Here’s The Trend In Mergers And IPOs
Stocks are lower as traders digest recent gains.
Guidant
(
GDT |
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PowerRating) is reportedly in talks to be acquired by Johnson
& Johnson
(
JNJ |
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PowerRating) for $24 billion. Colgate
(
CL |
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PowerRating) will cut 12% of
its work force, close 1/3 of its factories and take $650 million in charges.
China’s largest PC maker, Lenovo, is close to acquiring IBM’s PC business
for $2 billion.Advanced Micro Devices
(
AMD |
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PowerRating) was lowered at
Deutshe Bank to ‘hold’ from ‘buy.’
Lehman downgraded several airline stocks,
including CAL JBLU and NWAC.
Analyst meetings
today: Intel, Cisco, Hewlett Packard and YUM Brands.
Texas Instruments will give its mid-quarter update.
M&A deals for 2004 are running at about the same
pace as 2003, but the value is larger. In 2003, there were 7600 deals worth $538
billion; for 2003, there have been 7408Â deals worth $673 billion. IPOs
expanded this year. In 2003, there were 85 IPOs worth $15.8 billion; in 2004
there were 219 IPOs worth $42.3 billion.
Biogen Idec
(
BIIB |
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PowerRating)
said that their drug Zevalin appeared to be effective against the most common
type of Lymphoma.
Strong sectors are: Airlines
(
XAL.X |
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PowerRating)
+0.28% Brokers
(
XBD.X |
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PowerRating) +0.29%.
Weak sectors are: Oil Services
(
OSX.X |
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PowerRating)
-2.15%, Natural Gas
(
XNG.X |
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PowerRating) -1.96%.
| Dow | -44.48 | 10502.58 |
| S&P 500 | -5.48 | 1184.77 |
| Nasdaq | -10.84 | 2140.41 |
The dollar is -0.03 at
81.25
Gold is -1.20 to 451.10
Crude Oil is -1.18 at 41.80
1.48 billion on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1174 | Up Vol 330 |
| Declining | 2003 | Down Vol 389 |
| Ratio | 1.70 | 1.17 |
| Nasdaq |
||
| Advancing | 1281 | Up Vol 833 |
| Declining | 1744 | Down Vol 542 |
| Ratio | 1.36 | 1.53 |
Stocks in the News.
Comtech Telecom
(
CMTL |
Quote |
Chart |
News |
PowerRating) beat by 0.14.
Brice Wightman