Markets comeback, but Ambac still a big worry

Markets finished in the green as the bulls made a turnaround after a midafternoon stumble. Deal Stocks such as Parkeeter Inc.  [PKTR] made impressive gains, while others such as Ambac Financial Group Inc. [ABK] headed south, weighing down the markets before a late surge. Overall, the Dow finished up 41.19, or 0.34%, at 12,254.99, and the Nasdaq moved forward 12.53, or .55%, to 2,272.81. Here's a closer look at Deal Stock activity:

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• Network designer Parkeeter closed up $1.08, or 27.98%, the most since October 2001. The decline followed a buyout offer from hedge fund Elliot Associates LP. The offer was divulged in an SEC filing.
• Ambac fell as much as 20% after the bond insurer's plan to raise $1.5 billion fell short of investors' expectations and failed to soothe worries it may lose its AAA credit rating.
• Yahoo Inc. [YHOO] finished up slightly on news that it extended its deadline for nominating members to its board of directors. The move highlights Yahoo!'s continued defense strategy against bidder Microsoft Corp. [MSFT]. Meanwhile, The Wall Street Journal reported that Microsoft may make a bid for Time Warner Inc.'s [TWX] AOL unit.
• Delta Air Lines Inc. [DAL] elevated 9% on news that the company has resumed talks with Northwest Airlines Corp. pilot leaders to reach an agreement on combining their unions. The move would be the last major step needed for the carriers to merge, according to experts.

- Gerald Magpily

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