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Trading at Noon: Merger Monday heats up

Monday, July 02, 2012 - 03:18

Bristol-Myers acquires Amylin Pharma and Dell buys Quest Software.

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-- multi billion dollar cash deal is heating up the Yemeni markets today with Bristol-Myers Squibb acquiring Amylin pharmaceutical. In fact deal activity is so blinding hot Reuters markets correspondent Ryan this delegate had to put on his shades. Whoa all right I gotta say those nice sized take them out there aren't lines and in stocks -- 8% today after the takeover. Bristol is dying in the company at five point three billion this is a large deal and it comes. After Bristol recently face an increased competition from generic companies for one of its major drug the cholesterol drugs probably motivating factor behind this position. All right so I isn't the only one Wheeling and dealing today is merger Monday we're seeing a lot of -- activities and now a lot of money changing hands. Well certainly not unexpected. Economy remains weak they're slowing in China and here is all kinds of problems in Europe. If so it's expected that we're gonna see companies do this kind of thinks it's so hard for them to grow organically they're essentially buying revenue. In making these deals off the stock prices are -- the depressed right now. Media -- and find some bargains. -- let's check out some specific to Dell acquired Quest Software. This going to hit better against rivals like HP and I the end of course -- is best known for being hardware company PCs other equipment like that. Buying a software company this is gonna allow them to expand their product line integrating different ways. It's remains to be seen how effective is it going to be and its competitors but. It seems that a reasonable gamble. All right -- points and other tech stock soaring 63%. It's a little on wireless device maker and it's being bought by Ingram. Might grow and that -- it's a holiday week US stocks are lower after rallying on Friday all three indices are in the red. Brian mentioned big July 4 coming up on Wednesday are traders holding off with a big bets. Yet that's. Again to be expected a lot of people are probably already out on holiday trading volumes are light there's not as much news and like there was last week with a major deal out of Europe. So again after 2.5 rally on Friday. Nobody's really going to be making -- move today no recently pushes higher or is in the fall that much although we did have some weak manufacturing data this morning. Okay some sectors that alert today include industrials. Down just over this. -- percent let's look at some other stocks moving at this hour Barclays is up close to 3%. But the stock was doing so well last week on mean -- scandal right. It was just pounded last week fell 12% on Thursday another 5% on Friday so we're saying what could be termed as the day ten pounds. There's still a lot of questions about the issue with the life where scandal. Questions about what the CEO will do will step down there's some pressure for that. So yeah we'll see there's probably going to be a lot more volatility comes. OK best buys up nearly 10% today and if you look at stock -- there's a lot of takeover talk may indicate. Other players besides its founder Richard Schultz is considering taking the company -- it. All right Brian -- thanks for being with us today you can follow us on Twitter. At Reuters Insider and check out Reuters -- count at Reuters dot com slash -- TV. I'm Lisa Bernhard this is Reuters.

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Trading at Noon: Merger Monday heats up

Monday, July 02, 2012 - 03:18