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The following is a list of the Top 10 news items for the week ending 03/08/2013:
1. The big news this week was initially that the Dow Jones Industrial Average hit a new all-time high. Then, the index kept climbing throughout the week. On Friday, the Dow hit a new mark at $14,413.17, putting it up 10 percent in 2013 and over two-times higher than the “Mark Haines Low” called in March 2009.
2. According to the Bureau of Labor Statistics, non farm employment increased by 236,000 in February and the unemployment rate edged down to 7.7 percent. Economists on average expected a gain of just 165,000 jobs and an unemployment rate of 7.9 percent. The news gave markets a boost Friday. For more color=”http://www.streetinsider.com/Economic+Data/U.S.+Adds+Jobs+at+Strong+Pace/8169120.html”>click here.
3. Following a two-year battle with cancer, Venezuelan president Hugo Chavez passed away March 5, 2013.
4. After months of speculation, KKR & Co. (NYSE: KKR) announced plans to acquire Gardner Denver, Inc. (NYSE: GDI) for $76 per share, valuing the company at about $3.9 billion. Gardner Denver first popped up last October when it affirmed speculation that it might be a takeover target, though rumors of private equity deals popped in and out of headlines the last few months.
5. Activist investor Carl Icahn has been rather, well, active lately. Icahn has recently gotten involved with names like Transocean (NYSE: RIG), Herbalife (NYSE: HLF), Netflix (Nasdaq: NFLX), and, most recently, the deal to take Dell private. To see a brief summary of some of his recent key investments, click here.
6. Dell (Nasdaq: DELL) has been crawling higher over its $13.65 per share takeover price as investors largely expect a higher bid to come in for the stock. Investors that have balked at the price include Carl Icahn (see above), Southeastern Asset Management, and T. Rowe Price. Analyst firms also seeing a higher takeover price include Jefferies, Mizuho, Sterne Agee, and GRI Group. For more, click here.
7. On Monday, MBIA, Inc. (NYSE: MBI) shares ripped higher following headlines that the company defeated a Bank of America (NYSE: BAC) lawsuit over the 2009 restructuring of the company. Shares ended up finishing around 22 percent better for the week.
8. JCPenney (NYSE: JCP) had a terrible, horrible, no good, very bad week this week. First, the company was slated to go back to court to settle litigation with Macy’s (NYSE: M) over a Martha Stewart Omnimedia (NYSE: MSO). Then, Vornado Realty Trust (NYSE: VNO) affirmed plans to sell 10 million shares of its JCPenney holding. Finally, more job cuts were expected and confirmed, with JCPenney now looking to trim its workforce by another 2,200 positions. CEO Ron Johnson’s job is even said to be in jeopardy.
9. Though it came out late last Friday (real late), Warren Buffett’s annual letter to shareholders is always a notable addition. Buffett called 2012 “subpar,” with no big elephants to shoot at. Fortunately, the early acquisition of H.J. Heinz (NYSE: HNZ) more than made up for that. To read excerpts of the letter, click here.
10. In an effort to make one of its key elements better, Facebook (Nasdaq: FB) announced a revamped News Feed. Both Wells Fargo and Piper Jaffray were positive on the new look and features. For more analyst comments, click here.
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