Merger and acquisition activity sparked a late afternoon rally to send the markets soaring with the Dow leaping 138 points to close at 15,254. Nasdaq rose 9 points to 3465.
On the upside
American Safety Insurance (NYSE: ASI) will be acquired by Fairfax Financial Holdings for a premium of approximately $306 million in cash.
Tesaro (Nasdaq: TSRO) partnered with the European Network of Gynecological Oncological Trial Groups to conduct a Phase 3 clinical trial for the ovarian cancer treatment niraparib. Tesaro also partnered with Breast International Group and the European Organization for Research and Treatment of Cancer for a Phase 3 trial of niraparib for the treatment of breast cancer.
On the downside
Zynga (Nasdaq: ZNGA) will eliminate 520 jobs, or 18% of its workers, in order to save between $70 million to $80 million per year.
Trading restrictions on 82% of SolarCity (Nasdaq: SCTY) will expire on June 10.
National Bank of Greece (NYSE: NBG) announced on Friday a tender offer to purchase up to 22.5 million American Depositary Shares.
In the broad market, declining issues edged out advancers by a margin of nearly 10 to 9 on the NYSE while advancers outpaced decliners by more than 7 to 5 on Nasdaq. The broader S&P 500 index gained 9 points to 1640.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here