Stocks Mixed as Wall Street Cathces up with Overseas Markets!
U.S. equities snapped back to highs after probing session lows following the disappointment over the NAHB plunged in Feb, which was partly forgiven by investors after weather and "supply chain" effects, though the slant of the data continues to be downward. Perhaps that will continue to buy some relief from the Fed taper, as bad becomes good again. This is being led by NASDAQ, which is up 0.6%, which has dragged the blue chips back into positive territory. Pharmaceutical stocks are advancing after one of the companies in the sector, Forest Laboratories (FRX), agreed to be acquired by generic drug manufacturer Actavis (ACT). Meanwhile, pharmaceutical delivery company McKesson (MCK) and Rite Aid announced that McKesson would begin sourcing and distributing generic drugs to Rite Aid. WHAT’S NEW: Forest Laboratories, which develops branded drugs, agreed to sell itself to Actavis for about $25B, or $89.48 per share, the two companies announced earlier this morning. The purchase price represents a premium of about 25% per share over Forest’s stock price as of the close of trading on February 14, the companies stated. Actavis will pay the purchase price using a combination of cash and stock, the companies noted. Separately, McKesson and Rite Aid announced that McKesson would begin sourcing and distributing generic drugs for Rite Aid. The two companies previously had a wholesaling and distribution deal that did not include the sourcing and distribution of generics.
