Bin Laden's Death Lifts Markets To Higher Open
News of Osama bin Laden's death lifted the markets to higher open with the Dow rising 55 points to 12,866. Nasdaq gained 12 points to 2886.
On the upside
Arch Coal (NYSE: ACI) will pay approximately $3.4 billion in cash to acquire International Coal Group (NYSE: ICO).
TiVo (Nasdaq: TIVO) will receive $500 million from Dish Network (Nasdaq: DISH) and EchoStar as settlement for a patent infringement lawsuit (Nasdaq: SATS).
Barron's wrote that International Paper's (NYSE: IP) stock will climb as earnings are expected to impress.
On the downside
YRC Worldwide (Nasdaq: YRCW) announced a restructuring plan that would leave current shareholders holding only 2.5% of common shares.
Tenet Heathcare (NYSE: THC) received an increased acquisition offer from Community Health Systems (NYSE: CYH) but investors expect Tenet to reject the bid.
Valeant Pharmaceuticals (NYSE: VRX) lost its bid for Cephalon (Nasdaq: CEPH), which accepted a $6.8 billion cash offer from Teva (Nasdaq: TEVA).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 865.
