Market Wrap For Wednesday, September 4: Markets Increase Slightly As M&As Continue To Rise

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Staying on course for yesterday's
acquisition frenzy
, several mergers and acquisitions were announced on Wednesday, September 4.
Major Averages
The Dow Jones Industrial Average increased by 96.91 points, or 0.65 percent, to 14,930.87. The S&P 500 rose 13.31 points, or 0.81 percent, to 1,653.08. The Nasdaq improved upon yesterday's gains after rising 36.43 points, or 1.01 percent, to 3,649.04. The Russell 3000 continued to rise as well, gaining 7.99 points, or 0.81 percent, to 988.84.
Acquisitions And Purchases
Shortly after the market close,
Louisiana-Pacific CorporationLPX
announced that it will
acquire
all of the outstanding common shares of Ainsworth Lumber Co. Ltd. for a total consideration that equates to C$3.76 per Ainsworth common share. This is based on the closing price of Louisiana-Pacific's common shares on September 3, 2013.
Meritage Homes CorporationMTH
announced that it will enter the Nashville, Tennessee market after acquiring the
assets and operations
of Phillips Builders.
Wheeler Real Estate Investment TrustWHLR
revealed its
plans
to acquire Tampa Festival and Forrest Gallery for $23.4 million.
Newcastle Investment Corp.NCT
announced today that it has
acquired
the Dow Jones Local Media Group from
News Corp.NWS
for $87 million.
Independence Holding CompanyIHC
announced that it has commenced a tender offer to purchase as many as 762,640 shares of the common stock of
American Independence Corp.AMIC
. The deal could provide American Independence with $10 cash per share. MGT Interactive, a subsidiary of
MGT Capital Investments, Inc.MGT
, acquired
some assets
from Gioia Systems LLC. No terms were disclosed.
Arthur J. Gallagher & Co.AJG
will
acquire
the Giles Group of companies headquartered in London, England for an undisclosed sum.
Rochester Medical CorporationROCM
announced that it has entered into a definitive merger agreement with
C. R. Bard, Inc.BCR
. The deal is worth
approximately
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$262 million or $20 per share.
Broadcom CorporationBRCM
will acquire LTE-related assets from affiliates of
Renesas Electronics CorporationRNECY
for
$164 million
.
Spreadtrum Communications, Inc.SPRD
received
shareholder approval
to be acquired by Tsinghua Unigroup.
Biggest Stock GainersCienaCIEN
gained 13.83 percent and closed at $23.54 after posting a positive third-quarter profit.
E*TRADE FinancialETFC
closed at $15.71 -- an 8.05 percent gain -- after E*TRADE Bank (a subsidiary) received regulatory approval to dividend capital to the parent company.
Micron TechnologyMU
rose 5.3 percent to $14.75 after Sterne Agee's Vijay Rakesh made some bullish comments on the stock. Last but not least,
SouFun HoldingsSFUN
soared 6.26 percent to $50.07.
Biggest Stock LosersFrancesca's HoldingsFRAN
lost more than 25 percent of its value and closed at $17.79 after reporting disappointing earnings results.
SAICSAI
dropped 4.88 percent to $14.41, also due to poor earnings and a reduced forecast.
Ryanair HoldingsRYAAY
closed at $44.51 -- an 8.9 percent decline -- after the firm warned that full-year profits could fall short of expectations.
Volume And VolatilitySPDR S&P 500 ETFSPY
trading volume came in at roughly 97.1 million shares today -- a bit lower than the 131.5 million shares that were traded Tuesday and the 126.8 million average traded over the last three months. Meanwhile, the VIX index plummeted 4.39 percent to 15.88.
Commodities
Gold futures dropped 0.62 percent to $1,401.80. Silver futures dropped 4.26 percent to $23.33. Platinum plummeted 2.74 percent to $1,496.00. Disclosure:
At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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Posted In: After-Hours CenterMarketsAinsworth Lumber Co.American Independence Corp.Arthur J. Gallagher & Co.broadcom corporationC. R. BardcienaDow Jones Industrial AverageDow Jones Local Media GroupE*TRADE BankE*Trade FinancialForrest GalleryFrancesca's HoldingsGiles GroupGioia Systems LLCGoldInc.Independence Holding CompanyLouisiana-Pacific CorporationMeritage Homes CorporationMGT Capital InvestmentsMGT InteractiveMicron TechnologyNASDAQNewcastle Investment Corp.News Corp.Phillips BuildersRenesas Electronics CorporationRochester Medical CorporationRussell 3000Ryanair HoldingsS&P 500SAICSilverSouFun HoldingsSPDR S&P 500 ETFSpreadtrum CommunicationsSterne AgeeTampa FestivalTsinghua UnigroupVijay RakeshVix indexWheeler Real Estate Investment Trust
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