Wall Street managed an advance Monday after drugmakers Merck and Schering-Plough announced a $41 billion deal.
Big acquisitions tend to galvanize the stock market, and news of the Merck-Schering-Plough deal did help lift stocks from an early decline. Still, investors were still extremely pessimistic as they waited for clues about when the economy might turn around.
Merck & Co. has offered Schering-Plough shareholders $10.50 in cash and just over half of one Merck share for each of their shares. The price represents a 34 percent premium to Schering-Plough's closing stock price on Friday.
There was still downbeat economic news Monday. Newspaper publisher McClatchy Co., which plans to eliminate 1,600 jobs, or 15 percent of its work force, as it battles declining advertising revenue.
Investors were also mindful of remarks from billionaire investor Warren Buffett, who said during an appearance on CNBC that the economy has "fallen off a cliff" over the past six months. He noted that consumers have changed their habits in remarkable ways.
In midmorning trading, the Dow Jones industrial average fell 12.43, or 0.2 percent, to 6,614.51. The Standard & Poor's 500 index rose 0.69, or 0.1 percent, to 684.07, while the Nasdaq composite index fell 2.92, or 0.2 percent, to 1,290.93.
Yesterday’s Top Performing SmallCapVoice.com stock:
GreenChek Technologies Inc. (OTC BB: GCHK) was a SmallCapVoice.com top performer moving up over 20% on trading volume of 57,500 shares.
GreenChek manufactures and distributes hydrogen injection technology which is primarily focused on mobile transportation applications, as well as stationary power generation applications. GreenChek provides innovative world class mobile Greenhouse Gas (GHG) emissions reduction technology, while greatly enhancing fuel economy for the mobile transportation industry. GreenChek’s Onboard Hydrogen Generation and Injection (OHGI) technology is positioned to occupy the pre-eminent position in the emerging market for emissions reduction technology and fuel economy enhancement. GreenChek has operations in the United States, Canada, Asia and Europe.
Ronn Motor Company, Inc. is a design and manufacturing company focused on the leading edge engineering of environmentally friendly, finely built premium automobiles and technology. These systems include Hydrogen Fuel, Fuel cells, and Plug in-electrics. These features, coupled with RMC's core values of a strong sense of ethics, environmental sensitivity and premium quality, positions the Company as one of the new leaders in an automotive industry transitioning toward fuel efficiency.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Ronn Motor Company, Inc. (Pink Sheets: RNNM)
Ronn Motor Company, Inc. announced today the Company has entered into an Investment Banking Advisory Agreement with Pepperwood Partners of Dallas, Texas in order to enhance the Company's growth plans and seek a best efforts capital infusion of $25 million, for ongoing development of their hydrogen, hydrogen fuel cell, electric and alternative environmentally clean automobile systems.
Ronn Motor Company, Inc. is a design and manufacturing company focused on the leading edge engineering of environmentally friendly, finely built premium automobiles and technology. These systems include Hydrogen Fuel, Fuel cells, and Plug in-electrics. These features, coupled with RMC's core values of a strong sense of ethics, environmental sensitivity and premium quality, positions the Company as one of the new leaders in an automotive industry transitioning toward fuel efficiency.
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