Stocks edge higher after drifting in early trade

Written By Unknown on Selasa, 20 Mei 2014 | 00.33

U.S. stocks edged higher in early afternoon trading Monday after starting the day hovering between small gains and losses. Investors were considering the latest news on corporate mergers, including a possible combination of AT&T and DirecTV.

KEEPING SCORE: The Standard & Poor's 500 index rose six points, or 0.4 percent, to 1,884 as of 12:21 p.m. Eastern Time. The Dow Jones industrial average gained 24 points, or 0.2 percent, to 16,515. The Nasdaq composite gained 34 points, or 0.8 percent, to 4,124.

GETTING BIGGER: AT&T said late Sunday that it plans to buy satellite TV provider DirecTV for $48.5 billion. The proposed deal would create the second-largest pay TV operator behind a combined Comcast-Time Warner Cable. The proposal could face close scrutiny from the Federal Communications Commission and Department of Justice. AT&T fell 50 cents, or 1.4 percent, to $36.24. DirectTV slid 99 cents, or 1.1 percent, to $85.19.

M&A TREND: The proposed AT&T-DirecTV combination comes amid a recent increase in mergers and acquisitions, noted Terry Sandven, chief equity strategist for U.S. Bank.

"Companies in general have increased levels of cash and that bodes well for dividends, share buybacks as well as acquisitions," Sandven said. "So we view this as a sign that the environment is favorable for equities."

NO, AGAIN: The board of AstraZeneca rejected a sweetened takeover offer from U.S. drugmaker Pfizer. Pfizer, which has been courting AstraZeneca since January, announced Sunday that it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion. Pfizer rose 35 cents, or 1.2 percent, to $29.47.

DEAL BOOST: Abbott Laboratories gained 53 cents, or 1.4 percent, to $39.60 as financial analysts cheered the medical device maker's proposed acquisition of CFR Pharmaceuticals for nearly $3 billion.

UNAPPETIZING RESULTS: Campbell Soup fell $1.13, or 2.5 percent, to $43.99 after the food company reported earnings that fell short of Wall Street estimates. The company also lowered its full-year revenue outlook, noting that it was disappointed that soup sales failed to meet expectations.

SECTOR WATCH: Seven of the 10 industry sectors in the S&P 500 were trading higher, led by materials and technology stocks. Travel reviews portal TripAdvisor topped all stocks in the S&P 500, gaining $3.56, or 4.3 percent, to $85.72. Retailer Nordstrom posted the biggest decline, falling $2.17, or 3.1 percent, to $68.38.

OTHER MARKETS: Bond prices were little changed. The yield on the 10-year U.S. Treasury note held steady at 2.52 percent. Gold rose $2.60 to $1,296 an ounce. Crude oil rose 73 cents to $102.30 a barrel.


Anda sedang membaca artikel tentang

Stocks edge higher after drifting in early trade

Dengan url

http://kapalnelayanto.blogspot.com/2014/05/stocks-edge-higher-after-drifting-in.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Stocks edge higher after drifting in early trade

namun jangan lupa untuk meletakkan link

Stocks edge higher after drifting in early trade

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger