M&A Activity Fails to Lift Stocks
Stocks are lower on Monday, despite M&A activity. SAP
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SAP |
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PowerRating) agreed to acquire Business Objects
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BOBJ |
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PowerRating) for 4.8 billion euros (full story), and Textron
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TXT |
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PowerRating) agreed to acquire United Industrial Corp.
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UIC |
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PowerRating) for $1.1 billion.
Among today’s gainers, Burger King
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BKC |
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PowerRating) hit a 3-month high (read more), Yum! Brands
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YUM |
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PowerRating) climbed to a multi-month high (read more) and Caterpillar
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CAT |
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PowerRating) reached a 2-month high (read more).
Alcoa
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AA |
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PowerRating) is due to report earnings tomorrow, making it the first Dow component to report.
The U.S. dollar is rising versus both the euro and yen, crude oil is falling, trading below $80 per barrel, and gold is also lower.
The bond market is closed in observance of Columbus Day.
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