Merger Monday–Here’s Who’s Involved
Stocks are lower–with the Dow at a 7-week low intraday–as
investors focus on higher oil prices and stay cautious ahead of the Fed.Â
Oil continues higher under the threat of another strike in Nigeria. The Fed is
poised to raise rates for a seventh time when it meets tomorrow; a quarter point
rise is expected.
Medecis
(
MRX |
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PowerRating) is buying Inamed
(
IMD |
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PowerRating). Inamed
shareholders will receive 1.4205 shares of Medecis stock and $30 in cash.Â
Interactive Corp
(
IACI |
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PowerRating) may be near a deal to buy Ask Jeeves
(
ASKJ |
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PowerRating) for $1.86 billion.
Sungard Data Systems
(
SDS |
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PowerRating) is in talks for a leveraged buyout.
General Motors
(
GM |
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PowerRating) will cut up to 28% of its white collar work
force. Just last week the company sharply cut its 2005 forecast.
Strong sectors are: Â Â Â Airlines
(
$XAL.X |
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Chart |
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PowerRating) +0.97%Â Â Â
Internet
(
$GIN.X |
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PowerRating) +0.73%Â Â Homebuilders
(
$HGX.X |
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Chart |
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PowerRating)
+0.39%
Weak sectors are:Â Gold Â
(
$HUI.X |
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PowerRating) -2.68%Â Â Oil
(
$OIX.X |
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PowerRating)
-1.33%Â Â Natural Gas
(
$XNG.X |
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PowerRating) -1.27% Â
Dow | -55.19 | 10,574.47 |
Nasdaq | -3.23 | 2004.56 |
S&P 500 | -6.07 | 1183.57 |
The dollar is +0.75 at
82.88
Crude Oil is -0.14 at
57.10
Gold is -6.60 at 430.20
ce=”Arial” size=”2″ face=”Arial”>Volume is 818 million on the NYSE and
751 million on the Nasdaq
Market breadth is negative.
NYSE | Issues | |
Advancing | 809 | Up Vol 203 |
Declining | 2311 | Down Vol 536 |
2.85 | 2.64 | |
Nasdaq |
||
Advancing | 1085 | Up Vol 280 |
Declining | 1839 | Down Vol 388 |
1.69 | 1.38 |
Stocks in the News
Genentech
(
DNA |
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PowerRating) and Imclone
(
IMCL |
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PowerRating) are in focus
after Novartis and Schering AG announced they would delay plans to market their
experimental cancer drug.
Rambus
(
RMBS |
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PowerRating) settled a patent suit with Infineon
(
IFX |
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PowerRating).
The SEC is charging Time Warner
(
TWX |
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PowerRating) with fraud.
The Financial Times reports that Oracle
(
ORCL |
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PowerRating) may be
interested in BEA Systems
(
BEAS |
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PowerRating).
Barron’s mentioned eResearch
(
ERES |
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PowerRating) as a possible short.
Brice Wightman