Russell 2000 heads rally
The Russell 2000 (NYSE: IWM) is leading the rally with the Dow Jones Industrial Average (INDU) in tow as stocks react to news of mergers and acquisitions.
At 10:04 a.m. ET the small-cap index had added 9.59 points, or 1.22%, to 797.97. The Dow was up 97.71 points, or 0.75%, to 13,188.57.
MGM Mirage (NYSE: MGM) will sell a 9.5% stake to Dubai World for $5 billion, according to news reports this morning. That comes to a price of $84 per share, 13% above the stock’s closing price of $74.32 on Tuesday.
Under the terms of the deal, which was approved by MGM’s board on Tuesday, Dubai World will also pay $2.7 billion to acquire 50% of CityCenter, a hotel and residential development slated to open in 2009.
At 10:04 a.m. ET the small-cap index had added 9.59 points, or 1.22%, to 797.97. The Dow was up 97.71 points, or 0.75%, to 13,188.57.
MGM Mirage (NYSE: MGM) will sell a 9.5% stake to Dubai World for $5 billion, according to news reports this morning. That comes to a price of $84 per share, 13% above the stock’s closing price of $74.32 on Tuesday.
Under the terms of the deal, which was approved by MGM’s board on Tuesday, Dubai World will also pay $2.7 billion to acquire 50% of CityCenter, a hotel and residential development slated to open in 2009.
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About the Author
Reporter Alex Alexandrov is based in SmallCapInvestor.com's Washington, D.C. bureau.