MARKET PULSE-Merck & Co, Tyson, Family Dollar, Time
(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 advanced on Monday, boosted by a number of major acquisitions, though gains were slight with key indexes continuing to hover around records. The Dow Jones industrial average was up 0.23 percent at 16,962.88, the S&P 500 was up 0.27 percent at 1,954.65 and the Nasdaq Composite was up 6.14 points, or 0.14 percent, at 4,327.54
** TIME INC, $22.72, -3.24 pct
** TIME WARNER INC, $69.06, +1.35 pct
Time Inc, home to titles such as People, Sports Illustrated and Time, debuted on the New York Stock Exchange at a time when the U.S. magazines lose readers to digital alternatives. Time Inc is the latest in a series of spinoffs by Time Warner, most notably of AOL Inc and Time Warner Cable Inc, following the disastrous merger of Time Warner and AOL in 2000.
** TYSON FOODS INC, $38.25, -4.66 pct
** HILLSHIRE BRANDS CO, $61.84, +4.96 pct
** PILGRIM'S PRIDE CORP, $24.77, -5.71 pct
Tyson Foods prevailed over Pilgrim's Pride in a bidding war between meat processors over Hillshire Brands, with an increased offer valuing the maker of Jimmy Dean sausages at $8.55 billion including debt. Continued...