US stocks are down a bit in midday trading, with the Nasdaq pacing the way lower. Tech shares are worse off today than others largely due to Google(GOOG), which is down 3.5% on news that they might flee the Chinese market completely.
Among gainers, the market LOVES Phillips-Van Heusen's (PVH) purchase of Tommy Hilfiger from private owners. I for one am impressed at the magnitude of earnings accretion that will be found here. Typically a private equity seller has sucked most of the cost savings out of a business, so this is impressive. Well...that or PVH is overly optimistic about potential synergies and cost savings.
Also up today are several firms partnering on a diabetes drug. Alkermes, Eli Lilly and Amylin are partners in the study, which has received a positive FDA response.
Among losers is pawnshop owner and cash-advance specialist EZCorp (EZPW), off 8.5% on huge volume with no readily available news. They are scheduled to present tomorrow at Roth Capital's OC Growth conference, so who knows, maybe they went on a day early.
Another loser today is CONSOL Energy, down 9% on news it will pay $3.5billion for the Appalachian oil & gas business of Dominion Resources (D). It's a huge deal to swallow, and investors are spooked at the price being paid for natural gas, which becomes ever more plentiful with each passing day).
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