Page 25 - ARUBA TODAY

BUSINESS Tuesday 21 November 2017
A25

Technology companies, retailers send US stock indexes higher

By MARLEY JAY The Nasdaq composite
AP Markets Writer advanced 7.92 points, or
NEW YORK (AP) — U.S. 0.1 percent, to 6,790.71.
stocks rose Monday as a The Russell 2000 index of
mix of smaller, U.S.-focused smaller-company stocks
companies, technology climbed 10.57 points, or 0.7
firms and banks climbed. percent, to 1,503.40.
Drugmakers struggled, Chipmaker Marvell Tech-
which limited those gains. nology Group said it will
Retailers and smaller com- buy competitor Cavium for
panies rose for the third $6 billion. Cavium jumped
day in a row as their lat- $8.19, or 10.8 percent, to
est quarterly reports have $84.02 and it’s up 22 per-
investors feeling better cent over the last two
about the U.S. economy weeks on reports Marvell
and the amount of shop- would make a bid. Marvell
ping people are likely to rose $1.30, or 6.4 percent,
do over the holidays. to $21.59. Other technol-
Technology companies ogy companies also rose.
rose following another IBM added $1.54, or 1 per-
deal between chipmakers, cent, to $150.51 and Cisco
and industrial companies Systems gained 60 cents,
also posted gains. Traders Peter Tuchman, left, and Ryan Falvey work on the floor of the New York Stock Exchange. or 1.7 percent, to $36.50.
Companies that sell opioid U.S. stocks rose Monday as a mix of smaller, U.S.-focused companies, technology firms and banks A White House group said
pain medications tumbled climbed. the opioid drug epidemic
after the government re- (AP Photo/Richard Drew) cost the U.S. $504 billion in
leased a new, much high- do better, as they’ve done kets working,” he said. “This index picked up 3.29 points, 2016, far larger than oth-
er estimate of the costs of this year. is just a wonderful year for or 0.1 percent, to 2,582.14. er recent estimates, and
the ongoing addiction cri- “We’ve got developed international markets after The Dow Jones industrial av- companies that make
sis. Merck fell after a good markets working and a bit of a drought.” erage gained 72.09 points, those pain medications
report from competitor we’ve got emerging mar- The Standard & Poor’s 500 or 0.3 percent, to 23,430.33. traded sharply lower.q
Roche about a drug that
competes with Merck’s Marvell Technology buying Cavium in $6B deal
cancer medication Key-
truda.
Trading was relatively light. SANTA CLARA, Calif. (AP) — ter supply tech leaders like nologies purchased Broad- will lead the combined
That’s probably going to Marvell Technology has bid Apple, Google and Sam- com for $37 billion in 2016. company, with Cavium co-
be the case throughout the about $6 billion for Cavium sung. Under the proposed deal founder and CEO Syed Ali
week as the Thanksgiving in a cash-and-stock deal Last week, Qualcomm re- announced Monday, Ca- serving as a strategic advis-
holiday approaches and that would create a chip jected an unsolicited, $103 vium shareholders will get er and board member.
investors turn their atten- maker to compete with In- billion buyout from Broad- $40 per share and 2.1757 Cavium makes chips for
tion to 2018. Jeff Kravetz, tel and other giants in the com, saying the bid was Marvell common shares for wired and wireless tech
regional investment strat- industry. too low. each Cavium share they products and is prominent
egist for U.S. Bank Private The potential deal extends Qualcomm last year said own. Cavium Inc. stock- in networking technology.
Wealth Management, ex- a long-running consolida- it would buy NXP Semicon- holders are expected to Marvell makes applica-
pects more gains for U.S. tion for computer chip pro- ductors for $38 billion. That own about 25 percent of tion-specific chips and in-
stocks, but thinks indexes in ducers which are trying to deal remains under regula- the combined company. tegrated circuits for data
other parts of the world will grow so that they can bet- tory review. Avago Tech- Marvell CEO Matt Murphy storage.q