PVA, HSY, CBY, KFT, NSRGY, NDAQ, CF, TRA Popular Stocks
U.S. stocks rose Monday, as the Dow Jones Industrial Average grew 1.14% to 10435, the S&P 500 rose 1.21% to 1105 and the Nasdaq Composite Index gained 1.27% to 2173.
SunTrust Robinson Humphrey raised Penn Virginia Corp. (NYSE:PVA, $19.33, +$1.25, 6.91%) to buy from hold, citing valuation, resumption of production growth and its potential in the Marcellus Shale in the northeastern U.S. The firm said Penn Virginia is down about 25% since mid-October, underperforming the sector by about 15 percentage points, “and now appears to present an attractive buy opportunity.”
The charitable trust that controls Hershey Co. (NYSE:HSY, $36.28, -$0.60, -1.63%) is pushing the chocolate maker to launch a rival $17 billion bid for U.K. confectioner Cadbury PLC (NYSE:CBY, $53.90, +$1.10, 2.08%) that would be bigger and have more cash than what Kraft Foods Inc. (NYSE:KFT, $27.30, +$0.13, 0.48%) has offered, several people familiar with the matter. In the latest news, Hershey, Nestle SA (OTC:NSRGY, $47.79, +$0.68, 1.44%) and Italy’s Ferrero were all considering rival offers to the current GBP9.9 billion ($16.5 billion) bid from Kraft.
Goldman Sachs upgraded Nasdaq OMX Group Inc. (NASDAQ:NDAQ, $19.36, +$0.39, 2.06%) to buy from neutral, and estimates $10 million per quarter in revenue from a new British power exchange venture and $1 million to $2 million per month from the International Derivatives Clearing Group unit, dedicated to clearing interest rate swap transactions. Goldman downplayed Nasdaq’s share of the U.S. stock trade, which remains embattled, in favor of ongoing diversification efforts in the US and abroad.
Fertilizer maker CF Industries Holdings Inc. (NYSE:CF, $82.68, -$0.05, -0.06%) has proposed a merger deal which would allow rival Terra Industries Inc. (NYSE:TRA, $39.40, -$0.66, -1.65%) to seek other offers as the companies’ buyout battle continues. CF still said that offer doesn’t provide any basis for engagement.
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