Market Wrap-Up for Sept.2 (BKC, LTD, JWN, CME, BLK, BRCM, more)

By Staff,

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If you remember, I mentioned Burger King ( BKC ) was the subject of takeover rumors yesterday, but that I would consider the shares if they pulled back from the big one-day spike.

Well, this time it didn't pay to wait. It was announced in the pre-market that Burger King will be taken private for $24 a share in cash. I felt the deal talk was legitimate, but chasing a stock after a 1-day spike never usually makes sense. I can tell you of numerous rumors I have heard over the years that almost never panned out. One of the more recent ones I remember was when Countrywide Financial was trading and there was a rumor out that Merrill Lynch was going to make a run at the company. The stock shot up 6 points intraday and CNBC was all over the rumors. The deal made sense at the time, but never came to pass. In this business, you will sometimes miss on an opportunity, but at the end of the day, an investor will never go wrong having a discipline to their investing approach.

Looking at the rest of the market, monthly retail sales were out this morning, and Wall Street liked what it heard from Limited Brands ( LTD ) and Nordstrom Inc. ( JWN ) especially. Other stocks doing nicely in today's trading included CME Group ( CME ) , Blackrock ( BLK ) , and Broadcom ( BRCM ) .

I expect volume to begin to recede into holiday mode over the next couple of days. We finished at 3.7 Billion shares on the NYSE, which was not as bad as it could have been. Tomorrow will be an interesting day with the monthly jobs data being released. With the remnants of Hurricane Earl moving up the East Coast, some holiday week trips may not start as early as usual for some of the Wall Street faithful. Use this time to go through your portfolio and check to see if there are any errors in any of the transactions you may have made over the last quarter. You would be surprised to find that even the most organized investors will sometimes make the simplest of mistakes, like hitting the buy button instead of the sell button. Instead of thinking you are out of a position, you may have indeed actually bought more. It pays to look it over. See you tomorrow!

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BKC , BLK , BRCM , CME , JWN , LTD

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