Ticker Shock: Eli Lilly, Constellation Energy Get Bid Up
Thursday's top stories and stocks with potential to move.
74! That's the number of Senators who voted for the rescue bill last night. Incredibly, 25 did not.
All eyes are now on Friday, when the House of Representatives is scheduled to vote. I remain as skeptical as ever as to whether the House will seal the deal (though my fingers are definitely crossed).
At the time of this writing, Europe was up, Japan was down, and the Dow and S&P futures were pointing to a lower open.
But I am starting to hear more people talking about dipping into the market - which makes me wonder if we're nearing a bottom. Can't hurt to hope.
Some good news, for a change: UBS thinks it can post a third-quarter profit, albeit a small one. The full earnings release is due out November 4th; the bank has also substantially reduced its mortgage-related positions, which should help it regain its footing.
This should soothe anxious shareholders, who have had a wild ride this year, to say the least. I'm hopeful this good news will spill over to the rest of the financials, but I think that the uncertain future of the rescue plan could mute enthusiasm.
Eli Lilly (LLY)
Earlier this week, I said ImClone (IMCL) was looking for a big-name drug company to bid on the company. Eli Lilly may be stepping up to the plate. The company seems to be in talks to acquire the biotech at $70 a share, well north of the $62 Bristol Myers (BMY) had offered.
Will Bristol up its offer? I wouldn't totally rule that out at this point - though Icahn, who's on the ImClone board, is sure to be a whole lot friendlier toward something $70 or north. I do think ImClone is on the verge of being snapped up, regardless.
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