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Quiet Trading on Merger Monday
Oct 09, 4:09 PM EDT |
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| Gold up for a third day in a row, volatile oil closed lower. Cablevision in a bid to be taken to private at $27 per share. |
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| With the bond market closed for a holiday and no economic data to focus on, investors looked ahead to the coming earnings season. Expectations for another quarter of double digit earnings season are prevalent in among traders. Steel stocks rose as wave of consolidation in the industry is expected to continue. Volatile oil closed higher but energy stocks closed lower. Monster Worldwide CEO resigned on stock option investigation. |
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U.K. Up, Germany and France Flat
Oct 09, 12:51 PM EDT |
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| Swedish truck maker Scania dropped 4.4% after German truck maker Man AG's said it may abandon its 9.6 billion euro hostile bid for Scania. |
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| European markets finished mixed, with commodities-related stocks posting solid gains, while media stocks moving notably down. Commodities prices surged after North Korea announced a successful underground nuclear test Monday. The media sector came under pressure after Goldman SAX downgraded the sector to neutral from attractive. London FTSE ended up 0.4%, the French CAC 40 ended slightly up at 5,284, while the German DAX 30 inched down to close at 6,084. |
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Google up 2% on Takeover Speculation
Oct 09, 11:58 AM EDT |
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| Google rose 2% on a report saying that the company could announce a deal to acquire YouTube.com for about $1.6 billion after the closing bell. |
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| Stocks were kept under pressure Monday by North Korea''s decision to conduct a nuclear test, as well as by higher crude oil prices. A day before kicking off the third-quarter earnings season, aluminum giant Alcoa rose 2%, offering support to the Dow. The biggest drags on the blue-chip index were Boeing, General Motors and Verizon Communications. |
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India GDP at 8%
Oct 09, 10:54 AM EDT |
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| Economic growth at 8% an nuclear test in North Korea kept market focus away from upcoming earnings releases. |
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| Indian economic growth rate stood at 8% and the trend was expected to continue for the next 30 month period. The benchmark index opened weak in the wake of North Korea nuclear test following weak global and Asian markets. IT shares advanced, supported by September quarterly earnings expectations. Capital goods and pharma stocks gained. Banks, oil and gas stocks declined. Cipla, L&T, and Grasim led the advancers but Satyam and Reliance Energy led the decliners. |
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Weak Start on Higher Oil, N. Korea
Oct 09, 10:23 AM EDT |
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| Shares of Mercantile Bankshares Corp. surged 20% after the PNC Financial Services agreed to buy the company for $6 billion in cash and shares. |
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| Stocks opened weak as investors turned to profit taking amid geopolitical news and rising oil prices. North Korea announced it had successfully carried out underground nuclear test Monday, sending South Korean stock market down 2.4%. The U.S. dollar rallied against the Korean won, slightly gained versus the yen, and was little changed versus the euro. |
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North Korea's Tests Weigh
Oct 09, 9:07 AM EDT |
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| Crude oil for November delivery climbed nearly 1% in electronic trading to $60.30 a barrel. |
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| Stock market futures traded lower Monday, as investors seemed likely to lock in profits due to concerns about North Korea''s nuclear test and climbing oil prices. Following the news, shares of South Korea''s KOSPI dropped 2.4%. Trading on Wall Street is expected to be light as the bond market is closed for the Columbus Day holiday. |
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Cablevision, Private Buy Out for $7.9 B
Oct 09, 8:47 AM EDT |
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| The Dolan family offered to take Cablevidion private for $7.9 billion, with the assumption of $11.3 billion in debt as part of the leveraged buyout. |
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| The offer represents about a 13% premium to the stock closing price Friday of $23.93 on the New York Stock Exchange. Company’s shares climbed 12.8% in premarket trading. |
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PNC Buys Mercantile Bankshares for $6 B
Oct 09, 7:49 AM EDT |
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| The PNC Financial Services agreed to buy Mercantile Bankshare in a deal worth $6 billion, or $47.24 a share. |
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| PNC hopes that the takeover will contribute to earnings growth in 2008, and that it has an estimated internal rate of return of approximately 15%. The banks predict the reduction of over $100 million of operating expenses through the elimination of operational and administrative redundancies. |
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North Korea Worries Weigh Europe Lower
Oct 09, 6:49 AM EDT |
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| European markets declined on Monday as geopolitical tensions mounted following a nuclear test by North Korea. |
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| Oil prices also rose above $60 a barrel, with Iran adding to international tensions after it announced on Sunday it would not suspend its nuclear programme in spite of the increasing likelihood of sanctions from western powers. In Europe carmakers dropped in response to the higher direction of oil prices. Frankfurt Xetra Dax shed 0.5% and the CAC 40 in Paris lost 0.3%. London FTSE 100, however, added 0.3%. |
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Gold Higher on North Korea Scare
Oct 09, 5:09 AM EDT |
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| Gold prices firmed up Friday in volatile trading due to concerns about possible North Korean nuclear tests. |
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| Gold had dipped in early trading after the release of a report on U.S. non-farm payrolls. The recovery of gold came about on concerns about North Korea possibly detonating a nuclear device as soon as this weekend. Short covering, as well as possible North Korean nuclear tests helped the market recover from early weakness. Trading, though, was thin, with big orders hitting the floor. |
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