Seeking Alpha
Profile| Send Message|
( followers)  

4:15 PM, Sep 13, 2010 --

  • NYSE up 88.7 (+1.3%) to 7,156.18
  • DJIA up 81.4 (+0.8%) to 10,544
  • S&P 500 up 12.4 (+1.1%) to 1,122
  • Nasdaq up 43.2 (+1.9%) to 2,286

GLOBAL SENTIMENT

  • Hang Seng up 1.89%
  • Nikkei up 0.89%
  • FTSE up 1.16%

UPSIDE MOVERS

(+) ARST confirms earlier reports of deal with HPQ for $43.50 a share.

(+) DTG gets revised $50 offer from Hertz.

(+) CYCC inks FDA agreement for SPA design for Sapacitabine trial in AML.

(+) ACTU upgraded.

(+) OPEN upgraded.

(+) INO jumps on positive study data.

(+) AONE opens lithium battery plant.

(+) XRX gains on favorable Barron's cover piece.

(+) GTSI jumps as Eyak stands by $7 per share offer.

(+) GERN get license for deriving cartilage from human embryonic stem cells.

(+) NOK gets upgrade, mobile solutions head to leave.

(+) SNTS adds drug candidates to pipeline.

DOWNSIDE MOVERS

(-) SGEN says lintuzumab trial does not meet primary endpoint.

(-) INT selling shares.

(-) AZO downgraded.

(-) MA slips despite upgrade.

(-) V slips despite upgrade.

(-) INCY gets FDA special protocol assessment in Polycythemia Vera.

MARKET DIRECTION

Stocks gained Monday, returning to positive territory for 2010, as global markets responded positively to economic data from China and an agreement among regulators for new rules strengthening existing capital requirements for banks. Crude futures closed up 1% at $77.19 a barrel.

China reported a stronger-than-expected 13.9% increase in August industrial production. Retail sales also rose sharply, while the August inflation rate of 3.5% was in line with market expectations and calming concerns that Beijing would take more aggressive action to slow lending.

Meanwhile, global regulators agreed on Sunday to new rules saying that the minimum common equity requirement will be raised from 2% to 4.5%. Banks will also be required to hold a capital conservation buffer of 2.5% to withstand future periods of stress bringing the total common equity requirements to 7%, MarketWatch and other news outlets reported.

In company news, Abbott Laboratories (NYSE:ABT) is down on news it could see its controversial weight-loss drug Meridia pulled from the market by U.S. health regulators because of heart problems associated with it, reports Reuters. The Food and Drug Administration said it planned to ask outside advisers whether to ban Meridia, take regulatory action or leave the treatment as is, according to the report, citing memos.

Deutsche Bank (NYSE:DB) recovered on news the German bank plans to raise at least $12.4 billion in a stock placement to buy out Deutsche Postbank AG and raise its capital reserves by issuing 308.6 million new common shares. The announcement comes following the latest global agreement to strengthen the financial sector by raising capital requirements by banks to stave off another worldwide credit crunch.

HP (NYSE:HPQ) and ArcSight (ARST) confirmed earlier reports today, announcing that they have signed a definitive agreement for HP to acquire ArcSight, a security and compliance management company, for $43.50 per share, or an enterprise value of $1.5 billion.

Dollar Thrifty Automotive Group Inc. (NYSE:DTG) said it accepted Hertz Global Holdings Inc.'s (NYSE:HTZ) raised $50 per share acquisition offer.

Xerox Corp. (NYSE:XRX) was higher on speculation that share prices in the photocopying group could double as its CEO endeavors to turn the company into a data services provider. According to Barron's, Ursula Burns' efforts to recast the company will lead to more contracts with private companies as well as government agencies and boost profits.

Google (NASDAQ:GOOG) gained on news the company plans to buy Quiksee, an Israeli company, for about $10 million. Quiksee, aka MentorWave Technologies, allows users to create location-based interactive media content, according to the Israeli newspaper Haaretz. The company's software is used to create virtual tours.

Source: On Fourth Straight Gain, Markets Move Into Positive Territory for 2010