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NYSE and Euronext Merge
Jun 01, 8:55 PM EDT |
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| NYSE and Euronext has agreed to merge. NYSE will pay $10.2 billion for the acqusition in cash and stock. |
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| The race to create global exchage has begun with the first deal between NYSE and Euronext. The combined exchange will have a market cap of $20 billion beating the current leader Chicago Mercantile Exchange with a market cap of $15.5 billion. The proposed deal is to facilitate easy trading on stocks and derivatives in countries in Belgium, France, the Amsterdam, Portugal and the U.S. |
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Nasdaq Up 2%
Jun 01, 4:27 PM EDT |
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| Dow and S&P rose more than 1% and Nasdaq rose near 2%. Market averages closed near its best level of the day. Advancers led decliners by 3 to 1. |
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| Market averages rose in the first day of June after declining at record level in May. Investors returned to buy shares on retail sales, manufacturing activity and construction spending data. Investors for a day suspended their worries of rising inflation. Tech stocks led the upsurge and closed at the best level of the day. |
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Domestic Auto Makers Lose Market
Jun 01, 3:37 PM EDT |
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| Sales of domestic automakers declined in May. GM sales declined 16%, Chrysler sales declined 11% and Ford lost 1.9% in sales. Toyota sales rose 17%. |
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| Rising fuel prices and interest rates are weighing on auto sales. Domestic auto makers reported decline in auto sales as reported by GM, Chrysler and Ford. Nissan sales dropped 7% but sales at Toyota rose 17% bucking the trend. Sales of cars and trucks declined across the board. Ford F-Series truck reported flat sales. Toyota stock rose less than 1% in trading in New York. |
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Europe Closes Higher
Jun 01, 12:56 PM EDT |
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| French media company Vivendi rose 1.5% after settling a tax dispute with the Internal Revenue Service on the sale of DuPont in 1995. |
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| European markets finished in the positive territory. The upward move was largely contributed by U.S. economic data, which helped ease inflation and interest-rate concerns. Strong results from Man Group sent the stock up 3.4%, providing support to the market sentiment. The German DAX 30 gained 0.3%, the French CAC 40 rose 0.4%, and London FTSE 100 climbed 0.5%. |
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Construction Spending Drops
Jun 01, 12:13 PM EDT |
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| Retailer Dress Barn rose 10.5% after the company reported better-than-expected Q3 earnings and raised its full year guidance. |
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| The Department of Commerce reported that construction spending in April unexpectedly fell by 0.1%, following an unrevised 0.9% increase in March. Economists had been expecting construction spending to increase by 0.2%. |
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India Off 20% From Peak
Jun 01, 10:52 AM EDT |
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| Indian market continued its decline as the benchmark Sensex lost another 327 points or 3.1% due to worries over government stance about fuel prices. |
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| The drop was broad-based, hitting stocks across the board with metal shares buffeted. The fall intensified in the latter part of session. Earlier, the market started on the right foot, led by good news from other Asian markets, but the surge was quickly snapped off. The weakness of the market stemmed from the unyielding defiance of left parties to hike oil prices. |
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Retail Sales Advance
Jun 01, 10:15 AM EDT |
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| Oil companies posted weakness on nearly $1 decrease in oil prices to $70.30, with shares of Exxon Mobil falling 1.3%. |
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| Major retail companies reported generally higher same-store sales for May. Gymboree posted 19% rise in same-store sales, while Abercombie & Fitch reported that May same-store sales rose 3% and total sales climbed 17% to $185.7 million. Nordstrom and Limited Brands posted same store sales growth of 7.8% and 7% respectively, exceeding analyst estimates. |
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Jobless Claims Rise Unexpectedly
Jun 01, 9:21 AM EDT |
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| Sun Microsystems announced plans to cut 4,000 to 5,000 jobs over the next six months. The company also considers selling its Newark campus. |
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| The Labor Department said that productivity growth was revised up to 3.7% from the 3.2% growth originally reported for the quarter, slightly below the expected 3.8% upward revise. Another report showed that initial jobless claims in the week ended May 27 rose to 336,000 from the previous week''s unrevised figure of 329,000, compared to expectations of jobless claims to fall to 320,000. |
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Delta Concessions Deal Approved
Jun 01, 8:36 AM EDT |
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| Delta Air Lines Inc. and its pilots ended a battle that brought the nation's third-largest carrier close to a devastating strike. |
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| A bankruptcy judge approved the $280-million-a-year concessions deal Wednesday, hours after 61% of the airline''s rank-and-file pilots voted for the pact. The deal includes an initial 14% pay cut for pilots and assurances the pilots union won''t fight any company effort to terminate the pilots'' pension. The agreement, running through 2009, takes effect Thursday. |
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Japan Rebounds, HK Sinks
Jun 01, 7:39 AM EDT |
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| Japanese shares recovered Thursday after falling to their lowest level in three months, but shares in Hong Kong closed lower. |
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| Hong Kong’ Hang Seng Index shed 1.3%, despite the brilliant debut of Bank of China''s gaining 15%. Tokyo''s Nikkei 225 index was gained on exporters and bank shares, advancing 0.24%. The Korea Composite Stock Price Index, or Kospi, finished down 1.7% and Australia''s benchmark S&P/ASX 200 advanced 1.2%, finishing on its daily high. |
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