Stock Market Wrapup Nov. 26th
Stocks were slammed today, as a late-afternoon sell-off was fueled by continued worries surrounding the financial and mortgage sectors. The Dow lost -237 points to close at 12,743 for the day. Meanwhile, the Nasdaq and S&P each closed down more than -2% to finish at 2,541 and 1,407, respectively. Light, sweet crude prices were down in trading with oil closing at $97.70 per barrel for January delivery. Treasury prices were higher on the day, while gold prices rose to close at $826.50 an ounce. The dollar fell against the euro, but remained relatively unchanged versus the yen.
In corporate news, Europe's largest bank HSBC Holdings (NYSE: HBC - News) announced today that it will bail out two of its bank-managed funds by transferring approximately $45 billion of the structured investment vehicles' assets onto its balance sheet. HSBC also said it will inject $35 billion into the company-managed funds in order to prevent liquidation of their assets. Shares of HSBC were down -2.6% at the bell.
Shares of SunPower Corp. (Nasdaq: SPWR - News) traded higher today, prodded by speculation that Congress may look to pass an energy bill favoring renewable resources before Christmas. The solar-panel maker's stock rose more than 5% during trading before pulling back to close up 1.9% on the day. Shares of SunPower's majority shareholder, Cypress Semiconductor (NYSE: CY - News) also climbed higher on the news and posted a small gain for the session.
On the M&A front, Royal Philips Electronics (NYSE: PHG - News) said that it will acquire light fixture company Genlyte Group (Nasdaq: GLYT - News) in a deal valued at $2.7 billion. According to details, Philips will pay $95.50 per share for Genlyte, representing a 52% premium over the company's closing price on Friday. Shares of Genlyte soared in trading and closed 50.7% higher on the day. Meanwhile, Philips' stock was off -1.9% at the bell.
Elsewhere, Sears Holdings (Nasdaq: SHLD - News) said it is prepared to make a cash tender offer of $6.75 per share to acquire Restoration Hardware (Nasdaq: RSTO - News), according to a SEC filing. Sears' bid trumps a previous offer of $267 million, or $6.70 per share, for the home-furnishings retailer made by an affiliate of private equity firm Catterton Partners. Restoration Hardware's stock was up slightly on the day, while shares of Sears closed down -4.3%.
By the BullMarket.com Staff
In corporate news, Europe's largest bank HSBC Holdings (NYSE: HBC - News) announced today that it will bail out two of its bank-managed funds by transferring approximately $45 billion of the structured investment vehicles' assets onto its balance sheet. HSBC also said it will inject $35 billion into the company-managed funds in order to prevent liquidation of their assets. Shares of HSBC were down -2.6% at the bell.
Shares of SunPower Corp. (Nasdaq: SPWR - News) traded higher today, prodded by speculation that Congress may look to pass an energy bill favoring renewable resources before Christmas. The solar-panel maker's stock rose more than 5% during trading before pulling back to close up 1.9% on the day. Shares of SunPower's majority shareholder, Cypress Semiconductor (NYSE: CY - News) also climbed higher on the news and posted a small gain for the session.
On the M&A front, Royal Philips Electronics (NYSE: PHG - News) said that it will acquire light fixture company Genlyte Group (Nasdaq: GLYT - News) in a deal valued at $2.7 billion. According to details, Philips will pay $95.50 per share for Genlyte, representing a 52% premium over the company's closing price on Friday. Shares of Genlyte soared in trading and closed 50.7% higher on the day. Meanwhile, Philips' stock was off -1.9% at the bell.
Elsewhere, Sears Holdings (Nasdaq: SHLD - News) said it is prepared to make a cash tender offer of $6.75 per share to acquire Restoration Hardware (Nasdaq: RSTO - News), according to a SEC filing. Sears' bid trumps a previous offer of $267 million, or $6.70 per share, for the home-furnishings retailer made by an affiliate of private equity firm Catterton Partners. Restoration Hardware's stock was up slightly on the day, while shares of Sears closed down -4.3%.
By the BullMarket.com Staff
posted by Stock Administrator @ 6:32 PM
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