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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject5/30/2001 1:08:14 PM
From: besttrader   of 37746
 
13:00 ET Dow -105, Nasdaq -77, S&P -14.42: [BRIEFING.COM] No real signs of significant buy interest today. The major averages continue to drift in negative territory in the absence of any positive catalysts to drive buy interest. Nonetheless, the medical products group is higher on news of a few acquisitions by Medtronic (MDT +0.1%) this morning. Specifically, the company announced an agreement to acquire insulin pump manufacturer MiniMed Inc. (MNMD +6.5%) for $48 per share in cash. In a separate but related transaction, Medtronic has also agreed to acquire Medical Research Group for $420 million in cash and stock... Separately, aquisition-related news is driving down shares of Tyco International (TYC -1.6%) in today's session. The company has entered a definitive agreement to acquire health care products manufacturer C. R. Bard (BCR +22.2%) for $3.2 billion in stock. The deal values BCR at approximately $60 per share, based on Tyco's closing price yesterday... The semiconductor sector is seeing notable sell pressure today with the SOX posting a 5.2% intraday loss. Cuts to earnings estimates by Morgan Stanley have contributed to weakness in the group. DJTA -0.5%... DJUA +0.2%... XOI -0.3%... BTK -2.3%... Nasdaq 100 -3.9%... S&P Midcap 400 -1.4%... Russell 2000 -1.2%... NYSE Adv/Dec 1113/1782... Nasdaq Adv/Dec 914/2613.
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