MomentumOptionsTrading Mid-Day Update For 9/28/09

12:30 pm (EST) The bulls are in charge today as they have taken a number of positive developments to move the market higher. Mergers and acquisitions are the rave today as Abbott (ABT, $49.00, up $1.67) announced that it will acquire Solvay’s pharmaceuticals business for $6.6 billion ($4.5 billion euro) in cash. Xerox (XRX, $7.41, down $1.56) has made a pitch for Affiliated Computer Services (ACS, $53.35, up $6.10). It is a cash and stock deal valued at $63.00 per share or $6.4 billion as of the closing price of Xerox’s stock price from last Friday. ACS shareholders will receive a total of $18.60 per share in cash plus nearly 5 Xerox shares for each ACS share they own. There were plenty of upgrades today that have also given the market a lift. Barclays upgraded Cisco (CSCO, $23.83, up $1.21) from “Equal Weight” to “Overweight” and raised its price target from $24 to $28. ViroPharma (VPHM, $9.75, up $0.80) got an upgrade from “Perform” to “Outperform” and a new price target of $13. Accenture (ACN, $37.79, up $1.67) is up 5% after it got upgraded from “Hold” to “Buy” with a $45 price target. General Dynamics (GD, $64.42, up $1.43) was raised from “Hold” to “Buy”, as well, with a target of $78. And finally, U.S. Steel (X, $47.09, up $0.46) has turned positive after spending much of the morning in the red. Current subscribers can check the Members Area for the latest option trade for U.S Steel. Rick@MomentumOptionsTrading.com]]>

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MomentumOptionsTrading Mid-Day Update For 9/28/09

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