Here’s What’s Fueling The Market…
The markets bounced into buy mode this Monday
after a week of losses. With no economic news to be released, headlines are
dominated by merger news. The majority of the technology sectors have bounced
off their lower trend lines, as the Semiconductor Index
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1.54% at 557.48, currently challenges its 200-day MA.
Market breadth is is positive, with advancing
issues outnumbering declining issues by a slight margin across the indexes.
Nasdaq up volume holds a 2:1 lead on declining volume.Â
French media giant Vivendi
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at 52.39, announced that it has acquired the entertainment assets of USA
Networks
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$10.3 billion.
Biotechnology firm Amgen
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2.98% at 57.69, said it is in agreement to buy Immunex
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up 10.50% at 28.31, for about $16 million in cash and stock. This deal is
believed to encourage further consolidation in the biotechnology field.
P&O Princess has
rejected a hostile bid of $4.61 billion from the world’s biggest cruise
operator, Carnival Corp
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1.54% at 26.88,
 and has reaffirmed its
merger plans with Royal Caribbean Cruise Lines.
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Leading sectors today are the Biotechnology
Index
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The biggest losing sectors today are the
Airline Index
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From our percent gainers
list:
Security Capital Grp
(
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at 25.29 on twenty-nine-times average volume. This real estate operations
company rose on a $4 billion buyout offer from GE Capital.
Barry (R.G.)
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on over five-times average volume. This footwear company has no new reported.
Qwest Communications Intl Inc
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8.68% on almost 100 times average volume. This communications services company
has no news reported though was actually downgraded today by Morgan Keegan.
From our percent losers
list:
Nuance Communic Â
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20.32% at 8.59 on over five-times average volume. This software and
programming company had its chief financial officer quit today.
Magal Security Systems Ltd
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down 13.50% at 12.17 on 100 percent average volume. This security systems and
services company has no news reported.
Answerthink Inc Â
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down 11.68% at 5.90 on 100 percent average volume. This computer services
company has no news reported.