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Strategies & Market Trends : LastShadow's Position Trading
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To: Jeff Jordan who wrote (38472)9/13/2000 9:05:35 AM
From: LastShadow  Read Replies (1) of 43080
 
WSJ: Chase to acquire JP Morgan

NEW YORK (AP) - Chase Manhattan Corp. has agreed to acquire J.P. Morgan & Co. for about $36 billion in stock, creating a union between two of the oldest and most prestigious financial firms in the U.S., according to a report. Citing people familiar with the matter, The Wall Street Journal reported late Tuesday that the boards of both companies have approved the deal and could make an announcement as early as Wednesday. A potential merger between banking powerhouses Chase and J.P. Morgan is seen by analysts as a good match because the two firms' array of services complement each other. Shares of J.P. Morgan surged nearly 10% Tuesday following reports that Chase Manhattan has made a serious bid for the 150-year-old Wall Street institution.

Corning jumps into DNA chip market

CORNING, N.Y. (AP) - Using a high-volume manufacturing process, Corning Inc. is swooping into the business of making microarrays - DNA chips used to analyze thousands of genes at once. The materials company said Tuesday that its new technology, expected to shift into high gear by early next year, will speed current production of microarrays at least 10-fold. That could accelerate genetic research and speed the discovery of new drugs. The business of selling genetic information to biotechnology companies, government and academic laboratories is expected to grow from $250 million to $1 billion in the next five years, Corning said. The company said it expects to grab control of as much as half of the microarray market by then and perhaps overtake market leader Affymetrix, based in Santa Clara, Calif.
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