This week started with some good news on M&A, which lifted the US stock market. Stocks started March with a strong, broad-based push to fresh one-month highs in the face of a stronger dollar.
Though gains in the S&P 500 were strong, the market index struggled to move above the 1115 line, which separates year-to-date positive from year-to-date negative. It later settled back above its 50-day moving average.
There was a fair amount of news related to mergers and acquisitions this morning. German drug and chemical company Merck KGaA will acquire Millipore (MIL 104.90, +10.49) for $7.2 billion. Other biotech and life science stocks traded higher in sympathy to help the health care sector climb to a 1.0% gain. (briefing news)
A few stocks coming up in our top 100 technical scan list are:
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OSIP - OSI PHARMACEUTICALS INC COM OSIP: NASDAQ.
Scan Highlights - 2 Bullish Oscillators and 4 Bullish Price-volume Indicators
Japanese drugmaker Astellas Pharma said Monday it will take a $3.5 billion takeover offer for OSI Pharmaceuticals directly to shareholders after being rebuffed several times by executives of the U.S. biotechnology company. Astellas said it will start today an offer to pay $52 per share in cash for all outstanding common shares of the OSI Pharmaceuticals stock — a premium of more than 40 percent over Friday's close.
ANR -ALPHA NATURAL RESOURCES INC COM ANR: NYSE.
Scan Highlights - 2 Bullish Oscillators, 1 Bullish P&F, 1 Bullish Parabolic indicator.
The Coal Stocks Index is one of the top performing industry, up by 4% so far this year. It will be interesting to see whether the sector can continue to advance ahead of the S&P in 2010.
ASIA - Goldman Sachs upgraded AsiaInfo Holdings, Inc. (NASDAQ:ASIA) to Buy from Neutral, and raised price target from $29 to $31.
Scan Highlights - 3 Bullish Oscillators, 2 Bullish Price-Volume indicators.