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Published February 27, 2008 at 6:13 PM
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Stocks involved in pending deals saw mixed performance Wednesday as the rally the Dow Jones Industrial Average had over the prior two days came to a close. Following two consecutive days of 100-plus point gains, the Dow picked up a modest 9.36 points Wednesday to close at 12,694.28.
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Delta Air Lines Inc. and Northwest Airlines Corp. slipped 5.72% to $15 per share and 5.68% to $15.10 per share, respectively, on news that the pilots from the two airlines are still debating how the two labor groups would merge. Financial details of a potential deal have yet to be disclosed.
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XM Satellite Radio Holdings Inc.'s and Sirius Satellite Radio Inc.'s shares fell 5.26% to $12.14 and 3.61% to $2.94, respectively. Investors have pulled back as the $13 billion merger between the radio rivals has yet to receive long-awaited Federal Communications Commission and Department of Justice approval.
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Chipmaker Amis Holdings Inc. was a bright spot in the Deal Stock universe, climbing 5.16% to $7.13 per share on the day. Amis is the target of an acquisition by ON Semiconductor Corp., which gained 5.2% to $6.27 per share. This would value the deal at $7.21 per share as ON Semi has agreed to issue 1.15 of its own shares for every Amis share.
- Michael Rudnick
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