Staying on course for yesterday's
, several mergers and acquisitions were announced on Wednesday,
The Dow Jones Industrial Average increased by 96.91 points, or
0.65 percent, to 14,930.87.
The S&P 500 rose 13.31 points, or 0.81 percent, to
The Nasdaq improved upon yesterday's gains after rising 36.43
points, or 1.01 percent, to 3,649.04.
The Russell 3000 continued to rise as well, gaining 7.99
points, or 0.81 percent, to 988.84.
Acquisitions And Purchases
Shortly after the market close, Louisiana-Pacific Corporation
) announced that it will
all of the outstanding common shares of Ainsworth Lumber Co. Ltd.
for a total consideration that equates to C$3.76 per Ainsworth
common share. This is based on the closing price of
Louisiana-Pacific's common shares on September 3, 2013.
Meritage Homes Corporation (NYSE:
) announced that it will enter the Nashville, Tennessee market
after acquiring the
assets and operations
of Phillips Builders.
Wheeler Real Estate Investment Trust (NASDAQ:
) revealed its
to acquire Tampa Festival and Forrest Gallery for $23.4
Newcastle Investment Corp. (NYSE:
) announced today that it has
the Dow Jones Local Media Group from News Corp. (NASDAQ:
) for $87 million.
Independence Holding Company (NYSE:
) announced that it has commenced a tender offer to purchase as
many as 762,640 shares of the common stock of American
Independence Corp. (NASDAQ:
). The deal could provide American Independence with $10 cash per
MGT Interactive, a subsidiary of MGT Capital Investments, Inc.
), acquired from Gioia Systems LLC. No terms were disclosed.
Arthur J. Gallagher & Co. (NYSE:
) will the Giles Group of companies headquartered in London,
England for an undisclosed sum.
Rochester Medical Corporation (NASDAQ:
) announced that it has entered into a definitive merger
agreement with C. R. Bard, Inc. (NYSE:
). The deal is worth $262 million or $20 per share.
Broadcom Corporation (NASDAQ:
) will acquire LTE-related assets from affiliates of Renesas
Electronics Corporation (OTC:
) for .
Spreadtrum Communications, Inc. (NASDAQ:
) received to be acquired by Tsinghua Unigroup.
Biggest Stock Gainers
) gained 13.83 percent and closed at $23.54 after posting a
positive third-quarter profit.
E*TRADE Financial (NASDAQ:
) closed at $15.71 -- an 8.05 percent gain -- after E*TRADE Bank
(a subsidiary) received regulatory approval to dividend capital
to the parent company.
Micron Technology (NASDAQ:
) rose 5.3 percent to $14.75 after Sterne Agee's Vijay Rakesh
made some bullish comments on the stock.
Last but not least, SouFun Holdings (NASDAQ:
) soared 6.26 percent to $50.07.
Biggest Stock Losers
Francesca's Holdings (NASDAQ:
) lost more than 25 percent of its value and closed at $17.79
after reporting disappointing earnings results.
) dropped 4.88 percent to $14.41, also due to poor earnings and a
Ryanair Holdings (NASDAQ:
) closed at $44.51 -- an 8.9 percent decline -- after the firm
warned that full-year profits could fall short of
Volume And Volatility
SPDR S&P 500 ETF (NYSE:
) trading volume came in at roughly 97.1 million shares today --
a bit lower than the 131.5 million shares that were traded
Tuesday and the 126.8 million average traded over the last three
Meanwhile, the VIX index plummeted 4.39 percent to 15.88.
Gold futures dropped 0.62 percent to $1,401.80. Silver futures
dropped 4.26 percent to $23.33. Platinum plummeted 2.74 percent
Disclosure: At the time of this writing, Louis Bedigian had no
position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer
of Benzinga. You can reach him at 248-636-1322 or
louis(at)benzingapro(dot)com. Follow him
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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