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Market Update

U.S. Movers: CBS, Jarden, Microsoft, Morgan Stanley, Verizon


Author: Mukesh Buch
ticker.com
Last Update: 12:14 PM ET September 03 2013

11:50 AM New York CBS climbed after a deal with Time Warner Cable. Jarden agreed to acquire Yankee Candle for $1.75 billion in cash. Microsoft agreed to buy handset business of Nokia for $7.2 billion. Morgan Stanley sued NCU Administration. Verizon increase dividend.

CBS Corporation climbed 4.2% or $2.15 to $53.25 after the broadcasting company and Time Warner Cable ended one-month blackout of CBS programs. Time Warner agreed to increase pay to transmit CBS programs signals less than $2 per subscriber a month.

Jarden Corporation, the consumer products maker agreed to acquire scented candles maker The Yankee Candle Company, Inc. for $1.75 billion in cash and up to $55 million in additional cash earn-out upon targets achieve from private-equity owner Madison Dearborn Partners.

The transaction is expected to close early in the fourth quarter of this year.

Microsoft Corporation (MSFT), agreed to buy handset business of Finland based Nokia Oyj and license its patents for 5.44 billion or $7.2 billion.

Stock of Nokia in New York surged 43% to $5.57.

Morgan Stanley (MS), the brokerage company sued by the National Credit Union Administration to recover losses on $566 million residential mortgage backed securities, that were sold to the U.S. Central and Western Corporate federal credit unions.

Verizon Communications Inc., the wireless telecom operator increase quarterly dividend of 53 cents a share, an increase of 2.9% from the last quarter and 6 cents per share from $2.06 to $2.12 per share. The quarterly dividend is payable on November 1.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc