MARKET PULSE-Magnum Hunter, Cogent, eBay, Facebook, Celladon
(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks jumped on Monday, with the S&P 500 climbing above key resistance to a record high, as optimism over merger activity helped Wall Street erase this year's early weakness. The Dow Jones industrial average was up 0.79 percent at 16,230.17, the S&P 500 was up 0.77 percent at 1,850.42 and the Nasdaq Composite was up 0.83 percent at 4,298.715.
** CELLADON CORP, $9.67, +27.74 pct
The biotechnology company said it granted to French company Servier an exclusive option to develop its experimental small molecule program to treat diabetes and metabolic disorders, outside the United States. If Servier exercised its option, depending on the outcome of studies, Celladon would receive upfront and milestone payments, as well as royalties on sales. The drugs are being tested in preclinical studies.
At least three brokerages, including Barclays, Wedbush and Stifel started coverage on Celladon with high ratings.
** TRIQUINT SEMICONDUCTOR INC, $11.64, +26.11 pct
** RF MICRO DEVICES INC, $7, +20.48 pct
Radio frequency chipmaker RF Micro Devices will buy peer TriQuint Semiconductor for about $1.6 billion to capture a larger share of the market for chips supplied to Apple Inc and Samsung Electronics Co Ltd.