WellPoint, Aetna, Humana Fall; Merrimac Soars

Mayank Mehta
24 Dec, 2009
New York City

Natural resource stocks gain in New York trading on a rise in copper and gold prices. Health insurers declined after the Senate passed its version of healthcare bill. Crane Co acquires the electronics components maker for $52 million Merrimac Industries, Inc.

[R]11:45 AM New York – Natural resource stocks gain in New York trading on a rise in copper and gold prices. Health insurers declined after the Senate passed its version of healthcare bill. Crane Co acquires the electronics components maker for $52 million Merrimac Industries, Inc.[/R]

Of the stocks in S&P 500 index, 373 increased, 113 declined and 14 were unchanged.

Eastman Kodak Company led the decliners in the S&P 500 index with a loss of 1.3% followed by losses in Scripps Networks Interactive, Inc of 1.1% and in The Walt Disney Company of 0.9%, in Celgene Corporation of 0.8% and in Starbucks Corporation of 0.7%.

Tenet Healthcare Corporation led gainers in the S&P 500 index with a rise of 3.4% followed by gains in Advanced Micro Devices, Inc 2.6%, in Micron Technology, Inc of 2.5% and in JDS Uniphase Corporation of 2.4%.

Healthcare insurers declined after the U.S. Senate passed its version of healthcare reform bill in a 60-to-39 vote.

WellPoint, Inc ((WLP)) decreased 1.2%, Aetna declined 0.4%, Cigna Corp fell 0.03% and Humana Inc dropped 0.8%.

Other Movers

Arena Pharmaceuticals, Inc ((ARNA)) decreased 4.7% or 19 cents to $3.60 after the biotechnology company said Merck & Co. has decided to discontinue development of MK-1903, an investigational niacin receptor agonist to treat atherosclerosis being developed under its research collaboration with the company. Merck also informed Arena that the company will not continue the collaboration.

Barrick Gold Corporation ((ABX)) the gold miner rose 0.2% or 10 cents to $40.33 and Goldcorp Inc ((GG)) rose 1.5% or 62 cents to $40.65 after copper and gold advanced in New York and London. Newmont Mining Corporation ((NEM)) rose 0.7% or 38 cents to $48.43.

Merrimac Industries, Inc ((MRM)) the designer and maker of parts for satellite surged 37.6% or $4.34 to $15.88. Crane Co. signed a definitive agreement to buy Merrimac at 40% premium to Dec 22 closing at $16 a share or $52 million. Crane ((CR)) increased 2% to $32.10.

Oshkosh Corporation ((OSK)) increased 2.0% or 78 cents to $38.18 after received a contract of $54 million from the U.S. Army to supply more than 970 add-on protection kits for the MRAP All-Terrain Vehicle.

Tata Motors Limited ((TTM)) surged 6.5% or $1.06 to $17.19 after Finance Minister Pranab Mukherjee lifted fiscal year annual growth outlook to 8% from 6.5%.