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Weak Rally on Light Volume
Aug 22, 4:18 PM ET |
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| Maytag agreed to be acquired for $21 by Whirlpool. Heinz and Smucker report weak earnings. |
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| Oil market took stocks on the ride. Stocks gyrated with oil and as oil settled lower at close stocks traded higer but not by much. Light volume on this summer day was reflected across all exchanges with NYSE showing only 1.4 billion shares. |
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Whirlpool and Maytag Merge
Aug 22, 2:50 PM ET |
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| J. M. Smucker 1Q earnings disappoint, Heinz beats views, Oil dropped from the day’s high of close to $66. Copper is up 2.5 cents. |
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| Maytag finally agreed to merge with Whirlpool but at a significantly higher price of $21 per share compared to the first bid received at $14 per share from Triton. Triton is not crying, for less than three months of work and simply for offering to buy Maytag it got break up fee of $40 million. |
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Semis and Oil Lead
Aug 22, 12:43 AM ET |
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| J. M. Smucker 1Q earnings disappoint, Heinz beats views, Oil advances toward $66 on concerns of possible supply disruptions in the Middle East. |
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| Mergers and acquisitions news is driving the market higher, as there are no economic reports scheduled for today. CP Ships, PetroKazakhstan and SBS Broadcasting have each climbed to new 52-week highs on M&A news. Emmis Communications has also reached a new peak on the news that the company has agreed to sell 9 TV stations. |
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Opening Weakens on Oil
Aug 22, 11:23 AM ET |
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| J. M. Smucker 1Q earnings disappoint, Heinz beats views, oil advances toward $66 on concerns of possible supply disruptions in the Middle East. |
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| Market breadth was positive at the opening though oil prices varied. With only a few earnings reports due to be released and no economic news on the calendar, fresh merger and acquisition activity is in the spotlight Monday. CNPC Intl. said it has agreed to buy PetroKazakhstan for $4.18 billion. SBS Broadcasting agreed to be acquired for $2.6 billion by two private equity companies. |
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Market to Rise on Deals
Aug 22, 8:36 AM ET |
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| Tokyo index hit a 4-year high, Europe also higher, dollar fell vs. yen, euro, oil above $65, J. M. Smucker 1Q earnings disappoint, Heinz beats views. |
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| With only a few earnings reports due to be released and no economic news on the calendar, fresh merger and acquisition activity is in the spotlight Monday. CNPC Intl. said it has agreed to buy PetroKazakhstan for $4.18 billion. SBS Broadcasting agreed to be acquired for $2.6 billion by two private equity companies. Germany's TUI AG has reached a deal to buy CP Ships Ltd. in a $2 billion deal to create the world's No.5 container shipping company. |
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