Despite a cautious report from home builders and despite a low volume day, today marked a clear win for the S&P 5000 and for the DJIA. The S&P broke through 1,100 and the DJIA broke through 11,000. We also had two mergers this morning, and while small they are signs that companies are willing to merge once more. Here were today's closing bell levels:
Dow 10,090.76 +94.85 (0.95%)
S&P 500 1,097.52 +9.84 (0.90%)
Nasdaq 2,175.83 +19.03 (0.88%)
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Amgen Inc. (NASDAQ: AMGN) received an FDA Complete Response Letter regarding Prolia for Prolia in the treatment and prevention of postmenopausal osteoporosis and the letter has effectively delayed its decision to approve the drug with a request for more information. Shares were down 1.4% at $60.45 late in the day, but that is well above lows from earlier in the day.
Sprint Nextel Corp. (NYSE: S) has finally figured a way to cure its affiliate lawsuits. The wireless operator is acquiring iPCS, Inc. (NASDAQ: IPCS) in a merger valued at approximately $831 million, including the assumption of $405 million of net debt in a $24.00 per share buyout.
CIT Group, Inc. (NYSE: CIT) rose on word that it has sweetened part of its debt exchange offer and on word that Carl Icahn offered it a $6 billion loan. Shares were up 9.8% at $1.23 ahead of the closing bell.
Fannie Mae (NYSE: FNM) fell today with rival and stepbrother Freddie Mac (NYSE: FRE). Keefe Bruyette & Woods downgraded both GSEs and called the value near-Zero. Fannie Mae shares were down 21% at $1.15 late in the day and Freddie Mac shares were down 23% at $1.33 ahead of the closing bell.
Before the bell: Stocks futures steady ahead of GDP, housing data
Google's plan for netbook PCs moves higher into the clouds
So long peak oil, here comes peak uranium
Reader Comments (Page 1 of 1)
10-19-2009 @ 5:56PM
Joel said...
"S&P 5000"? "DJIA broke through 11,000"?