Toward the end of trading Wednesday, the Dow traded down 0.54
percent to 15,326.06, while the NASDAQ fell 0.39 percent to
3,475.82. The S&P was also down, dropping 0.50 percent to
Top Headline Smithfield Foods (NYSE:
) agreed to be bought by Chinese Shuanghui Group for around $4.8
billion, making it the largest acquisition of an American company
by a Chinese firm since the purchase of AMC Theaters.
Smithfield shareholders will receive $34 per share, a 31%
premium to the Smithfield's closing price of $25.97 on Tuesday.
The transaction is projected to close in the second half of the
Equities Trading UP Stewart Enterprises (NASDAQ:
) shot up, gaining 33.26 percent to $12.98, after the company
agreed to be bought by Service Corporation International (NYSE:
) for $13.25 per share in cash.
Shares of Aegerion Pharmaceuticals (NASDAQ:
) were also up, gaining 14.26 percent to $69.40 after the company
after J.P. Morgan raised its price target on the company from $48
per share to $69 per share.
Perfect World Co (NASDAQ:
) got a boost, shooting up 14.77 percent to $14.79 after the
company reported upbeat first-quarter earnings.
Equities Trading DOWN Chico's FAS (NYSE:
) was down, falling 6.82 percent to $18.01, after the company
reported downbeat Q1 results.
Shares of Pinnacle Entertainment (NYSE:
) were down as well, falling 6.84 percent to $19.21 after the
company's deal with Ameristar received a complaint from the
MRC Global (NYSE:
) was down 14.28 percent to $28.46 after the company issued weak
sales forecast in its earnings report this morning.
Commodities In commodity news, oil traded down 2.09 percent to
$93.02, while gold gained 1.00 percent to $1,392.30. Silver
traded up 0.57 percent Wednesday to $22.47, while copper fell
0.45 percent to $3.30. Eurozone European shares were lower
following mixed economic data. The number of Germans claiming
unemployment benefits jumped much more than expected in May, as
21 thousand Germans claimed benefits for the first time vs. only
5 thousand expected. The unemployment rate remained flat at 6.9
percent. The Spanish Ibex Index fell 0.87 percent and the Italian
FTSE MIB Index dropped 1.61 percent. Meanwhile, the German DAX
fell 1.70 percent and the French CAC 40 declined 1.89 percent
while U.K. shares tumbled 1.91 percent. Economics The Mortgage
Bankers Association reported that its index of mortgage
application activity declined 9% versus the earlier week. The
ICSC/Goldman Sachs Retail Chain Store Sales Index fell 0.9% in
the recent week ended Saturday versus the earlier week. The
Johnson Redbook Retail Sales Index climbed 0.6% in the first
three weeks of May versus April. The Treasury is set to auction
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Profit with More New & Research
. Gain access to a streaming platform with all the information
you need to invest better today.
Click here to start your 14 Day Trial of Benzinga