Market News: HCC Insurance Holdings, Netflix, Sears Holdings

Market News: HCC Insurance Holdings, Netflix, Sears Holdings
market news

The stock markets in the United States gained as investors become optimistic regarding the development of the ongoing debt negotiations between Greece and its international creditors.

Sign up for our free newsletter

Germany’s Chancellor Angela Merkel is considering offering aid to Greece PM Minister Alexis Tsipras in return for his commitment to implement one economic reform, according to report from Bloomberg based on information from sources familiar with the matter.

Klarman: Baupost’s Core Principles Have Helped The Fund Outperform

Seth KlarmanWhen Baupost, the $30 billion Boston-based hedge fund now managed by Seth Klarman, was founded in 1982, it was launched with a core set of aims. Q4 2021 hedge fund letters, conferences and more Established by Harvard professor William Poorvu and a group of four other founding families, including Klarman, the group aimed to compound Read More

A related report from Reuters indicated that a government spokesman said that Germany will only accept a deal between Greece and its creditors if it obtains approval from the three lending operations—the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF).

Merkel said, “The goal is to keep Greece in the eurozone. I always approach these things with the attitude, if there is a will, there is a way.”


Michael Block, chief equity strategist at Rhino Trading Partners, told Bloomberg, “The Germans have officially blinked, and off we go. U.S. data has been better in general, but more people are coming around to the fact the Fed is seeing all this volatility in the bond market and is afraid to raise rates, there isn’t too much tumult, oil has stabilized and so we move on.”

On the other hand, Jack Ablin, chief investment officer at BMO Private Bank told CNBC that Greece is the catalyst behind the momentum of the markets today. “We see Europe lead the equity charts higher, but I also find it encouraging that equities can gain ground while interest rates are rising.” He added, “The fact is that the fundamental underpinnings of the market may be sound.”

Meanwhile, William Hobbs, head of investment strategy at Barclays suggested that incoming data would provide more proof that the world economy is not in a fragile state contrary to the perception in the first quarter.

He said, “Data seems to be pointing a bit upwards, and that may be suggesting to some that revenue prospects for the U.S. corporate sector may get better than what was priced in.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 18,000.40 (+1.33%)
  • S&P 500- 2,105.20 (+1.20%)
  • NASDAQ- 5,076.69 (+1.25%)
  • Russell 2000- 1,266.93 (+1.38%)

European Markets

  • EURO STOXX 50 Price EUR- 3,526.48 (+2.02%)
  • FTSE 100 Index- 6,830.27 (+1.13%)
  • Deutsche Borse AG German Stock Index DAX- 11,265.39 (+2.40%)

Asia-Pacific Markets

  • Nikkei 225- 20,046.36 (-0.25%)
  • Hong Kong Hang Seng Index- 26,687.64 (-1.12%)
  • Shanghai Shenzhen CSI 300 Index- 5,309.11 (-0.16%)

Stocks in Focus

HCC Insurance Holdings surged more than 36% to $77.35 per share. Tokio Marine Holdings agreed to acquire HCC Insurance for $78 per share or $7.5 billion. The companies expect to close the deal in the fourth quarter of this year.

The stock price of Netflix increased more than 3% to $671.10 per share driven by the report that its investors approved a proposal for a stock split. Marriott Hotels signed a partnership agreement with Netflix to transform the guestroom entertainment experience. The Netflix app will now be available on the Marriott Hotel’s internet-connected guest room televisions.

The shares of Sears Holdings declined more than 19% to $29.52 per share. The company said its REIT, Seritage Growth Properties launched a $1.57 billion subscription rights offering for common shares of stock.


Updated on

Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
Previous article BPC Calls On Congress To Preserve And Strengthen Independent Funding For Financial Regulators
Next article U.S. And China Entering New Cold War?

No posts to display