Stock Market Wrapup Sept. 24th
Stocks rose out of the gate, but were unable to hold gains as profit takers emerged after last week's solid market gains. Leading the decliners were banks, while tech shares held up relatively well. At the close, the Dow Jones lost -61 points, while the Nasdaq lost -3 points and the S&P fell -8 points. Over in the energy patch, crude eased -67 cents to finish at $80.95 a barrel.
Factory workers at General Motors (NYSE: GM - News) walked off the job on Monday after a contract negotiation deadline passed. The company failed to reach a new labor agreement with the United Auto Workers (UAW). GM is seeking to cut labor and healthcare costs after a string of billion dollar losses the past several years has left the automobile giant looking for ways to cut expenses. GM shares declined -1.2%.
Mining giant BHP Billiton (NYSE: BHP - News) saw its shares rise 4.7% after it was reported that the company is close to announcing that it has uncovered what is potentially the largest gold resource in the world at its Olympic Dam mine in Southern Australia. The report was made public by the Herald Sun.
In deal news, Abu Dhabi National Energy Company agreed to buy Canada's PrimeWest Energy Trust (NYSE: PWI - News) for $2.4 billion plus the assumption of debt. Today's deal marks the sixth acquisition for Saudi based Abu Dhabi since November. The deal, valued at $4 billion, represents a premium of 34% over where PrimeWest shares ended on Friday. The deal would give Abu Dhabi National daily production of more than 61,000 barrels of oil and gas equivalent.
Elsewhere, Australian-based Sims Group agreed to buy Metal Management (NYSE: MM - News) for $1.6 billion in stock to create the world's largest publicly traded scrap-metal recycler. The deal is valued at an 18% premium to where Metal Managements shares ended last week. The combined company would have total pro forma sales of $6.8 billion.
In tech news, shares of ValueClick (NYSE: VCLK - News) rose 7.4% after rumors circulated that the marketing company may be a takeover target. Elsewhere, EMC (NYSE: EMC - News) notched a 52-week high after several Wall Street analysts offered upbeat views of the storage maker, noting that the stock was a "buy" due to EMC's large stake in virtualization maker VMware (NYSE: VMW - News), which it spun off as an IPO about two months ago.
In other corporate news, commercial airline giant AMR (NYSE: AMR - News) tumbled -14.4% after the company reported in a regulatory filing that it expects passenger revenue from its mainline and regional carries to rise in a range of 3.7-4.7%. The rise is below many of its rivals.
By Mike Conte, BullMarket.com
Factory workers at General Motors (NYSE: GM - News) walked off the job on Monday after a contract negotiation deadline passed. The company failed to reach a new labor agreement with the United Auto Workers (UAW). GM is seeking to cut labor and healthcare costs after a string of billion dollar losses the past several years has left the automobile giant looking for ways to cut expenses. GM shares declined -1.2%.
Mining giant BHP Billiton (NYSE: BHP - News) saw its shares rise 4.7% after it was reported that the company is close to announcing that it has uncovered what is potentially the largest gold resource in the world at its Olympic Dam mine in Southern Australia. The report was made public by the Herald Sun.
In deal news, Abu Dhabi National Energy Company agreed to buy Canada's PrimeWest Energy Trust (NYSE: PWI - News) for $2.4 billion plus the assumption of debt. Today's deal marks the sixth acquisition for Saudi based Abu Dhabi since November. The deal, valued at $4 billion, represents a premium of 34% over where PrimeWest shares ended on Friday. The deal would give Abu Dhabi National daily production of more than 61,000 barrels of oil and gas equivalent.
Elsewhere, Australian-based Sims Group agreed to buy Metal Management (NYSE: MM - News) for $1.6 billion in stock to create the world's largest publicly traded scrap-metal recycler. The deal is valued at an 18% premium to where Metal Managements shares ended last week. The combined company would have total pro forma sales of $6.8 billion.
In tech news, shares of ValueClick (NYSE: VCLK - News) rose 7.4% after rumors circulated that the marketing company may be a takeover target. Elsewhere, EMC (NYSE: EMC - News) notched a 52-week high after several Wall Street analysts offered upbeat views of the storage maker, noting that the stock was a "buy" due to EMC's large stake in virtualization maker VMware (NYSE: VMW - News), which it spun off as an IPO about two months ago.
In other corporate news, commercial airline giant AMR (NYSE: AMR - News) tumbled -14.4% after the company reported in a regulatory filing that it expects passenger revenue from its mainline and regional carries to rise in a range of 3.7-4.7%. The rise is below many of its rivals.
By Mike Conte, BullMarket.com
posted by Stock Administrator @ 9:13 PM
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