Dow now at 12,249, up 22 points.
NEW YORK (AP) — Strong earnings results and another round of
corporate deals led stocks higher Wednesday.
Family Dollar rose 22 percent after investor Nelson Peltz’s firm
offered to pay up to $60 a share to take the discount retailer
private. That was a 36 percent premium from Tuesday’s closing
price. Family Dollar rose the most of any stock in the Standard &
Poor’s 500 index.
Genzyme rose nearly 2 percent after French drug maker
Sanofi-Aventis agreed to buy the U.S. biotechnology firm for $20
billion in cash. The deal ended months of haggling between the two
companies.
Dell Inc. rose 10 percent a day after the personal computer maker
raised its revenue forecast for the fiscal current year, a sign
that businesses are spending more on computers, servers and other
technology.
Abercrombie & Fitch Co. rose 6 percent after the teen clothing
maker said its fourth-quarter net income nearly doubled on strong
sales overseas and better U.S. results.
Comcast Corp. also reported earnings that surpassed analysts’
expectations. Its stock rose 3 percent after more customers signed
up for a combination of TV, high-speed Internet access and digital
phone services.
