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NEW YORK (AP) — Strong earnings results and another round of corporate deals led stocks higher Wednesday.
Family Dollar rose 24 percent in early trading after activist investor Nelson Peltz's firm offered to pay up to $60 a share to take the discount retailer private. That was a 36 percent premium from Tuesday's closing price. Family Dollar rose the most of any stock in the Standard & Poor's 500 index.
Genzyme rose nearly 2 percent after French drug maker Sanofi-Aventis agreed to buy the U.S. biotechnology firm in an all-cash deal that valued the company at $20.1 billion. The deal ended months of corporate haggling between the two companies.
Dell Inc. rose 9 percent a day after the personal computer maker raised its revenue forecast for the fiscal current year, a sign that businesses are spending more on computers, servers and other technology.
Abercrombie & Fitch Co. rose 6 percent after the preppy teen clothing maker said its fourth-quarter net income nearly doubled on strong sales overseas and better U.S. results.
Comcast Corp. also reported earnings that surpassed analysts' expectations. Its stock rose 3 percent after more customers signed up for a combination of TV, high-speed Internet access and digital phone services.
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