News That Moved The Market

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News That Moved the Market

Deals Drive Stocks Higher. The markets were able to continue their positive momentum Thursday with a couple major deals in focus. CBS (CBS, -2.4%) announced it would pay $1.8 billion for online content provider CNet (CNET, +43.5%). CBS forked over 45% premium for CNet, but said the deal should increase the company's profile on the internet, while creating another source of add revenue. Yahoo (YHOO, +2.3%) traded higher on news that Carl Icahn announced a plan to gain control of Yahoo in hopes of making a deal with Microsoft (MSFT, +1.7%). In a letter to Yahoo's board, Icahn said the negotiations with Microsoft were "completely botched." He went on to say, "It is clear to me that the board of directors of Yahoo has acted irrationally and lost the faith of shareholders and Microsoft." Icahn named his own candidates for Yahoo's board, including Mark Cuban. If Icahn gains control, the possibility of a deal with Microsoft or another bidder goes up dramatically.

Quick Tics: Crude for June expiration slipped 10 cents to close at $124.12…Kohl's (KSS, +1.8% day; -2.1% A.H.) reported lower profits and a conservative outlook.

Tomorrow

Notable Earnings (Full List Here):
Abercrombie (ANF) Time Not Supplied

Economic Events:
8:30 AM: Housing Starts
10:00 AM: Consumer Sentiment