The Dow Adds 120 Points, Nasdaq Adds 35
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The Dow added 119.51 points today to close at 12105.55, the Nasdaq added 35.16 points to close at 2,365.95 and the S&P 500 added 15.48 points to close at 1,367.34. Oil gained $0.88 to close at $60.02. The markets moved significantly higher as mergers and private equity buyouts seized the day. Aside from a private equity takeover of the Four Seasons, OSI - owners of Outback Steakhouse (NYSE: OSI) agreed to a $3 billion private equity buyout, Swift Transportation received a $29 per share buyout offer,
and Abbott Labs (NYSE: ABT) offered to acquire Kos Pharma (Nasdaq: KOSP) for $3.7 billion.
Trading volume was modest with 2.6 billion shares trading on the NYSE and 1.97 billion on the Nasdaq.
Advancers topped Decliners by a margin of 25:8 on the NYSE, and 21:9 on the Nasdaq.
In individual stories, Four Seasons Hotels (NYSE: FS) added 29.2% after receiving a proposal to pursue a transaction through which Four Seasons would be taken private for $82 per share in cash. The proposed transaction values Four Seasons at US$3.7 billion. The proposal was received from Isadore Sharp (CEO) and Triples Holdings Limited, together with Kingdom Hotels International, a company owned by a trust created by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Cascade Investment, L.L.C. (an entity owned by William H. Gates III). Adolor Corp (Nasdaq: ADLR) fell 44.8% after Adolor and GlaxoSmithKline (NYSE: GSK) said the FDA has issued a letter stating that the new drug application for Entereg for the management of postoperative ileus is approvable. The companies said the FDA has requested 12-month safety data, including analysis of serious cardiovascular events, from study 767905/014, an ongoing safety study in opioid-induced bowel dysfunction (OBD). The FDA also requested a risk management plan as part of the submission.
Tomorrow, investors will be looking for earnings reports from Anadarko Petroleum (NYSE: APC), Beazer Homes (NYSE: BZH), Dean Foods (NYSE: DF), EchoStar (Nasdaq: DISH), Magna Corp (NYSE: MGA), Nortel (NYSE: NT), Sara Lee (NYSE: SLE), Tenet Healthcare (NYSE: THC) and Teva Pharmaceuticals (Nasdaq: TEVA). Traders will be looking for economic data on September Consumer Credit (3:00PM EST).
and Abbott Labs (NYSE: ABT) offered to acquire Kos Pharma (Nasdaq: KOSP) for $3.7 billion.
Trading volume was modest with 2.6 billion shares trading on the NYSE and 1.97 billion on the Nasdaq.
Advancers topped Decliners by a margin of 25:8 on the NYSE, and 21:9 on the Nasdaq.
In individual stories, Four Seasons Hotels (NYSE: FS) added 29.2% after receiving a proposal to pursue a transaction through which Four Seasons would be taken private for $82 per share in cash. The proposed transaction values Four Seasons at US$3.7 billion. The proposal was received from Isadore Sharp (CEO) and Triples Holdings Limited, together with Kingdom Hotels International, a company owned by a trust created by His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Cascade Investment, L.L.C. (an entity owned by William H. Gates III). Adolor Corp (Nasdaq: ADLR) fell 44.8% after Adolor and GlaxoSmithKline (NYSE: GSK) said the FDA has issued a letter stating that the new drug application for Entereg for the management of postoperative ileus is approvable. The companies said the FDA has requested 12-month safety data, including analysis of serious cardiovascular events, from study 767905/014, an ongoing safety study in opioid-induced bowel dysfunction (OBD). The FDA also requested a risk management plan as part of the submission.
Tomorrow, investors will be looking for earnings reports from Anadarko Petroleum (NYSE: APC), Beazer Homes (NYSE: BZH), Dean Foods (NYSE: DF), EchoStar (Nasdaq: DISH), Magna Corp (NYSE: MGA), Nortel (NYSE: NT), Sara Lee (NYSE: SLE), Tenet Healthcare (NYSE: THC) and Teva Pharmaceuticals (Nasdaq: TEVA). Traders will be looking for economic data on September Consumer Credit (3:00PM EST).
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