Midway through trading Wednesday, the Dow traded down 0.36
percent to 15,066.04 while the NASDAQ dropped 0.54 percent to
3,418.55. The S&P also fell, declining 0.40 percent to
Top Headline India's Apollo Tyres announced its plans to
acquire Cooper Tire & Rubber Co (NYSE:
) for about $2.5 billion.
Shareholders of Cooper Tire will receive $35 per share in
cash, representing a 42% 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 UP Cooper Tire & Rubber Co (NYSE:
) shot up 40.55 percent to $34.52 after India's Apollo Tyres
announced its plans to acquire the company for about $2.5
Shares of Spectra Energy (NYSE:
) got a boost, shooting up 9.50 percent to $33.20 after Morgan
Stanley upgraded the stock from "equal-weight" to
Ulta Salon, Cosmetics & Fragrance (NASDAQ:
) was also up, gaining 16.52 percent to $98.03 after the company
reported upbeat first-quarter earnings.
Equities Trading DOWN Icahn Enterprises LP (NASDAQ:
) was down, falling 7.76 percent to $73.35 after the company
priced its registered public offering of 1.6 million depositary
Shares of First Solar (NASDAQ:
) were down 3.31 percent to $50.56 after the company announced a
public offering of 8.5 million shares of common stock.
Take-Two Interactive Software (NASDAQ:
) shares tumbled 5.71 percent to $15.85 after the company
announced a proposed offering of $250 million of convertible
Commodities In commodity news, oil traded up 0.64 percent to
$95.99, while gold traded up 1.10 percent to $1,392.10.
Silver traded up 0.94 percent Wednesday to $21.85, while
copper rose 0.56 percent to $3.21.
Eurozone 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
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
The U.S. Treasury monthly budget report for May will be
released at 2:00 p.m. ET.
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