Markets Extend Gains On Fiscal Cliff Hopes
The markets extended its gains during the midday with the Dow climbing 76 points to 13,211 after a Republican offer to allow tax increases on the wealthy sparked optimism that a deal to avert the fiscal cliff may be possible. Nasdaq soared 28 points to 2999.
On the upside
Elliott Management offered a premium of approximately $2.3 billion to acquire Compuware (Nasdaq: CPWR).
Caribou Coffee (Nasdaq: CBOU) received an acquisition offer of approximately $340 million in cash from Joh. A. Benckiser.
OCZ Technology (Nasdaq: OCZ) introduced a beta test program for its Linux Acceleration Software caching storage solution.
On the downside
Nam Tai Electronics (NYSE: NTE) declared a quarterly dividend of $0.15 per share payable on January 31, 2013 to shareholders of record December 31, 2012 but the stock price fell. BMO Capital cut its price target on Peabody Energy (NYSE: BTU) from $36.50 to $32.
Canaccord Genuity downgraded SandRidge Energy (NYSE: SD) to a Sell rating.
In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index gained 12 points to 1425.
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