Markets Advance On Fiscal Cliff Hopes
The markets turned positive during the midday with the Dow rising 6 points to 13,040 as Republicans indicated that they may be willing to raise taxes on high income earners. Nasdaq gained 11 points to 2985.
On the upside
TD Bank Group will pay a premium of approximately $668 million in cash to acquire Epoch Holding (Nasdaq: EPHC).
MGM Resorts (NYSE: MGM) will finance its debt with $4 billion in loans and will raise $1 billion through the sale of senior unsecured notes.
Rumors swirled that Walter Energy (NYSE: WLT) may be acquired.
On the downside
Third quarter earnings and revenue rose for Vera Bradley (Nasdaq: VRA) but the accessories maker forecast current quarter results below expectations.
Investors locked in profits on Peregrine Pharmaceuticals (Nasdaq: PPHM) whose stock price climbed yesterday after regulators approved the late stage trial design for its brain cancer treatment Cotara.
Emulex (NYSE: ELX) will offer a premium of approximately $130 million in cash to acquire Endace.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 820.
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