Wall St closes up on weak volumes June 20, 2011 US stocks rose yesterday, as the latest development to reduce Greece’s debt helped draw buyers and the S&P 500 touched a key support level, but anaemic volume signalled the recent weakness may not be over. Stocks erased early losses as the S&P 500 dipped toward 1,259.78, its 200-day moving average, which is often viewed as [...]
Santander UK still planning City float this year despite uncertainty June 19, 2011 SANTANDER UK has “pencilled in” its float for early November of this year, City A.M. understands, despite market turbulence and low industry valuations. The bank has scheduled a series of investor meetings for 27-28 September, in which analysts will meet and ask questions of the bank’s new senior management team for the first time. After [...]
Capital One agrees to buy US online branch of ING June 16, 2011 ING Groep NV has agreed to sell its US online banking business to Capital One Financial for $9bn (£5.6bn), the company announced last night. The Dutch banking and insurance conglomerate said in a statement that Capital One will pay $6.2bn in cash and $2.8bn in shares to buy ING Direct USA. Capital One, ranked among [...]
The Nasdaq – a good catch in the market for a partner June 14, 2011 THE Nasdaq stock exchange, second only to the New York Stock Exchange (NYSE) in size, was founded in 1971 by the National Association of Securities Dealers. When it began trading on 8 February 1971, Nasdaq (National Association of Securities Dealers Automated Quotations) was the world’s first electronic stock market. It was also the first stock [...]
TECHNOLOGY STOCKS ARE LOOKING UP AS ALL EYES TURN TO THE CLOUD June 14, 2011 NASDAQ is the second largest exchange in the US and the world, second only to the New York Stock Exchange (NYSE). The Nasdaq is known for technology and was the exchange of choice when technology start-ups were looking to list in the tech boom (and subsequent bubble) of the late 1990s. It has retained its [...]
US clothing firm agrees to spend $2bn on bootmaker Timberland June 13, 2011 US CLOTHING firm VF Corp has agreed to buy Timberland, the bootmaker, for $2bn (£1.2bn). VF Corp, which owns the North Face clothing brand and chain, is making the acquisition to boost sales of its outdoor gear. The deal values Timberland at $43 a share, a 43 per cent premium to its closing price of $29.99 [...]
Wall Street ends its six-day losing streak June 9, 2011 WALL Street ended higher for the first time in over a week yesterday, with the Dow and the S&P 500 rising 1 per cent at one point, but many analysts saw the rebound as short-lived. A report showing record US exports in April eased some concerns about a stalled economic recovery, which had been weighing [...]
Deutsche Boerse and NYSE offer special dividend June 8, 2011 Stock exchange merger partners Deutsche Boerse and NYSE Euronext unveiled a special dividend yesterday to woo shareholders a month before they must vote on combining the two markets. The exchanges offered shareholders of the combined company a one-off dividend of €2 (£1.78) after the deal closes – a total payout of €620m. The sweetener is [...]
Why all sides need to stop and relax June 7, 2011 IT is time for the City to get its act together: it is in danger of ceasing to function as a proper, efficient platform for raising money for firms seeking to go public, an untenable situation. As our special investigation on pages 1-4 of today’s newspaper demonstrates, the market for corporate floats has almost ground [...]
Groupon float to make three billionaires June 3, 2011 GROUPON’S three founders are set to become dollar billionaires when the online coupon phenomenon lists on the New York Stock Exchange. In the latest blockbuster dotcom listing, Groupon’s planned sale of $750m (£459m) to $1bn of its stock assumes an overall company value of about $20bn – only slightly smaller than Google when it listed [...]