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Published October 2, 2008 at 6:37 PM
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Even promising news that a $700 billion bailout package was approved by the Senate could not move the markets forward on Thursday. Investors were wary that a House approval is still necessary, and every minute that passes without a government bailout package is erroding investor confidence. Overall, Thursday ended in a bloodbath with the Dow closing down 348.22, or 3.22%, to 10,482.85 and the Nasdaq finishing down 92.68, or 4.48%, to 1,976.72. Here's a closer look of stocks involved in deals:
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- Microchip Technology Inc. finished down $1.43, or 4.96%, to $27.39 as it announced it would team up with On Semiconductor Corp. to buy chipmaker Atmel Corp. in a two-pronged deal that values the target at $2.3 billion. Meanwhile, the target jumped $1.12, or 34.15%, to $4.40. Atmel had lost more than a third of its value in the past year before Thursday, and plans for a turnaround haven't produced results, Microchip and ON told Bloomberg.
- Meanwhile, Bank of America Corp. shed 4.62% as it clarified John Thain's role after the completion of the Merrill Lynch & Co. acquisition. Thain is expected to manage the global banking, securities and wealth management at the combined firms. The move has industry experts speculating that Thain is the heir apparent to current Bank of America CEO Ken Lewis.
- Lastly, General Electric Co. raised more than $12.2 billion by selling 547.8 million shares for 9.2% less than Wednesday's closing price. Investors worried by the economy and dilution of stock pushed GE down nearly 9.6% to $22.15.
- Gerald Magpily
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