Post Market News
Stocks that were active in U.S. trading include Gannett Co., Inc. (NASDAQ:GCI), Yahoo! Inc. (NASDAQ:YHOO), Safeway Inc. (NYSE:SWY), Research In Motion Ltd. (NASDAQ:BBRY) (TSE:BB) and PVH Corp (NYSE:PVH).
- U.S.: Dow Jones: 15,187.56 (+1.28%), S&P 500: 1,636.38 (+1.48%), Nasdaq: 3,445.37 (+1.32%)
- World Markets: Shanghai: 2,148.35 (-2.83%), Nikkei 225: 12,445.38 (-6.35%), Hang Seng Index: 20,887.04 (-2.19%), TSEC: 7,951.66 (-2.03%), FTSE 100: 6,304.63 (-0.08%), EURO STOXX 50: 2,661.71 (-0.18%), BSE Sensex: 18,827.16 (0.00%)
- Metals: Gold: $ 1,377.80 (-1.02%), Silver: $21.58 (-0.98%), Platinum: $1,447.10 (-2.37%)
- Currency: EUR/USD: 1.3345 (+0.12%), USD/JPY: 94.86 (-0.86%), GBP/USD: 1.5696 (+0.12%), USD/CAD: 1.0183 (-0.29%), USD/CNY: 6.1344 (+0.01%), AUD/USD: 0.9605 (+1.23%)
- 10 year U.S. Treasury: 2.17% (-0.04), 30 year U.S. Treasury: 3.33% (-0.02)
Market & Economy Update
The Japanese stock market once again witnessed high volatility overnight, slumping 6.35 percent to 12,445.38, slightly above the level when the Bank of Japan launched its stimulus program. Meanwhile, data showed today that jobless claims last week fell 12,000 to 334,000, reaching near five year lows. U.S. stock markets surged higher in today's session. The Dow Jones Industrial Average rose 192.33 points to 15,187.56, the S&P 500 Index inched up 23.84 points to 1,636.36, while Nasdaq gained 44.94 points to 3,445.37.
Stocks In Focus
Gannett Co., Inc. (NASDAQ:GCI)
The media giant has agreed to acquire the television company Belo in a $1.5 billion cash deal. The acquisition will almost double Gannett Co., Inc. (NASDAQ:GCI)'s broadcast portfolio, and help it diversify its geographical reach and revenue streams. Gannett offered to pay $13.75 a share, a 28 percent premium to Belo's closing price on Wednesday. Including $715 million in debts, Gannett's acquisition is worth $2.2 billion. Shares rose 34.01 percent to $26.63 a share.
Yahoo! Inc. (NASDAQ:YHOO)
The Marissa Mayer-led digital media giant has agreed to purchase photo app developer Ghostbird Software for an undisclosed amount. Yahoo! Inc. (NASDAQ:YHOO) said in a statement that Ghostbird will no longer offer its PhotoForge2 and KitCam apps to Apple Inc. (NASDAQ:AAPL)'s App Store. Yahoo shares inched up 1.85 percent to close the session at $26.37.
Safeway Inc. (NYSE:SWY)
Safeway Inc. (NYSE:SWY) has agreed to sell its Canadian operations to Empire Co. which operates grocery chain Sobeys in Canada. Empire Co. will pay 5.8 billion Canadian dollars ($5.68 billion) in cash. The move will help Safeway reduce its debt burden, while Empire will expand its reach in Western Canada. Shares surged 7.40 percent to $24.80 at the end of the trading session.
Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)
Societe Generale upgraded the BlackBerry maker from "sell" to "buy" and increased its price target from $13 to $17. The upgrade comes at the company is set to announce its quarterly results on June 28. Preliminary reports have suggested strong sales of its BlackBerry Q10 device. Shares rose 6.49 percent to $14.38.
PVH Corp (NYSE:PVH)
The parent of popular brands like Tommy Hilfiger and Calvin Klein announced better than expected first quarter results. Excluding one-time items, PVH Corp (NYSE:PVH) earned $1.91 per share, well above the consensus estimate of $1.35 a share. Revenues of $1.9 billion were in line with Wall Street expectations. Shares jumped 10.17 percent to end the session at $122.60.