After the close…
We have TBX down -6.0% on their earnings report and CEPH up +30% on M&A news. Also, BLK will join the S&P 500.
Today we had a nice run higher. More of that to come, right?
After the close, notable stocks reporting earnings include TIBX, LNDC, OXM and ZZ.
Today, Standard and Poors reported that BlackRock Inc. (BLK) will replace Genzyme Corp. (GENZ) in the S&P 500 index after the close of trading on Friday, April 1, 2011 (no fooling). S&P Global 1200 constituent Sanofi-aventis (SNY) is acquiring Genzyme in a deal expected to be completed soon.
Also, Valeant Pharmaceuticals International (VRX) announced that it had made a proposal to the Board of Directors of Cephalon (CEPH), to acquire Cephalon for $73.00 per share in cash. The proposal, valued at about $5.7 billion, represents a premium of approximately 29% over Cephalon’s 30-day trading average.
Tomorrow before the open we have three economic reports scheduled to be released. MBA Mortgage Index (Consensus NA), 2) Challenger Job Cuts (Consensus NA) and 3) ADP Employment Change (Consensus 210K).
Also tomorrow before the open, stocks expected to report earnings include AYI, FDO, GU, JOSB, LNN, SIG, and UNF.