MARKET PULSE-BofA, OncoGenix, China internet stocks, Newmont, Vale
(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 rose on Monday, rebounding from the previous session's decline, amid a flurry of merger and acquisition activities in the pharmaceutical sector. The Dow Jones industrial average was up 0.33 percent at 16,415.02, the S&P 500 was up 0.03 percent at 1,863.95 and the Nasdaq Composite was down 0.56 percent at 4,052.913.
** BANK OF AMERICA CORP, $15.1, -5.33 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, $89.13, -0.79 pct
** FURIEX PHARMACEUTICALS INC, $103.1, +28.63 pct
Forest Laboratories said it would buy Furiex Pharmaceuticals for up to $1.46 billion, including milestone payments, to add a promising treatment for irritable bowel syndrome to its gastrointestinal drugs portfolio.