Toward the end of trading Wednesday, the Dow traded down 0.77
percent to 15,005.04 while the NASDAQ dropped 1.03 percent to
3,401.55. The S&P also fell, declining 0.72 percent to
Top Headline India's Apollo Tyres announced its plans to
acquire Cooper Tire & Rubber (NYSE:
) for about $2.5 billion. Shareholders of Cooper Tire will
receive $35 per share in cash, representing a 42 percent premium
to Cooper Tire's closing stock price on Tuesday. The transaction
is likely to close in the second half of this year.
Equities Trading UPCooper Tire & Rubber (NYSE:
) shot up 40.55 percent to $34.51 after India's Apollo Tyres
announced its plans to acquire the company for $35 per share or
about $2.5 billion. Shares of Spectra Energy (NYSE:
) got a boost, shooting up 11.07 percent to $33.68 after Morgan
Stanley upgraded the stock from "equal-weight" to
"overweight." Ulta Salon, Cosmetics &
) was also up, gaining 14.90 percent to $96.66 after the company
reported upbeat first-quarter earnings.
Equities Trading DOWNFirst Solar (NYSE:
) took a hit at the open Wednesday morning, falling 9.10 percent
to $15.28 throughout the day after the company announced an 8.5
million share secondary offering. The offering is expected to
price after the close tonight. Shares of First
) were down 9.70 percent to $47.24 after the company announced a
public offering of 8.5 million shares of common
stock. Take-Two Interactive Software (NASDAQ:
) shares tumbled 9.10 percent to $15.29 after the company
announced a proposed offering of $250 million of convertible
Commodities In commodity news, oil traded up 0.51 percent to
$95.87, while gold traded up 0.70 percent to $1,386.10. Silver
traded up 0.47 percent Wednesday to $21.77, while copper rose
2.55 percent to $3.22.
Euro zone European shares were mostly lower. Industrial
production in the eurozone rose faster than expected in April.
Industrial production rose 0.4 percent in April vs. an expected
drop of 0.2 percent however March's figure was revised slightly
lower to +0.9 percent from +1.0 percent. On an annualized basis,
industrial production fell 0.6 percent vs. a 1.2 percent expected
drop. The Spanish Ibex Index rose 0.43 percent and the Italian
FTSE MIB Index dropped 1.61 percent. Meanwhile, the German DAX
dropped 0.96 percent and the French CAC 40 declined 0.44 percent
while U.K. shares fell 0.64 percent.
Economics The Mortgage Bankers Association index of mortgage
application activity surged 5% in the week ended June 7, versus
an 11.5% drop in the previous week. US crude-oil supplies climbed
by 2.5 million barrels to 393.8 million barrels for the week
ended June 7, the Energy Information Administration reported. The
U.S. Treasury monthly budget report for May will be released at
2:00 p.m. ET.
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