MARKET PULSE-BofA, OncoGenix, Pozen, Newmont, Furiex, Athersys
(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 opened higher on Monday, rebounding from a decline in the previous session on the back of merger and acquisition activity in the pharmaceuticals sector. The Dow Jones industrial average was up 0.43 percent at 16,432.36, the S&P 500 was up 0.21 percent at 1,867.26 and the Nasdaq Composite was unchanged at 4,075.604.
** BANK OF AMERICA CORP, $15.14, -5.08 pct
The bank said it would suspend its $4-billion stock buyback program and a planned increase in its quarterly dividend because it miscalculated the level of its capital after buying Merrill Lynch in 2009. The restatement means that the bank holds less capital than previously estimated.
** FOREST LABORATORIES INC, $89.9, +0.07 pct
** FURIEX PHARMACEUTICALS INC, $102.84, +28.31 pct
Forest Laboratories said it would buy Furiex Pharmaceuticals for up to $1.46 billion including milestone payments to access Furiex's promising treatment for irritable bowel syndrome.