Market Up Slightly in Mid-Day Trading

The U.S. equity market is trading slightly higher in mid-day trading, with all three major indexes currently in green. The Dow Jones is currently up 0.06% to 11,030.32, the S&P 500 is currently up 0.27% to 1,181.51 and the Nasdaq is currently up 0.60% to 2,484.65.

Chico’s FAS Inc. (NYSE: CHS) shares are rallying in trading today, following the announcement of third-quarter financial results by the company. The Fort Myers, Florida-based retailer reported net income of $28.8 million, or $0.16 per diluted share for the third quarter of 2010, compared with net income of $22.7 million, or $0.13 per diluted share reported in the third quarter of 2009. The company’s third-quarter net sales increased 8.1% to $483 million, while its consolidated comparable store sales increased 3.1%. Chico’s FAS reported third-quarter gross margin of 57%, down from 57.6% reported in the third quarter of 2009. Shares of Chico’s FAS Inc. are currently up 9.41% to $11.02, after touching an intra-day high of $11.03.

Ladish Co. Inc. (NASDAQ: LDSH) shares are also rallying after the company entered into a definitive merger agreement with Allegheny Technologies Inc. (NYSE: ATI). Under the agreement between the two companies, Allegheny Technologies will acquire Ladish for $778 million. Each of Ladish shareholders will receive $24 in cash and $0.4556 of a share of Allegheny Technologies common stock for each Ladish common stock they hold. Allegheny’s Chairman and CEO said that the company’s unique industry-leading product portfolio combined with Ladish’s technologically advanced forgings, investment casting and machining capabilities creates a more integrated, stable and sustainable supply chain for the aerospace, defense, and industrial markets. Shares of Ladish are currently up 55.40% to $45.58, while those of Allegheny Technologies are down 1.92% to $48.98.

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