Following the market opening Wednesday, the Dow traded up 0.60
percent to 15,212.06 while the NASDAQ gained 0.46 percent to
3,452.90. The S&P also rose, surging 0.54 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 41.12 percent to $34.66 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 10.70 percent to $33.56 after Morgan
Stanley upgraded the stock from "equal-weight" to
Ulta Salon, Cosmetics & Fragrance (NASDAQ:
) was also up, gaining 14.53 percent to $96.35 after the company
reported upbeat first-quarter earnings.
Equities Trading DOWN Icahn Enterprises LP (NASDAQ:
) was down, falling 6.14 percent to $74.64 after the company
priced its registered public offering of 1.6 million depositary
Shares of First Solar (NASDAQ:
) were down 3.81 percent to $50.30 after the company announced a
public offering of 8.5 million shares of common stock.
Take-Two Interactive Software (NASDAQ:
) shares tumbled 5.28 percent to $15.92 after the company
announced a proposed offering of $250 million of convertible
Commodities In commodity news, oil traded up 0.41 percent to
$95.77, while gold traded down 0.21 percent to $1,374.10.
Silver traded up 0.06 percent Wednesday to $21.66, while
copper rose 0.50 percent to $3.21.
Eurozone European shares were mostly higher on the back of
some better than expected economic data. 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 1.72 percent and the Italian FTSE
MIB Index dropped 0.28 percent. Meanwhile, the German DAX dropped
0.01 percent and the French CAC 40 surged 0.61 percent while U.K.
shares gained 0.15 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.
The U.S. Treasury monthly budget report for May will be
released at 2:00 p.m. ET.
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