Stocks Rise on New M&A Activity

  • July 16, 2007
  • Darren Wong

M&A activity continues to fuel gains in the major indices.
Restaurant operator IHOP made an all-cash bid for Applebee’s worth
$2.1 billion and Con-Way buys Contract Freighters for $750
million.

Crude oil futures for August delivery rose
fractionally
to $74.15 a barrel.  Gold
futures for August delivery fell fractionally to $667 an ounce.


Around Asia, Shanghai’s Composite index fell 2.4% to 3,821.92,
Hong Kong’s Hang Seng fell 0.6% to 22,953.94, and Tokyo’s Nikkei
index rose 1.4% to 18,238.95.

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Stocks in
Motion

IHOP
(
IHP |
Quote |
Chart |
News |
PowerRating) To Buy Applebee’s
(
APPB |
Quote |
Chart |
News |
PowerRating) For
$2.1 Bln (full
story). IHP shares gained 8.8%, while APPB shares rose 2%.

Con-way
(
CNW |
Quote |
Chart |
News |
PowerRating) Agrees To Acquire Contract Freighters For $750 Mln (full
story). CNW shares added 8%.

Eaton
(
ETN |
Quote |
Chart |
News |
PowerRating) Q2 Profit Dips 3% On Charges; Boosts FY07 EPS View (full
story). ETN shares rose 5%.

Blackstone
(
BX |
Quote |
Chart |
News |
PowerRating) Slams Times Article On Firm’s Tax Strategy (full
story). BX shares fell fractionally.

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

 


Market Snapshot

Dow

 +71.86 13,979.11

NASDAQ

 +4.31 2,711.31

S&P 500

 +2.97 1,555.47

 

 NYSE NASDAQ

Volume

 1,009,847,000 698,078,000

Advances

 1384 1232

Declines

 1677 1648

Up Volume

 483 389

Down Volume

 401 248

New Highs

 219 184

New Lows

 66 51


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
CBOE Technology Index (TXX) S&P Retail Index (RLX)
CBOE DJ REIT Index (DJR) Deutsche Bank
Energy Index (DXE)
Nasdaq Other Finance Index (OFINX) Natural Gas Index (XNG)


 


Economic
News

NY Empire State Index 26.5 vs 17.0
consensus, prior 25.8

Darren Wong

Associate Editor

darrenw@tradingmarkets.com