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Merger Monday lived up to its name on Oct. 24 as TD Ameritrade (AMTD) - Get Report announced it would acquire Scottrade Financial Services for $4 billion and Chinese investment firm China Oceanwide Holdings agreed to acquire Genworth Financial (GNW) - Get Report for about $2.7 billion. The deals came just two days after AT&T (T) - Get Report and Time Warner (TWX) announced their epic $85.4 billion tie up. Aircraft interior maker B/E Aerospace (BEAV) announced Sunday that it would be acquired by Rockwell Collins (COL) adding to the M&A frenzy.
The M&A flurry, plus a batch of strong earnings from T-Mobile (TMUS) - Get Report , AT&T and others, helped propel the markets higher as investors debated the fall-out from such transformative deals amid a week where over a third of the S&P 500, including Action Alerts Plus holding Apple (AAPL) - Get Report , are set to report earnings.
The S&P 500 closed up 0.47%, the Dow Jones Industrial Average climbed 0.43%, and the Nasdaq popped 1%.
T-Mobile led the Nasdaq, closing up 9.5%. The mobile communications company reported adjusted earnings of 27 cents a share, beating estimates of 21 cents a share, based on the FactSet consensus estimate. T-Mobile said total revenue increased 17.8% to $9.2 billion, and it added 2 million customers during the quarter. T-Mobile's shares are up more than 30% this year. AT&T reported that consolidated revenues for the quarter were $40.9 billion, up 4.6%. The company increased its quarterly dividend to 48 cents a share, or a 5.2% yield at the current valuation.
But the news cycle continued to be dominated by the AT&T-Time Warner deal, with pundits and experts weighing in across the board. After a busy weekend that spilled over into the trading week, here are the top stories from TheStreet and its affiliates:
Get Laced Up for Under Armour's Earnings
Under Armour (UA) is on a mission to reach $10 billion in annual revenue by 2020, about double the amount the company expects to earn in 2016, but will it be able to reach that target? Full story
Will Verizon Join AT&T's Epic Content Binge?
After the acquisition of Time Warner is announced shares of the telecom as well as, T-Mobile USA and Sprint, surge as vertical consolidation strikes the telecom and media industries. Full story
Comcast-NBCUniversal Offers Shaky Model for Time Warner Takeover
Regulators are not bound by prior decisions, and they also are ambivalent about the performance of conditions imposed on the earlier deal, which raised different issues. Full story
Tweet of the Day:
The Internet of Things Is Transforming Health Care, But There's One Huge Risk
Consumer tech giants, medical device makers, Big Pharma and health insurers are all angling to profit from the $3 trillion-plus U.S. healthcare market, but security is a major concern. Full story
This story is part of a special series "The Internet of Things: Beyond the Hype." To Learn more about the IoT and the companies it affects, click here.
Berkshire Partners Wins Auction for Masergy
The Deal, a sister publication of TheStreet, previously reported that the IT services provider had retained Evercore to run its auction with a valuation target of $800 million to $1 billion. Full story
Chart of the Day: Illinois Tool Works Needs to Tighten the Screws
Illinois Tool Works (ITW) looks like it will continue to decline to test lower support levels in the next few weeks. Full story
Global Blood, FDA Reach Agreement on Pivotal Trial Design for Sickle Cell Disease Drug
The biotech wants to start screening sickle cell disease patients for the phase III study in December with the hope of having top-line results in the first half of 2019. Full story
Featured Video: Jim Cramer Weighs in on Rockwell's Acquisition of B/E Aerospace
Jim Cramer is fond of Rockwell Collins' proposed acquisition of B/E Aerospace, which was announced on Sunday. Full story