Finance Markets

December 11, 2006

Miners down on M&A activity

Permalink: Miners down on M&A activity

Filed under: Equities, Economy, US

The New York equities markets were slightly higher at midday on Monday ahead of the next meeting of the US Federal Reserve and a new decision on interest rates. The Dow Jones Industrial Average was up 0.1 percent to 12,319.42, while the Nasdaq Composite had added 0.4 percent to 2,446.61 and the S&P 500 had gained 0.2 percent to 1,412.61.

Miners were lower on the session so far. Phelps Dodge dropped 0.3 percent to $123.25 after hedge fund SAC Capital Advisors LLC said they had purchased a stake and that it would oppose the effort by Freeport McMoran to buy the company. Freeport McMoran dropped 0.4 percent to $61.56 on the announcement.

The pharmaceuticals sector was still plagued by bad news from drug trials. Nuvelo was 80 percent lower to $3.92 after it said that clinical trials of two blood thinners it was developing were unsuccessful.

Citigroup was 1.4 percent higher to $52.58 on the news that it is bidding for Egg, Prudential’s internet banking unit.

In the chemicals sector, DuPont added 1.4 percent to $47.57 after it said it had upped its earnings forecast for the year from $2.86 per share to $3.25 per share. It also said it will cut 1,500 positions from its agriculture division.

Among technology companies, Cisco added 1.3 percent to $27.33, near its highest level in a year.

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