Today on Wall Street
A day of deal-making on Wall Street got stocks off to a good start, but an underlying sense that the market is overbought on a short-term basis created a wall of resistance for the major indices. The Nasdaq was the hardest hit among the major averages, as a wave of profit taking in large-cap issues in the afternoon session sparked a noticeable pullback that ultimately dragged down the broader market. A weak energy sector (-2.68%) was also to blame as it took a dive in conjunction with crude prices (-$1.28 to $62.81) and brokerage downgrades of sector heavyweights ExxonMobil (XOM 75.51, -1.79) and Schlumberger (SLB 65.07, -2.48).
The outperformance of the financial sector (+0.46%), which was bolstered by a Merrill Lynch upgrade of Citigroup (C 55.44, +1.37) to Buy from Neutral and gains in the investment banks that followed a spate of M&A activity, proved instrumental in keeping the broader market's losses in check. General Electric (GE 38.00, +0.64) hitting a new-52-week high also helped in that respect. The M&A highlights today included a $26 billion offer from Express Scripts (ESRX 69.97, +1.31) to acquire Caremark (CMX 55.58, +5.28), a $10.9 billion private equity bid to purchase Biomet (BMET 41.59, -0.41), and a near $9.0 billion offer from Apollo Management to buy Realogy (H). It was also reported that Harrah's Entertainment (HET 82.18, +2.68) is ready to strike a deal with a private equity group for approximately $17 billion or $90 per share.
Source: Briefing.com
posted by Stock Administrator @ 5:24 PM
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Today on Wall Street
A day of deal-making on Wall Street got stocks off to a good start, but an underlying sense that the market is overbought on a short-term basis created a wall of resistance for the major indices. The Nasdaq was the hardest hit among the major averages, as a wave of profit taking in large-cap issues in the afternoon session sparked a noticeable pullback that ultimately dragged down the broader market. A weak energy sector (-2.68%) was also to blame as it took a dive in conjunction with crude prices (-$1.28 to $62.81) and brokerage downgrades of sector heavyweights ExxonMobil (XOM 75.51, -1.79) and Schlumberger (SLB 65.07, -2.48).
The outperformance of the financial sector (+0.46%), which was bolstered by a Merrill Lynch upgrade of Citigroup (C 55.44, +1.37) to Buy from Neutral and gains in the investment banks that followed a spate of M&A activity, proved instrumental in keeping the broader market's losses in check. General Electric (GE 38.00, +0.64) hitting a new-52-week high also helped in that respect. The M&A highlights today included a $26 billion offer from Express Scripts (ESRX 69.97, +1.31) to acquire Caremark (CMX 55.58, +5.28), a $10.9 billion private equity bid to purchase Biomet (BMET 41.59, -0.41), and a near $9.0 billion offer from Apollo Management to buy Realogy (H). It was also reported that Harrah's Entertainment (HET 82.18, +2.68) is ready to strike a deal with a private equity group for approximately $17 billion or $90 per share.
Source: Briefing.com
The outperformance of the financial sector (+0.46%), which was bolstered by a Merrill Lynch upgrade of Citigroup (C 55.44, +1.37) to Buy from Neutral and gains in the investment banks that followed a spate of M&A activity, proved instrumental in keeping the broader market's losses in check. General Electric (GE 38.00, +0.64) hitting a new-52-week high also helped in that respect. The M&A highlights today included a $26 billion offer from Express Scripts (ESRX 69.97, +1.31) to acquire Caremark (CMX 55.58, +5.28), a $10.9 billion private equity bid to purchase Biomet (BMET 41.59, -0.41), and a near $9.0 billion offer from Apollo Management to buy Realogy (H). It was also reported that Harrah's Entertainment (HET 82.18, +2.68) is ready to strike a deal with a private equity group for approximately $17 billion or $90 per share.
Source: Briefing.com
posted by Stock Administrator @ 5:24 PM
0 Comments
