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Stockhouse @ the Bell: Stocks close near record, this time on merger optimism (EBAY) (RFMD)

Stockhouse Editorial
0 Comments| February 24, 2014

Today in the markets
U.S. stocks rose Monday, with the S&P 500 closing just shy of its record high amid optimism over merger activity.

Canadian stocks were higher, pushed by rising energy stocks as investors looked to a heavy slate of earnings results from most of the big Canadian banks.

The S&P/TSX Composite Index was up 21.36 points at 14,227.08, while the TSX Venture Exchange edged down 2.71 points to close at 1,018.95.

Active stocks included eBay Inc. (NASDAQ: EBAY, Stock Forum), which rose 3.1% to $56.30 after the activist shareholder Carl Icahn disclosed a two per cent stake in the company. Icahn is looking to replace several members of eBay's board of directors.

RF Micro Devices Inc. (NASDAQ: RFMD, Stock Forum) climbed 21% to $7.03 on news that the firm has agreed to buy TriQuint Semiconductor Inc. (NASDAQ: TQNT, Stock Forum) for about $1.6 billion. TriQuint jumped 26% to $11.64.

Men’s Wearhouse Inc. (NYSE: MW, Stock Forum) has raised its cash tender offer for rival men’s clothing retailer Jos. A Bank Clothiers Inc. (NASDAQ: JOSB, Stock Forum) to $63.50 per share from $57.50. Men’s Wearhouse shares were up 8.2% to $59.57.

In Canada, Agrium Inc. (TSX: T.AGU, Stock Forum) was off 0.01% to $100.79 following a glowing research report form Scotia Capital analyst Ben Isaacson, who reiterated his $110 target price for the stock.

Eldorado Gold Corp. (TSX: T.ELD, Stock Forum) fell 2.5% to $7.76 after the gold miner said it plans to sell a minority stake in its stalled Eastern Dragon project to Chinese private equity firm CDH Investments, the Canadian miner said on Monday.

CDH will acquire 20 percent of the gold mine in the northern Chinese province of Heilongjiang for $40 million in cash, Eldorado said in a press release.

For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report

More to follow....


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