Market Wrap: IMF Trims Global Expectations; Ackman Gets Active; Spill! in the Gulf
Market wrap for July 9th
End of the Day: S&P 500 up 11.9 to 1,652.32; Dow Jones up 75.7 to 15,300.34; Nasdaq up 19.4 to 3,504.26
* The International Monetary Fund (IMF) trimmed its outlook for global growth in 2013 by 0.2 points to 3.1 percent today. Growth in the United States is projected to rise from 1 percent percent in 2013 to 2 percent percent in 2014.
* The Kroger Co. (NYSE: KR) and Harris Teeter Supermarkets, Inc. (NYSE: HTSI) announced a definitive merger agreement under which Kroger will purchase all outstanding shares of Harris Teeter for $49.38 per share in cash. The deal is valued at about $2.5 billion.
* FedEx (NYSE: FDX) initially popped higher today on news that it settled a suit claiming it overcharged customers for years. Shares then saw active trading on speculation that activist investor Bill Ackman, of Pershing Square, might take an active role in the company. Ackman told Bloomberg today that he wouldn't comment on investment speculation.
* Tesla Motors, Inc. (Nasdaq: TSLA) will become a component of the NASDAQ-100 Index (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) prior to market open on Monday, July 15, 2013. Tesla Motors, Inc. will replace Oracle Corporation (Nasdaq: ORCL).
* WTI is moving up on headlines from the Coast Guard about a loss of control event at a Gulf of Mexico oil well. For more color on the event, click here.
* NYSE Euronext (NYSE: NYX) has been awarded the contract to administer the London Interbank Offered Rate (LIBOR), which has been marred in controversy over rate fixing. It was previously managed by BBA LIBOR Ltd, a subsidiary of the British Bankers' Association.
* Health Management Associates (NYSE: HMA) popped up today on renewed chatter that it might be an acquisition target. Reuters said interest might have come from Community Health (NYSE: CYH) and other players n the hospital market.
* BlackBerry (Nasdaq: BBRY) shares finished the session higher as the company held its Annual Shareholder Meeting. Deutsche Bank analyst Brian Modoff said he was largely unimpressed by the answers and commentary given by CEO Thorsten Heins and others. He kept a Sell rating on the stock.
* Nu Skin Enterprises, Inc. (NYSE: NUS) said it now sees Q2 EPS of about $1.20, while boosting FY13 EPS expectations to $4.85 to $5.00 and revs to $2.83 billion to $2.86 billion. The Street ees Q2 EPS of $0.96 and revs of $579.1 million. FY13 EPS is expected to be $4.29 with revs of $2.54 billion.
* Late Monday, it was announced that Barnes & Noble (NYSE: BKS) CEO William Lynch was resigning his position. The Company also announced the following organizational changes: Michael P. Huseby has been appointed Chief Executive Officer of NOOK Media LLC and President of Barnes & Noble, Inc. Max J. Roberts, Chief Executive Officer of Barnes & Noble College will continue to lead the digital education strategy and report to Mr. Huseby, as will the Executive Management team of NOOK Media.
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