PeopleSoft continued to spurn Oracle’s
advances on Tuesday.
In an open letter to shareholders, PeopleSoft’s board of directors said Oracle’s $6.3 billion hostile takeover offer poses “extraordinary risks” for PeopleSoft shareholders and undervalues the company.
The board reiterated its argument that an Oracle takeover would face likely rejection by the Justice Department. Coupled with the uncertainty of Oracle’s commitment to PeopleSoft products, the offer presents “massive downside risk” for PSFT shareholders, the company said.
PeopleSoft reiterated its claim that moving ahead with its planned merger with JD Edwards remains the best course for the company.
Oracle, for its part, reiterated its commitment to PeopleSoft customers and shareholders.
Note: The Market Close and Technical Analysis will return Monday, July 7. Happy holiday.
The second half of the year got off to a rousing start for investors, as a sharp sell-off on a weaker than expected ISM manufacturing survey turned into across-the-board gains after a judge dismissed a class action suit against Merrill Lynch , and investors decided that the manufacturing report was ultimately a positive because new orders and production both rose.
The Nasdaq gained 17 to 1640, the S&P 500 climbed 7 to 982, and the Dow rose 55 to 9040. Volume declined to 1.46 billion shares on the NYSE, and 1.7 billion on the Nasdaq. Advancers led 19-12 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 63% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 110-6 on the NYSE, and 120-12 on the Nasdaq.
In the echoes of 1999 department, eBay , Amazon
and Yahoo
all hit new 52-week highs. Amazon rose 2.6% on a new electronics store for Amazon.com Japan, and eBay climbed 2.5% on a partnership with the Small Business Administration.
SBC climbed 1.9% on WiFi plans.
DoubleClick gained 1.7% on an acquisition.
24/7 Media rose 6% on patent claims, while RealNetworks
slipped on patent troubles.
Chinese Internet stocks were higher once again, with Sina.com surging 6.6%.
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