Market Wrap: Fed Extends Low-Rate Outlook; Roche Gets Hostile on Illumina; Netflix Turns It Up to 11

Market wrap-up for January 25th

End of the Day: Dow Jones up 83.1 to 12,758.85; Nasdaq up 31.7 to 2,818.31; S&P 500 up 11.4 to 1,326.06

The following is a brief summary of events moving markets today:

• Fed gives late holiday present: The Fed said it would keep interest rates low through late 2014, and said it would "continue its program to extend the average maturity of its holdings of securities as announced in September."
  
  The Fed's move today extended previous expectations for low rates through mid-2013. For more on the report, click here.
  
  
• Yep, they're going for it: US Airways (NYSE: LCC) affirmed it was in the process of hiring advisors for a possible bid on AMR Corp. (OTCBB: AAMRQ) assets. Comments were made on the company's quarterly conference call.
  
  Others in bids for the bankruptcy-protected AMR Corp include Delta Air (NYSE: DAL) and private equity firm TPG Capital.
  
  
• Roche is getting serious...seriously: Late Tuesday, drug firm Roche (OTCBB: RHHBY) offered to buy Illumina (Nasdaq: ILMN) for $44.50 per share, or a total bid of about $5.7 billion.
  
  According to the release: "Roche has made multiple efforts to engage with Illumina in order to reach a negotiated transaction, but Illumina has been unwilling to participate in substantive discussions. Roche has therefore decided to promptly commence a tender offer to purchase all of the outstanding shares of common stock of Illumina for $44.50 per share in cash. In addition, Roche will nominate a slate of highly qualified, independent candidates for election to Illumina’s Board of Directors and propose certain other matters for the consideration of Illumina’s shareholders at Illumina’s 2012 annual meeting, which, if adopted, would result in Roche-nominated directors comprising a majority of the Illumina board."
  
  Analysts also chimed in on the deal. Click here for more on that.
  
  
• Netflix quiets critics: Netflix, Inc. (Nasdaq: NFLX) shares are moving higher after hours following its fourth-quarter earnings report. Netflix reported EPS of 73 cents and revs of $876 million, beating views calling for EPS of 55 cents and revs of $857.9 million.
  
  For more color on Netflix's numbers, click here.

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