Traders Were Looking For A Reason To Buy. DNA Gave It To Them

Stocks were higher on two mergers, lower oil and a
new chief at Disney. The indices meandered for much of the session
and then rallied late in the day as oil dipped and big news in biotech was
released.

Biotech got a late-session boost after Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) said 
lung cancer patients lived longer when treated with Avastin and traditional
chemotherapy. DNA rose $10.92 to close at 55.00.

Bob Iger will replace Michael Eisner at Disney
(
DIS |
Quote |
Chart |
News |
PowerRating); Eisner is
stepping down a year earlier than originally planned.

IBM is buying Ascential

(
ASCL |
Quote |
Chart |
News |
PowerRating) for $1 billion–$18.50/share. Altria Group
(
MO |
Quote |
Chart |
News |
PowerRating) is
buying 40% of Indonesian tobacco firm PT HM Sampoema.

JP Morgan lifted its earnings estimates on Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating).

Conseco
(
CNO |
Quote |
Chart |
News |
PowerRating) beat by 0.06.

Stocks in the News

The Wall Street Journal reports that AIG’s Hank Greenberg will
be stepping down as early as this week.

Taser
(
TASR |
Quote |
Chart |
News |
PowerRating) will be in focus after a man died on Friday after
being Tasered.

SafeNet
(
SDFNT |
Quote |
Chart |
News |
PowerRating) received a $7.7 million contract form the Dept.
of Defense.

Barron’s said OpenText
(
OTEX |
Quote |
Chart |
News |
PowerRating) and FileNet
(
FILE |
Quote |
Chart |
News |
PowerRating)
may be buyout targets.