S&P 500 bounces after Dell results February 16, 2011 THE S&P 500 rose yesterday to twice its value from just two years ago, in a bounce that showed vigour not seen since the Great Depression. Stocks were boosted by Dell’s earnings and deal announcements that fuelled hopes for gains, but light volume made the move more tenuous. The market overcame concerns about tensions between [...]
Frankfurt and NYSE agree to merger deal February 15, 2011 DEUTSCHE BOERSE and the New York Stock Exchange (NYSE) have agreed plans to create the world’s largest financial exchange group. The combined company will have 2010 net revenues of $5.4bn (£3.3bn) and will hold joint headquarters in New York and Frankfurt. Despite being billed as a merger, the transaction will see the German exchange emerge [...]
Nasdaq loses CFO as bourses seek takeovers February 15, 2011 NASDAQ, the world’s second largest stock exchange, has lost its chief financial officer amid talk it could become the latest bourse to merge in a flurry of activity worldwide. Adena Friedman, who will leave the company effective 4 March, is departing to join private equity firm Carlyle Group in a similar role. The departure comes [...]
US markets slip after retail data February 15, 2011 MARKET breadth weakened and a prominent investor retreated from bullish positions as a vulnerable US stock market slipped off 2-1/2-year highs yesterday. Energy and basic materials stocks led the slide in the S&P 500’s worst day since 28 January, and billionaire investor Ken Fisher said he is “more neutral on stocks than I’ve been in [...]
D. Boerse and NYSE Euronext confirm mega-merger February 15, 2011 Deutsche Boerse is to take over NYSE Euronext to create the world’s largest exchange operator, the two companies have confirmed. Though presented as a merger, the deal, which values NYSE at about $10.2bn (£6.36bn), is effectively a takeover. Deutsche Boerse shareholders will own 60 per cent of the new company and 10 of 17 board [...]
NYSE eyes merger by end of year February 14, 2011 A DEAL between Deutsche Boerse and the New York Stock Exchange (NYSE) could be tied up by the end of this year, details due today are expected to reveal. An announcement on the progress of the deal could come as soon as this afternoon after the two companies’ boards meet to vote on the matter. Any [...]
US sees small gains on slow trading day February 14, 2011 ENERGY and commodity shares lifted Wall Street to modest gains yesterday, but the lowest volume so far this year indicated the equity rally may be near a top. The Dow Jones industrial average dipped 5.07 points, or 0.04 per cent, to 12,268.19. The Standard & Poor’s 500 Index rose 3.17 points, or 0.24 per cent, [...]
Deal frenzy as Nasdaq eyes a role February 13, 2011 NASDAQ, the world’s second largest stock exchange by market capitalisation, could become the latest bourse to merge. The US exchange is said to considering its options following a flurry of deals between rivals. The New York Stock Exchange (NYSE) said last week it was in advanced talks with Germany’s Deutsche Boerse, only hours after the [...]
Dynegy in defence of Icahn bid February 10, 2011 DYNEGY yesterday defended its bid to sell itself for $665m (£413m) to billionaire Carl Icahn, arguing weak market conditions could force the power company into a liquidity crisis unless the deal goes through. The $5.50-a-share deal has come under fire from hedge fund Seneca Capital, which led a similar effort to oppose the company’s previous [...]
S&P climbs after Mubarak delegates February 10, 2011 The S&P and Nasdaq eked outgains in the final minutes of trading yesterday as Egyptian President Hosni Mubarak said he would delegate powers to the vice president. Weakness in Cisco Systems brought the Dow’s eight-day rally to an end after the network equipment maker gave a weak outlook. The S&P and Nasdaq wavered in volatile [...]