Stocks moved solidly higher, as merger activity boosted investor sentiment. Google agreed to buy Motorola Mobility for $12.5 billion, the two companies said Monday. Motorola Mobility surged 56%. The merger also helped boost Research in Motion as well as Nokia. Among other tech stocks, IBM rose almost 3% after Goldman Sachs raised its rating on the tech giant to buy from neutral, and lifted his price target. Goldman also cut its rating on Lexmark International to sell from neutral, saying that the company’s supplies revenue is likely to come under industry pressure. Dell rose more than 4% a day ahead of the company’s quarterly financial results. Implied volatility dropped to the 28 level on moderate trading volumes.
Tuesday, August 16, 2011
Surged on merger activity
Stocks moved solidly higher, as merger activity boosted investor sentiment. Google agreed to buy Motorola Mobility for $12.5 billion, the two companies said Monday. Motorola Mobility surged 56%. The merger also helped boost Research in Motion as well as Nokia. Among other tech stocks, IBM rose almost 3% after Goldman Sachs raised its rating on the tech giant to buy from neutral, and lifted his price target. Goldman also cut its rating on Lexmark International to sell from neutral, saying that the company’s supplies revenue is likely to come under industry pressure. Dell rose more than 4% a day ahead of the company’s quarterly financial results. Implied volatility dropped to the 28 level on moderate trading volumes.
