Russell 2000 opens higher
The Russell 2000 (NYSE:IWM) has opened strong on news that investment bank JPMorgan Chase & Co. (NYSE:JPM) may improve its offer for Bear Stearns (NYSE:BSC).
At 10:09 a.m. ET, the small-cap index was up 12.12 points, or 1.78%, to 693.54. The Dow Jones Industrial Average (INDU) had advanced 168.52 points, or 1.36%, to 12,529.84.
Stocks small and large opened in the green on news that JPMorgan Chase & Co. may improve its offer for Bear Stearns to $10 a share from $2 a share in an attempt to appease Bear Stearns’ shareholders, many of whom are angry at the low price of the original offer.
An announcement on the future of the deal is expected today, according to news reports.
Shares of Pericom Semiconductor Corp. (Nasdaq:PSEM) are among the winners this morning on news before the opening that the San Jose, Calif.-based supplier of integrated circuits and frequency control products raised its third-quarter revenue guidance.
Similarly, China Fire & Security Group, Inc. (Nasdaq:CFSG), which provides industrial fire protection products, is seeing its stock rise on news before the start of trading that fourth-quarter net income surged 153.8%.
