Stocks finish mixed; Yellen’s comments hurt biotech and social media shares | Hot Stock Minute – Yahoo Finance
Stocks are higher on a busy day that has seen huge merger news and the second day of Federal Reserve Chair Janet Yellen speaking on Capitol Hill. The Dow up 62 points, the S&P 500 is up 7 points, and the Nasdaq is up 17 points. The biggest news of the day is Rupert Murdoch’s offer to buy Time Warner for $80 billion, which Time Warner rejected. Excluding food and energy, prices rose 0.2%. Homebuilder confidence in July rose to 53 from 49 , according to data from the NAHB, better than the 50 that was forecast by economists and the first reading above 50 since January. Industrial production data showed that in June, production slowed to 0.2% , below expectations for a gain of 0.3% and down from May’s revised reading of a 0.5% increase. CNBC is also hosting its Delivering Alpha conference today, featuring a number of noted hedge fund managers, including Leon Cooperman, who gave his 12 favorite stock picks , which included KKR, Citigroup, and Thermo Fisher. Our wall-to-wall coverage of Delivering Alpha will be on Clusterstock all day .
US stocks close higher; Time Warner soars – Business – NorthJersey.com
British American Tobacco ( BTI ) will maintain its 42% stake in Reynolds. Reynolds American fell $4.34 to end at $58.84 while Lorillard finished $7.05 lower at $60.17 — a 10.5% loss. Analysts covering a couple of stocks gave them a boost. Plug Power ( PLUG ) gained 16% to close at $4.85 , after FBR Capital Markets initiated coverage of the fuel-cell power company with an “outperform” rating and a target price of $8. GoPro ( GPRO ) soared 13% to end at $41.63 after JMP Securities initiated coverage of the company that went public last month.
The Nasdaq composite rose nine points, or 0.2 percent, to 4,425. Time Warner soared 17 percent on news that Rupert Murdoch’s Twenty-First Century Fox had made a bid for the media giant. Intel jumped 9 percent after reporting a surge in earnings as companies spent more on replacing PCs. Bond prices rose.
US stocks close higher; Time Warner soars – The Denver Post
Cheap financing and a tough global economy have made acquisitions an attractive option for companies to expand their business. The value of U.S. corporate deals has surged 80 percent to $1.02 trillion so far this year from $563 billion in the same period a year ago, according to Dealogic. Fox’s bid for Time Warner aims to counter consolidation among TV distributors. While Time Warner rejected Fox’s roughly $76 billion cash-and-stock offer, some financial analysts anticipate Fox will try again.