US Market News

Best Buy (BBY +5.92% to $22.2) jumped in above average volume on speculation the Co may get a buyout offer from its Chairman.

MetroPCS Communications (PCS +5.12% to $6.36): telecommunications best performing sector in S&P500

AT&T (T +1.51% to $36.2): AMC Networks (AMCX) announced it has reached a new carriage agreement with the Co. The stock made a 52w high.

Dollar Tree (DLTR -3.1% to $52.13): negative recommendations from 2 brokers.

Dell (DELL -1% to $12.39) agreed to buy Quest Software (QSFT +0.04% to $27.82) for $28 a share in cash ($2.4B in total)

Apple (AAPL +1.46% to $592.52) paid $60M to Proview International Holdings to settle a dispute on the iPad name in China according to the AP.

Acuity Brands (AYI +15.83% to $58.97) posted for its 3Q a diluted EPS of $0.79 (a pre-tax special charge of $0.03 included) compared with $0.62 a year ago with net sales up 6.4% YoY to $29M.

Micron Technology (MU +3.8% to $6.55) agreed to buy 100% of the equity of Elipda for $750M in cash and "an additional $1.75B in future annual installment payments through 2019 will be paid from cash flow generated from Micron's payment". In other news, Powerchip Technology agreed to sell appx. 630M shares in Rexchip to the Co at NT$14.03 each (around NT$8.9B total).

Avnet (AVT +1.72% to $31.39) agreed to buy Magirus, financial terms are undisclosed. The Co added: "this acquisition is expected to be immediately accretive to earnings and achieve Avnet's return on capital goal of 12.5% within two years".

Ingram Micro (IM +0.46% to $17.55) to acquire Brightpoint (CELL +66.54% to $9.01) for $9 a share in cash ($840M in total).

FactSet Research Systems (FDS +0.36% to $93.27) acquired StreetAccount, financial terms are undisclosed. The Co added: "the acquisition of StreetAccount is not expected to have a material impact on FactSet's fiscal 2012 4Q or fiscal 2013 diluted EPS".

Lincare Holdings (LNCR +21.52% to $41.34): Linde agreed to buy the Co for appx. $4.6B or $41.5 per common share.

Health Care: Alexion Pharmaceuticals Inc (ALXN +4.56% to $103.83), Merck & Co (MRK +0.24% to $41.85), Patterson Cos (PDCO +1.22% to $34.89), Amgen (AMGN +1.99% to $74.36), Abbott Laboratories (ABT +0.25% to $64.63), Eli Lilly (LLY +0.19% to $42.99), Perrigo Co (PRGO +0.55% to $118.58), Biogen Idec (BIIB +0.85% to $145.61), Edwards Lifesciences Corp (EW +0.88% to $104.21) reached a new 52w high.

Bristol-Myers Squibb (BMY +0.28% to $36.05) will acquire Amylin Pharmaceuticals (AMLN +8.88% to $30.71) for $31 per share in cash, aggregating to around $5.3B. The stock made a new 52w high.

Stock/S&P500 ratio 50D MA cross over: Allergan (AGN +2.38% to $94.77)

Mastercard (MA +2.28% to $439.9) and Deutsche Telekom announced a European partnership on mobile payments.

EverBank Financial (EVER +4.42% to $11.35) to buy Business Property Lending, a business unit of GE Capital Real Estate for $2.5B.

Lincoln National (LNC -2.06% to $21.42) was downgraded to "underweight" from "equalweight", WPX Energy (WPX -1.73% to $15.9) and Devon Energy (DVN -1.48% to $57.13) to "equalweight" from "overweight" at Barclays Capital.

SunTrust Banks (STI +1.9% to $24.69) was upgraded to "overweight" from "equalweight" at Morgan Stanley.

Quest Diagnostics (DGX +0.83% to $60.4) was upgraded to "neutral" from "sell" at Goldman Sachs.

Archer-Daniels-Midland (ADM -1.63% to $29.04) was downgraded to "neutral" from "buy" at Citigroup.

Utilities: Scana Corp (SCG +1.3% to $48.46), Firstenergy (FE +1.44% to $49.9), Edison International (EIX +0.78% to $46.56), Sempra Energy (SRE +0.75% to $69.4) , Northeast Utilities (NU +0.75% to $39.1), Wisconsin Energy Corp (WEC +1.47% to $40.15), PGE Corp (PCG +0.55% to $45.52), Integrys Energy Group (TEG +1.49% to $57.72), NextEra Energy (NEE +0.04% to $68.84), Duke Energy (DUK +0.95% to $23.28) reached a new 52w high.

Stock 50D MA cross under: Autodesk (ADSK -1.37% to $34.51).
After Hours
Microsoft (MSFT) announced it will take a non-cash, non-tax-deductible income statement charge for 4Q of FY12 for the impairment of goodwill in its Online Services Division segment, mostly related to its 2007 aQuantive, acquisition. "As a result of its 2012 impairment review, the Co has determined that a write down of its Online Services Division goodwill of $6.2B is required."

M*Modal (MODL) and One Equity Partners have entered into a definitive agreement pursuant to "which One Equity Partners, the private investment arm of JP Morgan Chase & Co., will acquire all of the outstanding shares of M*Modal for $14.00 per share in an all-cash transaction. The transaction is valued at approximately $1.1 billion."

Facebook (FB) may be in talks with General Motors (GM) about a potential advertising deal (WSJ)

PG&E Corporation (PCG)'s unit submitted a notice of its intent to file a 2014 General Rate Case, "which will request funding for additional infrastructure investments and improved operations to achieve significant gains in the safety and reliability of its electric generation, and electric and gas distribution services, during the years 2014-2016. (...) The total funding request is $1.25 billion in 2014 over currently authorized levels. It asks for additional increases of about $500 million in 2015 and 2016 to account for additional infrastructure improvements, and increased costs of labor, materials, supplies and other expenses."

Google Trend US - popular searches: AMC Networks Inc (AMCX), Amylin Pharmaceuticals (AMLN), Corporate Executive Board Co (EXBD), GlaxoSmithKline (ADR) (GSK), Liquidity Services Inc (LQDT), Qihoo 360 Technology Co Ltd (QIHU)
Expect Today
No major earnings expected.

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