Equities Update: Slender Advance Sends Dow Back Above 11,000

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 |  Includes: CPKI, DIA, HAL, NRG, PALM, QQQ, SPY, STI, WEL
by: Midnight Trader

4:15 PM, Apr 12, 2010 --

  • NYSE up 12.9 (0.2%) to 7,641.85.
  • DJIA up 8.6 (0.1%) to 11,006.
  • S&P 500 up 2 (0.2%) to 1,196.
  • Nasdaq up 3.8 (0.2%) to 2,458.

GLOBAL SENTIMENT

  • Hang Seng down 0.32%
  • Nikkei up 0.42%
  • FTSE up 0.25%

UPSIDE MOVERS

(+) AA kicks off earnings season with results due in after-hours session.

(+) WEL sold to Halliburton (NYSE:HAL) for $3 a share cash and stock.

(+) MIR sets merger with RRI Energy.

(+) GNVC presents positive malaria treatment data.

(+) OPTR reports positive Phase 3 trial results for patients with clostridium difficile infection.

(+) BBY upgraded.

(+) UBS issues upbeat guidance.

(+) PALM reportedly hires Goldman to find buyer.

(+) TXN upgraded.

(+) GPS upgraded.

(+) IR upgraded.

(+) CAT upgraded.

(+) EMC upgraded.

(+) NLST says its HyperCloud memory is qualified on Super Micro Computer (NASDAQ:SMCI) high-density servers.

(+) DCP to be bought for $17.55.

(+) MRNA gets key patent.

(+) BRKR subject of favorable Barron's coverage.

(+) GSIT guides for revenue beat.

(+) DBTK guides for sales miss, earnings meet or miss; gets buyout interest.

DOWNSIDE MOVERS

(-) NBG turns lower despite positive Greece debt aid developments.

(-) CLNE subject of somewhat critical Barron's feature.

MARKET DIRECTION

Wall Street held its modest upside bent late in the session, moving about in the middle of the day's range inside the final hour. The DJIA closed above 11,000 for the first time since September 2008.

Greece's loan agreement and a handful of corporate takeover announcements, plus a reported move by Palm (PALM) to put itself on the block, nudged the stock market higher Monday.

European leaders agreed over the weekend to make loans available to Greece to help the country ease its public debt burden. The eurozone agreed to provide $40.5 billion in loans to Greece if needed. The International Monetary Fund could contribute another $13.5 billion. The loans would carry interest rates below what private lenders had been demanding in recent days to hold Greek debt, the AP reported.

Palm shares were higher in late trading Monday on word that the company has hired bankers to explore its options, including the sale of the company, according to media reports Monday.

California Pizza Kitchen (NASDAQ:CPKI) says it is looking at strategic alternatives for the company.

SunTrust Banks (NYSE:STI) is firm after the company says it is in talks to sell parts of its institutional investment management business.

Among the affirmed deal news grabbing headlines Monday: Mirant (MIR) and RRI Energy (RRI) announced that they have entered into a definitive agreement to create GenOn Energy. Mirant stockholders will receive a fixed ratio of 2.835 shares of RRI Energy common stock for each share of Mirant common stock they own. Private equity firm Cerberus Capital is buying DynCorp International for $1 billion.

Halliburton (HAL) and Boots & Coots (WEL) jointly announce today that Halliburton has entered into a definitive merger agreement to acquire all of the outstanding stock of Boots & Coots in a stock and cash transaction. Under the merger agreement, Boots & Coots stockholders will receive $3.00 per share for each share of Boots & Coots common stock they hold, comprised of $1.73 in cash and $1.27 in Halliburton common stock.