AT&T Acquires T-Mobile, Markets Soar
AT&T's $39 billion cash and stock acquisition of T-Mobile lifted the markets to higher open with the Dow soaring 192 points to 12,050. Nasdaq surged49 points to 2693.
On the upside
Curis (Nasdaq: CRIS) reported positive results from a midstage clinical trial of the skin cancer treatment GDC-0449.
Tiffany & Co. (NYSE: TIF) reported higher fourth quarter earnings that topped analyst expectations. The luxury jewelry store trimmed its first quarter guidance due to the devastating earthquake and tsunami in Japan but the outlook still surpassed analyst estimates.
optionsXpress Holdings (NYSE: OXPS) will be acquired by Charles Schwab (NYSE: SCHW) in an all stock deal valued at approximately $1 billion.
On the downside
Shares of Sprint (NYSE: S), Americna Tower (NYSE: AMT) and Crown Castle International (NYSE: CCI) all fell after AT&T (NYSE: T) announced a $39 billion stock and cash deal to acquire T-Mobile.
XenoPort (Nasdaq: XNPT) announced that development of its heartburn treatment arbaclofen placarbil was halted after the drug failed a midstage clinical trial.
Majestic Capital (Nasdaq: MAJC) announced the termination of its merger agreement with Bayside Capial Partners and warned that it may file for bankruptcy.
In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 14 points 808.
