Bulls pull Deal Stocks up as markets advance

Emerging from a four-day hibernation, the Bulls stampeded out of the gates to triple-digit gains on the DOW, only to slow down and catch its breath in midday Wednesday trading. The gains were buoyed by moderate support from Deal Stocks -- Packeteer Inc. [PKTR], Diebold Inc. [DBD], Yahoo! Corp. [YHOO]  and Clear Channel Communications Inc. [CCU]. Overall, advancing stocks outpaced decliners 2-to-1 as the Dow traded up 59.43, .49% to 12,273.23 and the Nasdaq bounced up 16.72, .74% to 2277.0 on Wednesday midday trading.

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• Network designer Packeteer jumped nearly 30%, the most since October 2001, on a buyout offer from hedge fund Elliot Associates LP. The offer was divulged in an SEC filing.
• Shares of Diebold inched up on news that it rejected United Technologies Corp.'s [UTX] $40 per share buyout offer pointing out that bid undervalues the company. Diebold's CEO said, "The $40 per share offer was far below Diebold's 52-week high of $54.50 seven months ago." Based on that statement, it sounds like Diebold is setting a bar for UTC.
• Technology giant Yahoo! advanced on news that it plans to thwart a hostile takeover from Microsoft Corp. Yahoo! extended its deadline for nominating members to its board of directors. The deadline for nominations would be 10 days after it announces the date of its annual shareholder meeting.
• Clear Channel Communications moved forward following an announcement that Providence Equity Partners Inc. and Wachovia Corp. will meet April 7 to settle a financing dispute. Wachovia claims it should no longer have to deliver on its obligations to finance $500 million of the purchase because the purchase price for the sale of television stations from Clear Channel to Providence has been changed to $1.1 billion from $1.2 billion.

- Gerald Magpily

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