MARKET PULSE- Cooper Tire, Micron, Boise, Pluristem
Sept 16 (Reuters) - Some U.S. stocks on the move on Monday:
WALL ST RISES AS SUMMERS ENDS BID FOR FED CHIEF
Stocks rose sharply at the open on Monday as investors bet that former Treasury Secretary Lawrence Summers' withdrawal as a candidate for Federal Reserve chairman could mean slower tapering of stimulus by the U.S. central bank. The Dow Jones industrial average rose 147.17 points or 0.96 percent, to 15,523.23, the S&P 500 gained 15.44 points or 0.91 percent, to 1,703.43 and the Nasdaq Composite added 28.554 points or 0.77 percent, to 3,750.739.
** MICRON TECHNOLOGY INC, $16.59, up 2.3 pct (9:45 a.m. ET)
The chipmaker has seen nearly 30 percent of its PC-use DRAM production capacity booked up by large clients, and its supply available for other clients in September-December 2013 will decrease significantly, the website digitimes.com reported citing the Taiwan-based memory supply chain makers. (r.reuters.com/wak23v)
** COOPER TIRE AND RUBBER CO, $32.31, down 3 pct (9:44 a.m. ET)
A U.S arbitrator said Cooper Tire and Rubber Co cannot sell two of its factories in the country to India's Apollo Tyres until a collective bargaining agreement is reached between Apollo and members of the plants' union.
The decision could delay Apollo's plan to buy Cooper in a debt-funded $2.5 billion deal, which is already facing opposition at a factory in China.
** SOHU.COM INC, $67.50, up 4 pct (9:44 a.m. ET)
Tencent Holdings Ltd said on Monday that it will buy a 36.5 percent stake in Sohu.com Inc's Sogou search engine, China's third-largest, to lift its presence in the fast-growing China market for search and Internet services.
** BOISE INC, $12.61, up 27 pct (9:44 a.m. ET)
** PACKAGING CORP OF AMERICA, $57.42, up 5 pct (9:43 a.m. ET)
Packaging Corp of America said it would acquire smaller rival Boise for about $1.28 billion to increase its container board capacity. Packaging Corp's offer of $12.55 per share represents a premium of 26 percent to Boise's .
** PLURISTEM THERAPEUTICS INC, $3.47, up 8 pct (9:43 a.m. ET)
The Israel-based company said the U.S. Food and Drug Administration lifted its clinical hold on a mid-stage trial of the company's experimental drug for muscle pain. Pluristem said the FDA allowed it to go ahead with the study, saying that Pluristem had addressed all issues related to the hold.
** HUNTSMAN CORP, $19.80, up 3 pct (9:42 a.m. ET)
Brokerage KeyBanc Capital Markets raised its rating on the chemical maker's stock to "buy" from "hold" on Friday, according to theflyonthewall.com. Jefferies on Monday also upgraded Huntsman to "buy", citing gains in 2014-2015 from its propylene oxide-making joint venture with China's refiner Sinopec Corp , which is expected to be completed by the end of next year and its presence in Europe, among other things.
** BOEING CO, $113.63, up 2 pct (9:42 a.m. ET)
Top decision makers in South Korea's 8.3 trillion won ($7.64 billion) fighter jet tender have briefed the president on the outcome of an assessment process and told her that Boeing Co's F-15 Silent Eagle was the sole eligible bid, a source with knowledge of the process told Reuters.
(Compiled by Varun Aggarwal)
- Ukraine says Russian tanks flatten town; EU to threaten more sanctions |
- Seven NATO allies to create new rapid reaction force-report
- U.S. authorities investigate suspected threat against Obama: reports
- Putin says Russia must strengthen its economic, military position in Arctic
- China and Hong Kong poised for showdown over democracy