Reply #56: updating for blather

[ozymandius]

9:46
Dow 11,545.26 Up 48.69 (0.42%)
Nasdaq 2,295.31 Up 12.53 (0.55%)
S&P 500 1,267.14 Up 6.46 (0.51%)

09:35 am : The stock market opens on a modestly higher note, getting a boost from another better-than-expected earnings report from a major financial company.

Bank of America (BAC 29.40, +1.91) reported a 43% year-over-year drop in second quarter earnings per share to $0.72, although the results easily topped Wall Street's forecast of $0.53 per share. The financial sector is outperforming with a 1.1% gain.

In corporate news, Yahoo! (YHOO 21.72, -0.73) and activist investor Carl Icahn have reached an agreement regarding their pending proxy contest. Under the deal, Ichan will be appointed to the board, and two more seats will be filled from a list of nine candidates recommended by Icahn. In turn, Ichan will withdraw his nominees for vote at the annual meeting.

European pharmaceutical company Roche Holdings offered to acquire the remainder of Genentech (DNA 93.04, +11.22) for $43.7 billion, or $89 per share in cash. Roche already owns roughly 56% of Genentech. Shares of DNA are trading higher than the offer price on speculation that Roche will have to raise its bid.DJ30 +37.29 NASDAQ +7.73 SP500 +3.60