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Market News: Clearwire, EMC, NV Energy, Big Lots, Express

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Stocks that were active in U.S. trading on Thursday include Clearwire Corporation (NASDAQ:CLWR), EMC Corporation (NYSE:EMC), NV Energy, Inc. (NYSE:NVE), Big Lots, Inc. (NYSE:BIG) and Express Inc. (NYSE:EXPR).

Market News: Clearwire, EMC, NV Energy, Big Lots, Express

Market Levels

  • U.S.: Dow Jones: 15,328.02 (+0.16%), S&P 500: 1,654.49 (+0.37%), Nasdaq: 3,491.30 (+0.69%)
  • World Markets: Shanghai: 2,317.75 (-0.27%), Nikkei 225: 13,589.03 (-5.15%), Hang Seng Index: 22,484.31 (-0.31%), TSEC: 8,243.29 (-1.13%), FTSE 100: 6,656.99 (+0.45%), EURO STOXX 50: 2,799.20 (+0.45%), BSE Sensex: 20,215.40 (+0.34%)
  • Metals: Gold: $1,411.50 (+1.45%), Silver: $22.69 (+1.06%), Platinum: $1,482.70 (+2.04%)
  • Currency: EUR/USD: 1.3045 (+0.86%), USD/JPY: 100.95 (-0.20%), GBP/USD: 1.5218 (+0.62%), USD/CAD:  1.0300 (-0.54%), USD/CNY: 6.1309 (+0.07%), AUD/USD: 0.9669 (+0.36%)
  • 10 year U.S. Treasury: 2.12% (0.00), 30 year U.S. Treasury: 3.28% (+0.03)

Market & Economy Update

The Commerce Department said today that the U.S. economy grew 2.4 percent during the first quarter compared to the previous estimate of a 2.5 percent gain. Government spending cuts and slow inventory building overshadowed the highest gain in consumer purchases in the past three years. The Japanese stock market plunged 5.15 percent today in a highly volatile session.

U.S. stock markets edged up today. The Dow Jones Industrial Average rose 25.22 points to 15,328.02, the S&P 500 Index was up 6.16 points to 1,654.52, while Nasdaq gained 24.69 points to 3,492.36.

Stocks In Focus

Clearwire Corporation (NASDAQ:CLWR)

Clearwire shares surged after DISH network raised its bid for the company to $4.40 per share, about 29 percent higher than what Sprint Nextel has offered to pay for Clearwire. The deal values the mobile broadband operator at $6.5 billion, more than double the market value of Clearwire. Shares surged 29.31 percent to $4.50.

EMC Corporation (NYSE:EMC)

The IT giant has announced it will start paying a quarterly dividend and increase its stock buyback program to $6 billion from the current $1 billion. EMC will pay its first dividend on July 23 to shareholders of record on July 1. Shares jumped 5.37 percent to $24.93.

NV Energy, Inc. (NYSE:NVE)

MidAmerican Energy Holdings Co., a unit of Berkshire Hathaway Inc. has agreed to acquire NV Energy for $5.6 billion in a cash deal. MidAmerican Energy will pay $23.75 per NV Energy share, or a 23 percent premium to its closing price on Wednesday. After the deal, MidAmerican will become the largest utility owner in the United States. NV Energy shares jumped 22.51 percent to end the session at $23.62.

Big Lots, Inc. (NYSE:BIG)

The retailer reported 61 cents a share in the first quarter earnings, in line with consensus estimates. Revenues jumped 1.3 percent to $1.31 billion. However, same store sales plunged 2.5 percent during the quarter. Big Lots also issued pessimistic guidance for the current quarter and full year. Shares skidded 8.99 percent to close the session at $34.93.

Express Inc. (NYSE:EXPR)

The youth clothing retailer reported a 23 percent decline in its first quarter earnings due to higher expenses and flat same-store sales. But the company upgraded its guidance for the full year and issued optimistic forecast for the current quarter. Shares soared 12.83 percent to $21.20 a share.

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