Investing.com – U.S. stocks were modestly higher after the open on Monday, as market sentiment was boosted by increased merger and acquisition activity and as investors digested a flurry of corporate earnings reports.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.21%, the S&P 500 index was up 0.06%, while the Nasdaq Composite index climbed 0.10%.
Shares in paper and packaging manufacturer Rock Tenn jumped 6.93% after it agreed to acquire rival packaging firm Smurfit Stone Container for approximately USD3.5 billion. Shares in Smurfit soared 28.96% following the news.
Meanwhile, shares in packaged food manufacturer Sara Lee climbed 1.88% after the company received a takeover bid from private equity firms Apollo Global Management, Bain Capital and TPG Capital for approximately USD13 billion.
In earnings news, shares in fast-food giant McDonald’s gained 0.45% after the company said that fourth quarter earnings increased by 2% to USD1.24 billion. Revenue in the fourth quarter totaled USD6.2 billion, broadly in line with market expectations.
Elsewhere, shares in the world's second largest oilfield services provider Halliburton climbed 0.89% after posting better-than-expected fourth-quarter results, as net profit jumped by nearly 60% to USD605 million. Fourth quarter revenue rose by 40% to USD5.2 billion, exceeding analysts’ expectations of USD4.9 billion.
Meanwhile, shares in the third largest U.S. department store chain J.C. Penny jumped 5.21% after it said it would close 26 stores as part of restructuring measures aimed at improving profitability.
Shares in biotechnology firm Clinical Data soared 54.03% after the company announced that the U.S. Food and Drug Administration approved its antidepressant drug Viibryd. The company said the drug should be available in U.S. pharmacies in the second quarter of 2011.
Also Monday, shares in chipmaker Nvidia climbed 4.91% after Barron’s weekly financial paper said that the stock could surge “as much as 80% over the next year”.
However, shares in electronics retailer RadioShack tumbled 11.07% after the company announced that chairman and chief executive Julian Day is to retire in May. The company also cut its earnings outlook for the fourth quarter, as revenue was affected by “a higher sales mix of lower margin wireless handsets and promotions”. The company is to report fourth quarter results on February 21.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.22%, France’s CAC 40 shed 0.05%, Germany's DAX dropped 0.55%, while Britain's FTSE 100 gained 0.51%.
Earlier in the day, preliminary data showed that the euro zone purchasing manager services index rose more-than-expected in January while the manufacturing PMI unexpectedly fell to a two month low.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.21%, the S&P 500 index was up 0.06%, while the Nasdaq Composite index climbed 0.10%.
Shares in paper and packaging manufacturer Rock Tenn jumped 6.93% after it agreed to acquire rival packaging firm Smurfit Stone Container for approximately USD3.5 billion. Shares in Smurfit soared 28.96% following the news.
Meanwhile, shares in packaged food manufacturer Sara Lee climbed 1.88% after the company received a takeover bid from private equity firms Apollo Global Management, Bain Capital and TPG Capital for approximately USD13 billion.
In earnings news, shares in fast-food giant McDonald’s gained 0.45% after the company said that fourth quarter earnings increased by 2% to USD1.24 billion. Revenue in the fourth quarter totaled USD6.2 billion, broadly in line with market expectations.
Elsewhere, shares in the world's second largest oilfield services provider Halliburton climbed 0.89% after posting better-than-expected fourth-quarter results, as net profit jumped by nearly 60% to USD605 million. Fourth quarter revenue rose by 40% to USD5.2 billion, exceeding analysts’ expectations of USD4.9 billion.
Meanwhile, shares in the third largest U.S. department store chain J.C. Penny jumped 5.21% after it said it would close 26 stores as part of restructuring measures aimed at improving profitability.
Shares in biotechnology firm Clinical Data soared 54.03% after the company announced that the U.S. Food and Drug Administration approved its antidepressant drug Viibryd. The company said the drug should be available in U.S. pharmacies in the second quarter of 2011.
Also Monday, shares in chipmaker Nvidia climbed 4.91% after Barron’s weekly financial paper said that the stock could surge “as much as 80% over the next year”.
However, shares in electronics retailer RadioShack tumbled 11.07% after the company announced that chairman and chief executive Julian Day is to retire in May. The company also cut its earnings outlook for the fourth quarter, as revenue was affected by “a higher sales mix of lower margin wireless handsets and promotions”. The company is to report fourth quarter results on February 21.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.22%, France’s CAC 40 shed 0.05%, Germany's DAX dropped 0.55%, while Britain's FTSE 100 gained 0.51%.
Earlier in the day, preliminary data showed that the euro zone purchasing manager services index rose more-than-expected in January while the manufacturing PMI unexpectedly fell to a two month low.