Dow opens higher Monday on strong numbers from Caterpillar
November 1st, 2011
NYC, NY, United States (AHN) – The Dow Jones Industrial Average was better by 43 points Monday just before 10 a.m. following better than expected numbers from Caterpillar and a round of mergers and acquisitions news.
Caterpillar, the world’s biggest heavy machinery manufacturer, earned $1.71 a share, easily beating analysts’ estimates of $1.54.
Insurer Cigna announced plans to acquire Health Springs in a $3 billion deal, a 37 percent premium over the managed care specialist’s closing price on Friday.
Oracle reported it would purchase RightNow Technologies, a cloud-based customer provider, for $1.5 billion.
With no major American economic releases slated for Monday, and no final decision on the eurozone sovereign debt crisis expected until Wednesday, trading may be somewhat light until mid-week.
Light sweet crude rose 41 cents to $87.81 a barrel and gold rallied $20.50 to $1,657 an ounce.
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Categories: Financial Stocks
