Post Market News
Stocks that were active in the U.S. trading on Tuesday include, Google Inc. (NASDAQ:GOOG), Apple Inc. (NASDAQ:AAPL), Dole Food Company Inc. (NYSE:DOLE), Lululemon Athletica Inc. (NASDAQ:LULU) and Questcor Pharmaceuticals Inc. (NASDAQ:QCOR).
- U.S.: Dow Jones: 15,123.85 (-0.75%), S&P 500: 1,626.14 (-1.01%), Nasdaq: 3,436.95 (-1.06%)
- World Markets: Shanghai: 2,210.90 (-1.39%), Nikkei 225: 13,317.62 (-1.45%), Hang Seng Index: 21,354.66 (-1.20%), TSEC: 8,116.15 (-0.54%), FTSE 100: 6,340.08 (-0.94%), EURO STOXX 50: 2,683.20 (-1.33%), BSE Sensex: 19,143.00 (-1.53%)
- Metals: Gold: $1,377.00 (-0.65%), Silver: $21.65 (-1.27%), Platinum: $1,479.90 (-1.79%)
- Currency: EUR/USD: 1.3307 (+0.35%), USD/JPY: 96.14 (-2.60%), GBP/USD: 1.5642 (+0.37%), USD/CAD: 1.0192 (+0.01%), USD/CNY: 6.1335 (0.00%), AUD/USD: 0.9443 (-0.34%)
- 10 year U.S. Treasury: 2.18% (-0.07), 30 year U.S. Treasury: 3.31% (-0.07)
Market & Economy Update
For the first time in the past 18 months, the U.S. Treasury Department will have to pay positive real interest rates on new 10-year bonds as investors are worried that the Federal Reserve may cut back its stimulus program. Stock markets edged down today as the Dow Jones Industrial Average skid 116.57 points to 15,122.02, the S&P 500 index fell 16.69 points to 1,626.13, and the Nasdaq plunged 36.82 points to 3,436.95.
Talk of inflation has been swirling for some time amid all the stimulus that's been pouring into the market and the soaring debt levels in the U.S. The Federal Reserve has said that any inflation that does occur will be temporary, but one hedge fund macro trader says there are plenty of reasons not to Read More
Stocks In Focus
Google Inc (NASDAQ:GOOG)
Google Inc (NASDAQ:GOOG) has finally purchased the online mapping company Waze after facing competition from Facebook Inc (NASDAQ:FB) and many other technology companies. The move is aimed at safeguarding Google’s dominance in the real-time mapping aspect of the smartphone business. Waze currently has 47 million users. Though Google didn’t disclose financial terms of the deal, sources told Reuters that Google paid a little more than $1 billion. Shares of Google were down 1.17% to $879.81.
Apple Inc. (NASDAQ:AAPL)
At the Worldwide Developers Conference yesterday, the iPhone maker launched iOS 7, the revamped version of the operating system for iPhones and iPads. The company also launched iTunes Radio streaming service. Apple Inc. (NASDAQ:AAPL) unveiled a new series of MacBooks and displayed a unique design for its MacPro desktops. Shares closed the session down 0.29% to $437.60.
Dole Food Company Inc. (NYSE:DOLE)
Dole Food Company Inc. (NYSE:DOLE) CEO David Murdock has made an unsolicited offer to buy the remaining 60% stake in the fruits and vegetables company that he doesn’t already own. Murdock’s offer values Dole Food at $1.1 billion. He proposed to pay $12 per share, an 18% premium to its closing price on Monday. The company said it will evaluate the offer. Shares rose 22.16% to $12.46, indicating that investors expect a counter offer.
Lululemon Athletica Inc. (NASDAQ:LULU)
Lululemon Athletica Inc. (NASDAQ:LULU) CEO Christine Day stepped down from the job after quality control issues at the company. The yoga gear maker said there was a manufacturing defect in the black Luon pants that made them too transparent. The company recalled all the black Luon pants from the market. Chief product officer Sheree Waterson has already lost her job over the issue. Shares plunged 17.54% to end the session at $67.85.
Questcor Pharmaceuticals Inc. (NASDAQ:QCOR)
The biopharmaceutical giant has acquired the rights from Novartis AG (NYSE:NVS) to develop Synacthen and Synacthen Depot in the United States. The deal is valued at about $135 million. The deal will help Questcor expand its presence in autoimmune and inflammatory disorders. Shares rose 14.72% to end the session at $42.11.