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Stock Market News Today: Icahn, Drug Stocks, and Record Close

Stock Market News Today, Nov. 11: The stock market today is inching up today, with the Dow headed for another record close. The S&P 500 is up about 0.04% at 1,771 points, and the Dow Jones Industrial Average is up 0.1% to 15,774 points. The Nasdaq Composite Index is up 0.1% at 3,921. Meanwhile, crude oil is trading up a bit today, with light crude oil for December delivery up about 0.2% near $94.80. And gold is down a tad near $1,281 an ounce, likely still weighed by last week's stronger than expected jobs report.

Stock Market News Today, Nov. 11: The stock market today is inching up today, with the Dow headed for another record close.

The S&P 500 is up about 0.04% at 1,771 points, and the Dow Jones Industrial Average is up 0.1% to 15,774 points. The Nasdaq Composite Index is up 0.1% at 3,921.

Meanwhile, crude oil is trading up a bit today, with light crude oil for December delivery up about 0.2% near $94.80. And gold is down a tad near $1,281 an ounce, likely still weighed by last week's stronger than expected jobs report.

Stock Market Movers Today: Transocean Caves to Icahn Pressure

In significant stock market news today, Amazon (Nasdaq: AMZN) shares are up about 1% after it said the U.S. Postal Service will start delivering packages on Sundays in the Los Angeles and New York metropolitan areas. The service will be available to Amazon Prime members who receive unlimited, free two-day shipping.

The service will be rolled out to other cities in 2014, among others Dallas, New Orleans, and Phoenix in 2014.

And, Transocean (NYSE: RIG) is up 4% this afternoon after bending to pressure from investor Carl Icahn to initiate a stronger dividend and reduce its board size.

Transocean says it has entered into an agreement with Icahn to propose and support at its annual meeting: a $3 per share dividend; the re-election of Samuel Merksamer and election of Vincent Intrieri, both Icahn employees; and a reduction in board seats to 11 from 14. Also, Icahn agreed to vote in favor of the board's slate of director nominees.

Analyst Actions: Wall Street Chimes in on Burlington

In major analyst actions today, Burlington Stores (NYSE: BURL) is up about 2% at $27.74 after several positive analyst recommendations, including Bank of America today initiating coverage with a Buy rating. BURL began trading on the New York Stock Exchange Oct. 2.

Also today, Cowen and Co. began coverage of Burlington Stores at Outperform, matching new recommendations at Morgan Stanley and Well Fargo, while Goldman Sachs initiated the clothing retailer with a Neutral rating. SunTrust initiated the stock at Buy, and JPMorgan started the stock at Overweight.

Mergers and Acquisitions: VioPharma Inc.

In acquisition news today, rare disease drug company ViroPharma Inc. (Nasdaq: VPHM) is up 26% this afternoon, to its highest level in nearly 12 years. The spike comes on the heels of an announcement that it has been sold to U.K.-based Shire for $4.2 billion in cash.

The $50 per share price is a 27% premium to ViroPharma's closing share price on Friday, Nov. 8, 2013. ViroPharma's commercial product CINRYZE is a leading brand for the prophylactic treatment of hereditary angioedema.

And in other stock-moving acquisition news today, KKR & Co LP (NYSE: KKR) is narrowly lower in late trade, and the private-equity and investment firm is confirming earlier reports it will acquire landscape maintenance and snow removal services company Brickman Group for $1.6 billion from Leonard Green & Partners, L.P. and other shareholders.

Today's top story: "Democratize" Gold and Give the Government a Black Eye

Tags: , , , , Nasdaq: AMZN, Nasdaq: VPHM, NYSE: BURL, NYSE: KKR, , , , ,
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