Merger Madness, Bulls Rule, Bank Fees
Stock market bulls ruled Wall Street today as the equity indexes surged higher although closing off the intra-day highs on late session selling. The optimism was driven by a series of major corporate mergers fueling investors risk appetite. On the banking front, news of the FDIC possibly requiring banks to prepay insurance fees as much as 3 years in advance. This could potentially have far ranging implications if instituted. The DJIA surged +124.17 to 9789.36, the tech heavy Nasdaq advanced +39.82 to 2130.74 and the broad based S&P 500 gained +18.60 to 1062.98.
Gander Mountain
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PowerRating): Exploded up 33.51% or $1.28 to $5.10/share after the sporting goods retailer said it would go private by buying out stockholders.
GenTek
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PowerRating): Surged higher by 39.87% or $10.76 to $37.76/share after agreeing to be purchased by American Securities.
Xerox
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PowerRating): Fell 16.91% or $1.50 to $7.75/share upon revealing it was buying Affiliated Computer Services for $6.4 billion dollars.
ViroPharma
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PowerRating): Climbed 11.51% or $1.03 to $9.98/share after an Oppenheimer recommendation.
Oil gained 82 cents to $67.07, gold gave back $ 2.50 to $994.10 and the fear index VIX fell 2.85% to 24.88.
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