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September 01, 2020 10:27am
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Higher Open On Corporate Consolidations

Corporate consolidations lifted the markets to a higher open with the Dow gaining 69 points to 11,878. Nasdaq soared 38 points to 2676.

On the upside

Cigna will pay a premium of approximately $3.8 billion in cash to acquire HealthSpring (NYSE: HS).  

Adolor (Nasdaq: ADLR) will be acquired by Cubist Pharmaceuticals (Nasdaq: CBST) for approximately $190 million in cash. 

Oracle (Nasdaq: ORCL) will pay a premium of approximately $1.5 billion to acquire RightNow Technologies (Nasdaq: RNOW). 

On the downside

AT&T (NYSE: T) will seek a dismissal of Sprint’s (NYSE: S) antitrust suit to prevent AT&T’s acquisition of T-Mobile USA.

Shares of MGIC Investment (NYSE: MTG) and Radian Group (NYSE: RDN) after the Arizona Department of Insurance seized PMI Group’s (NYSE: PMI) PMI Mortgage Insurance division.   

Kimberly-Clark (NYSE: KMB) disappointed with lower third quarter earnings and trimmed its full year earnings and revenue guidance.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 723.

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