Midday movers: Disney, General Motors, Ford
Stocks are lower in the first day of trading following the 2-day market closure in the aftermath of Sandy.
Disney (DIS) shares were down about 2% in the first day of trading after the company announced its purchase of Lucasfilm for about $4 billion.
Both General Motors (GM) and Ford (F) rose following their earnings reports.
Among the advancing stocks were two companies being acquired: Schiff Nutrition (SHF), which rose 46% after being bought by Bayer (BAYRY) for $34 per share in cash, and Warnaco (WRC), which jumped 37% after being acquired by PVH (PVH) in a cash and stock deal that values Warnaco at approximately $2.9 billion.
Decliners included Western Union (WU), down 29% following downgrades by at least six firms after its quarterly report, and Riverbed (RVBD), down 19% after its acquisition of OPNET (OPNT).
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Longtime market bull Jeremy Siegel says investors could realize the market is behind the curve on interest rates.
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