UnitedHealth Deal Spikes Catamaran as Stocks Rally in Midday Trading

Encouraging comments from China’s central bank chief on stimulating its economy and deal talks sparked a rally on Wall Street Monday. The Dow spiked more than 250 points in midday trading. UnitedHealth (UNH) was by far the best performing blue chip. The nation’s largest health insurer will buy pharmacy-benefit manager Catamaran (CTRX) for $12.8 billion. Shares of Catamaran surged 24%. Intel (INTC) was the Dow’s biggest laggard in the session as it gave back some of Friday’s gains. Altera (ALTR) also fell after rising on the Wall Street Journal’s report that Intel may be interested in acquiring it. GNC Holdings (GNC) was sharply higher after reaching a deal with the New York Attorney General. The 'wellness' retailer affirmed its products were in full compliance with the Food and Drug Administration.