RealTime IT News

Just Another Merger Monday

Stocks posted strong gains on Monday, driven by yet another spate of corporate mergers.

In the tech sector, LSI acquired Agere , while Qualcomm picked up Bluetooth assets from RF Micro Devices .

Meanwhile, the merger of Mellon Financial and Bank of New York lifted financial shares, helping the broader market overcome weakness in Pfizer .

IBM surged on a positive mention in Barron's.

Novellus edged higher after raising sales and earnings guidance but reducing its orders outlook. SimpleTech soared on its outlook.

Openwave jumped after filing its quarterly report.

Sun was a big gainer, up 5% in heavy volume.

The Nasdaq soared 35 to 2448, the S&P 500 gained 12 to 1409, and the Dow rose 89 to 12,283. Volume rose to 2.77 billion shares on the NYSE, but declined to 2.04 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 21-9 on the Nasdaq. Upside volume was 70% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 475-6 on the NYSE, and 195-37 on the Nasdaq.