Stocks pared earlier losses as a $3.7 billion acquisition by Broadcom Corp. lifted technology shares. Morgan Stanley and Goldman Sachs Group Inc. fell at least 1.8 percent, following losses in European banks, and as Citigroup Inc. cut its third- quarter profit estimates for the U.S. lenders. Bank of America Corp. gained 0.1 percent on plans to cut about 30,000 jobs during the "next few years."
Global Industries Ltd. (Nasdaq: GLBL : 7.785, 2.635) shares jumped 51.17 percent or $2.64 to trade at $7.79 amidst reports that it has agreed to be bought by Technip the France-based provider of engineering services to the energy sector, for $8 a share in cash or roughly $937 million.
Broadcom Corp. (Nasdaq:BRCM : 32.53, -0.91) agreed to buy NetLogic Microsystems Inc. (Nasdaq: NETL) for $3.7 billion or 50 cents per share. Shares of Broadcom fell 1.82 percent or 61 cents to trade at $32.83 and shares of NetLogic were up 50.27 percent or $16.04 to trade at $47.95.
McGraw-Hill Cos. Inc. (NYSE: MHP : 39.33, 0.61) announced that it would separate into two companies, McGraw-Hill Markets, which would focus on capital and commodities markets and McGraw-Hill Education, which will have a focus on education services. Shares of MHP gained 1.83 percent or 71 cents to trade at $39.43.
Shares of Johnson and Johnson (NYSE: JNJ : 62.61, -1.03) were down 1.24 percent or 79 cents to trade at $62.85 amidst reports that the company did not succeed in obtaining U.S. clearance for more widespread usage of its arthritis drug Simponi.
Brady Corp. (NYSE: BRC : 27.03, 1.22) reported 37 percent increase in its fiscal 2011 fourth quarter net income to $29.6 million compared to $21.6 million in the same quarter last year. Earnings per diluted Class A Common Share were up 34.1 percent to 55 cents in the fourth quarter of fiscal 2011 compared to 41 cents in the fourth quarter of fiscal 2010. Analysts had forecasted net profit of 60 cents per share for the company. Sales for the quarter were up 6.3 percent to $343.1 million compared to $322.9 million in the fourth quarter of fiscal 2010. Shares added 2.60 percent or 67 cents to trade at $26.48.
Bank of America Corp. (NYSE:BAC : 6.945, -0.035) plans to reduce its annual expenses by $5 billion a year by 2013 through its major cost-cutting initiative. Shares added 0.50 percent or 4 cents to trade at $7.02. For the latest updates on the stock market, visit indonsia-stock-exchange.blogspot.com For the latest updates PRESS CTR + D or visit Stock Market news Today
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