Dow Heads Back Towards 14,000 Territory

  • July 23, 2007
  • Darren Wong

Stocks rose on Monday morning on new merger and acquisition
activity. Today’s M&A sectors included oil drilling, equipment
rental, and technology. Better-than-expected earnings from Merck
and Schering-Plough also helped the indices to rack up gains.

Crude oil futures for August delivery fell
1.6% to $74.58 a barrel after reports came out that OPEC may
increase output to meet global demands.  Gold futures for
August delivery fell 0.3% to $682.50 an ounce.


Around Asia, Shanghai’s Composite index
added 3.8% to 4,213.36, Hong Kong’s Hang Seng index rose 0.3% to
23,365.56, and Tokyo’s Nikkei index fell 1% to 17,963.64.

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Stocks in Motion

GlobalSantaFe
(
GSF |
Quote |
Chart |
News |
PowerRating), Transocean
(
RIG |
Quote |
Chart |
News |
PowerRating) Agree
To $53 Bln Merger (full story). GSF shares added 5.5%, while RIG shares gained
5.75%.

HP
(
HPQ |
Quote |
Chart |
News |
PowerRating) Agrees To Buy Opsware
(
OPSW |
Quote |
Chart |
News |
PowerRating) For About $1.6
Bln, Neoware
(
NWRE |
Quote |
Chart |
News |
PowerRating) For About $214 Mln (full
story). HPQ shares rose 0.5%, OPSW shares jumped 37%, and NWRE shares gained
4%.

Strong Product Sales Lift Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) Q2 Profit By 12%, Boosts
FY07 EPS Target (full
story). MRK shares jumped 8%.

Schering-Plough
(
SGP |
Quote |
Chart |
News |
PowerRating) Q2 Profit More
Than Doubles On Top Line Growth; Expects Organon Acquisition To Close By End Of
Year (full
story). SGP shares are flat.

Halliburton
(
HAL |
Quote |
Chart |
News |
PowerRating) Q2 Profit More Than Doubles; EPS From Cont. Ops
Beats Estimate; Revenue Up 20% (full
story). HAL shares rose 3.5%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 +113.15 13,964.23

NASDAQ

 +14.20 2,701.80

S&P 500

 +11.83 1,545.69

 

 NYSE NASDAQ

Volume

 1,278,549,000 889,344,000

Advances

 1934 1668

Declines

 1183 1232

Up Volume

 790 572

Down Volume

 357 252

New Highs

 144 126

New Lows

 97 90


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Nasdaq Telecom Index (IXTCX) Natural Gas Index (XNG)
Pharmaceuticals Index (DRG) CBOE Internet Sector Index (INX)
Computer Technology Index (XCI) S&P Retail Index (RLX)


 


Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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