Toward the end of trading Thursday, the Dow traded up 1.01
percent to 15,146.65 while the NASDAQ gained 1.08 percent to
3,437.30. The S&P also rose, surging 1.21 percent to
Top HeadlineGannett (NYSE:
) announced its plans to acquire Belo (NYSE:
) in a deal valued at $2.2 billion. Gannett will pay $1.5 billion
in cash, or $13.75 per share to buy Belo, and assume $715 million
in existing debt. The deal price represents a 28.1% premium over
Belo's closing stock price on Wednesday. The transaction is
likely to close by the end of 2013.
Equities Trading UPGannett (NYSE:
) shot up 31.84 percent to $26.17 after the company announced its
plans to acquire Belo (NYSE:
) for $1.5 billion in cash. Shares of Sinclair Boadcast Group
) were up as well, gaining 12.99 percent to $27.22 following the
news of the Belo acquisition. Safeway (NYSE:
) traded down throughout Thursday's session, but remained up 8.19
percent to $25.00 after the company announced its plans to sell
its Canadian operations to Sobeys for $5.7 billion.
Equities Trading DOWNBarnes & Noble (NYSE:
) traded down 8.36 percent to $19.52 after traders began to
speculate that the deal for the Nook unit would not go through.
Shares of Polypore International (NYSE:
) were down 4.13 percent to $42.50 after Topeka Capital
downgraded the stock from Buy to Hold. Elan Corporation (NYSE:
) shares tumbled 2.85 percent to $12.74 after Royalty Pharma
reported that its offer for Elan may lapse.
Commodities In commodity news, oil traded up 0.73 percent to
$96.58, while gold traded down 1.05 percent to $1,377.50. Silver
traded down 0.60 percent Thursday to $21.67, while copper fell
1.09 percent to $3.19.
Euro zone European shares were mixed today. Spanish 10-year
government bond yields rose 6 basis points to 4.69 percent.
Italian 10-year government bond yields rose 6 basis points to
4.44 percent. The Spanish Ibex Index fell 0.64 percent and the
Italian FTSE MIB Index gained 0.58 percent. Meanwhile, the German
DAX dropped 0.59 percent and the French CAC 40 gained 0.11
percent while U.K. shares rose 0.08 percent.
Economics US jobless claims dropped 12,000 to 334,000 in the
week ended June 8, versus 346,000 in the earlier week. However,
economists were projecting jobless claims figure of 350,000. US
import prices declined 0.6% in May. However, economists were
expecting a 0.2% fall. April's import price index was revised to
a drop of 0.7%, versus a previous estimate of a 0.5% fall. Export
prices declined 0.5% in May, versus a 0.7% drop in April. US
retail sales climbed 0.6% in May, versus a prior reading of
0.10%. However, economists were expecting retail sales to rise
0.5%. The Bloomberg Consumer Comfort Index declined to -31.30 in
the week ended Jun 9, versus a prior reading of -29.70. US
business inventories rose 0.30% to $1.66 trillion in April.
Economists were projecting a 0.3% rise. Natural-gas supplies
increased 95 billion cubic feet for the week ended June 7, the US
Energy Information Administration reported. However, analysts
were expecting a rise of 94 billion cubic feet to 98 billion
cubic feet. Data on money supply will be released at 4:30 p.m.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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