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US close: EDS bid talk fires market higher

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Date: Monday 12 May 2008

LONDON (ShareCast) - A possible mega bid for Electronics Data Systems put some confidence back into investors after the battering at the end of last week, helping US stocks to close the day well in the blue.

Dow Jones finished up 130 points at 12,876 with Nasdaq rising 42 points to 2,488. The S&P 500 gained 15 points at 1,403.

EDS dominated the late trading as Hewlett Packard confirmed it is talking with the company about "a possible business combination". Reports earlier had suggested HP could offer between $12-13bn for the computer services company with a deal possibly unveiled as soon as tomorrow.

Research In Motion rallied after the wireless device maker unveiled the new version of its best selling Blackberry with quicker Web browsing and more room for songs and videos.

Sprint Nextel said first-quarter losses more than doubled to $505m as the number of monthly subscribers fell, but shares in the wireless carrier were still on the rise.

Bond insurer MBIA also gained despite reporting first quarter losses of $2.41bn as it incurred hefty charges due to the continued weakness in the credit markets.

Package delivery firm FedEx warned on Friday that fourth-quarter earnings will miss forecasts due to surging fuel costs.

Cablevision is apparently close to buying newspaper Newsday from Tribune Co. for $650m.

S&P 500 - Risers
Electronic Data Sys (EDS) $24.13 +27.94%
Tesoro Corp (TSO) $24.15 +9.97%
Clear Channel Com (CCU) $32.87 +9.57%
Computer Sciences Cp (CSC) $47.44 +8.96%

S&P 500 - Fallers
Hewlett Packard Co (HPQ) $46.64 -5.07%
Amer Intl Group Inc (AIG) $38.37 -4.74%
Transocean Inc (RIG) $148.22 -3.54%
Nvidia Corporation (NVDA) $21.89 -2.84%

Dow Jones I.A - Risers
Alcoa Inc (AA) $41.61 +6.58%
McDonald's Corporation (MCD) $60.87 +2.75%
Caterpillar Inc (CAT) $83.82 +2.52%
Home Depot Inc (HD) $28.65 +2.39%

Dow Jones I.A - Fallers
Hewlett Packard Co (HPQ) $46.64 -5.07%
Amer Intl Group Inc (AIG) $38.37 -4.74%
Citigroup Inc (C) $23.47 -0.68%

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