Stocks Opened Higher on M&A Deal Hopes

U.S. stocks opened higher on Tuesday, with sentiment lifted by hopes for a merger between Office Depot Inc. (NYSE:OMX) and OfficeMax Inc. (NYSE:ODP) The Dow Jones Industrial Average lately rose 53.56 points to 14,035.32. The S&P 500 index climbed 6.51 points, or 0.43%, to 1,526.30. The Nasdaq Composite added 11.97 points, or 0.37%, to 3,204.00.

Retailers OfficeMax Inc. and Office Depot Inc. are in advanced merger discussions, The Wall Street Journal reported Monday. Office Depot’s (US:ODP)  market value is $1.3 billion, while OfficeMax’s (US:OMX)  is just under $933 million.

Google Inc. has been developing plans to launch retail stores in the U.S., said people familiar with the matter, in another sign the company is studying Apple Inc.’s playbook for building a consumer-electronics brand.

Ford (NYS:F), PSA Peugeot Citroen (UG.PA) and Toyota <7203.T> led European car sales to a new low in January, kicking off 2013 with an 8.5 percent decline, the Association of European Automakers said on Tuesday.

About the Author

has written 14922 stories on this site.

Copyright © 2012 Nine Stocks