CELG) prepared to launch its lymphoma drug Istodax which it acquired from Gloucester Pharmaceuticals.

Soleil downgraded Zale (NYSE: ZLC) to a Sell rating.

Krispy Kreme (NYSE: KKD) narrowed third quarter losses but revenue dropped.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 605.

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