Merger and acquisition activity lifted the markets to a higher open with the Dow surging 155
points to 11,425. Nasdaq soared 34 points to
2542.
On the upside
Google (Nasdaq: GOOG) will pay a premium of approximately $12.5 billion in cash to acquire Motorola Mobility (NYSE: MMI).Shares of Nokia (NYSE: NOK) rose after news of Motorola's (NYSE: MMI) acquisition sparked speculation that Nokia will be a take-over target.
Zagg (Nasdaq: ZAGG) reported higher second quarter earnings that beat analyst expectations as revenue more than doubled.
On the downside
InterDigital (Nasdaq: IDCC) stock tumbled after Google's (Nasdaq: GOOG) acquisition of Motorola Mobility (NYSE: MMI) dampened rumors that InterDigital would be acquired by Google.
Estee Lauder (NYSE: EL) reported higher fourth quarter earnings as revenue rose but the beauty products company forecast 2012 results below analyst expectations.
Sysco (NYSE: SYY) reported flat fourth quarter earnings and forecast 2012 results that missed estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 13 points to 710.
