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Market Update : 
Market Recovers On Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 4:35 PM EST January 27 2006

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More than 50% of companies, this week, reported better-than-expected earnings. Earnings related momentum and strength in new home sales took market averages near year-high. Market ignored weak GDP report and rising oil price. Gold and natural gas fell during the day. Microsoft, Catepillar, Proctor & Gamble reported strong earnings. Retail, casinos and tech stocks joined in the rally.

 
CORPORATE NEWS

Mittal Steel (MT: chart) announced that it made a bid for steel producer Arcelor for more than $22 billion. The deal would value Arcelor at 28.21 euro per share, a 27% premium over the company's closing price on the Paris exchange on Thursday. Mittal said it also agreed to resell Canadian steel maker Dofasco, which Arcelor recently agreed to acquire, to German steelmaker ThyssenKrupp. ThyssenKrupp lost a bidding war for Dofasco earlier in the week, when Dofasco accepted a deal from Arcelor to be acquired for C$5.6 billion, or 3.95 billion euro.
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