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"Stocks Open Higher on MBNA Acquisition



NEW YORK - U.S. stocks are trading higher Thursday after Bank of America announced its $35 billion acquisition of MBNA Corp. During the session, investor focus will turn to the Federal Reserve's expected quarter of a percentage point increase in the federal funds rate.
The Dow Jones industrial average is up 3.73 points, the Nasdaq is ahead 4.74 points and the S&P is higher by 1.02 points.

In Japan, the Nikkei 225 Stock Average closed up 0.1 percent to 11584.01, amid hopes foreign investors and newly established investment trusts will continue to buy exporter blue chips and utility stocks with steady dividend outlooks.

In London, the benchmark FTSE 100 was recently unchanged at 5,109.7, ahead of the U.S. Federal Reserve interest rate meeting later in the day.

In U.S. corporate news, Bank of America Corp. agreed to acquire MBNA Corp. for $35 billion to enhance its product mix and customer reach. In a press release Thursday, the companies said the bid values MBNA at $27.50 a share. Bank of America's proposal represents a premium of 31 percent, based on MBNA's Wednesday closing price of $21.07 on the New York Stock Exchange.

Boeing Co. today is expected to name 3M Co. Chairman and Chief Executive W. James McNerney Jr. as its new CEO, tapping an outside leader with aviation-industry experience to help repair the company's reputation in the wake of a series of scandals, The Wall Street Journal reported Thursday. McNerney, who earlier ran General Electric's jet-engine unit and has served on the Boeing board since 2001, becomes the aerospace giant's third top official in the past year and a half. McNerney also will be named Boeing's chairman, say people familiar with the situation.

Ending an arduous months-long fight over who will lead one of Wall Street's most storied institutions, Morgan Stanley's board is expected to meet today to elect John Mack as chief executive, the Journal reported Thursday. The board is turning to the former Morgan Stanley president to heal the wounds the company has endured amid a culture clash that began when the investment-banking giant merged with Main Street brokerage firm Dean Witter Discover in 1997, in a bid to become a financial-services supermarket.

After the bell Wednesday, Research in Motion reported earning 67 cents a share in the first quarter but reported fewer new subscribers than analysts had expected. 3Com Corp.'s fourth-quarter loss widened to 15 cents a share from 5 cents a share a year earlier. BMC Software reported lower-than expected fourth-quarter earnings but guided towards full-year 2005 earnings above analysts' estimates.

Medical-products group Biomet said early Thursday that fiscal fourth-quarter net income rose 29.1 percent to $103.2 million, or 42 cents a share, with sales up 12.5 percent to $503.1 million. The company also said it was comfortable with Wall Street's expectations for the first quarter and for fiscal 2006.

Wine company Constellation Brands is expected to report earnings of 30 cents a share in its first quarter Thursday. Also reporting are World Wrestling Entertainment, McCormick & Co. and packaged-foods company ConAgra.

The two-day Federal Open Market Committee meeting ends Thursday, and an interest rate decision is expected at 2:15 p.m. Universal consensus among primary dealers is for a hike in the federal funds target rate to 3.25 percent from 3.00 percent.

The National Association of Purchasing Management-Chicago is due to report the June manufacturing index at 10:00 a.m. Economists look for a minimal increase to a reading of 54.2 from 54.1 in May.

Stocks fell Wednesday in front of Thursday's interest rate decision by the Federal Reserve, although investors backed American International Group and Oracle. "