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These 3 Stocks Led the S&P 500 Higher in October
S&P 500 Jumps 8% in October The S&P 500 surged 159 points to 2,079 in October, with widespread strength throughout the market. Image courtesy Wikimedia Commons..
SanDisk (SNDK): Up 42% in October Source: SanDisk.
Why Did SanDisk Jump in October? Earlier in the month, strength in earnings from industry peers created interest in SanDisk. Then later in the month, merger speculation swirled around the stock, with potential buyers including peers in the hard disk drive and memory chip market. On October 21, Western Digital announced it would pay stock and cash worth a total of $86.50 per share. The deal give hard-drive specialist Western Digital a boost in the solid-state drive market, where SanDisk has a substantial presence.
KLA-Tencor (KLAC): Up 34% in October Source: KLA-Tencor.
Why Did KLA-Tencor Jump in October? On October 21, KLA-Tencor agreed to merge with Lam Research in a deal that values the company at $10.6 billion. Lam Research will pay shareholders a combination of cash and stock that will average out to $32 in cash plus half a share of Lam Research stock per KLA-Tencor share. The two companies believe that joining forces in what amounts to a merger of equals will allow both to compete more effectively as the tech industry requires higher performance from smaller chips that use less power.
TripAdvisor (TRIP): Up 33% in October Source: TripAdvisor.
Why Did TripAdvisor Jump in October? On October 14, TripAdvisor announced an instant booking partnership with rival Priceline Group. The partnership involves Priceline’s online travel brands making their inventory available to TripAdvisor customers through its proprietary booking platform. The deal demonstrates the strategic value of TripAdvisor’s investment in instant booking. For Priceline, the deal gives the company another distribution vehicle beyond its own websites to maximize revenue and profit from its pipeline of hotel offerings.
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