Stocks quoted in this article:
One of the best-performing indices this afternoon has been the PHLX Utility Index (UTY – 343.10), which has risen by over seven points, or more than two percent. This advance has taken the index to levels not seen since mid-June 1999. Since the UTY's near-term intraday bottom on June 30, it has stepped up by 22 percent, obtaining tenacious support from its uptrending 20-day moving average.
Leading the index higher today is Niagara Mohawk (NMK – 15-11/16), which has elevated by 13 percent on news that National Grid Group (NGG – 40-5/8) will acquire NMK for $19 per share, or about $3 billion. This development has lifted NMK to its highest intraday level since August 1994.
Other top UTY performers include Edison International (EIX – 21-1/2), up 4.8 percent; CP&L Energy (CPL – 38-13/16), up 3.1 percent; and TXU Corp. (TXU – 36-3/8), up three percent.