Post Market News
Stocks that were active inU.S. trading on Wednesday include Royal Bank of Scotland Group Plc (NYSE:RBS) (LON:RBS), Live Nation Entertainment, Inc. (NYSE:LYV), Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA), Cooper Tire & Rubber Company (NYSE:CTB) and Rambus Inc. (NASDAQ:RMBS).
- U.S.: Dow Jones: 15,003.15 (-0.79%), S&P 500: 1,614.39 (-0.72%), Nasdaq: 3,402.76 (-0.99%)
- World Markets: Shanghai: 2,210.90 (-1.395), Nikkei 225: 13,289.32 (-0.21%), Hang Seng Index: 21,354.66 (-1.20%), TSEC: 8,116.15 (-0.54%), FTSE 100: 6,299.45 (-0.64%), EURO STOXX 50: 2,666.52 (-0.62%), BSE Sensex: 19,041.13 (-0.53%)
- Metals: Gold: $1,392.00 (+1.09%), Silver: $21.80 (+0.69%), Platinum: $1,482.30 (+0.16%)
- Currency: EUR/USD: 1.3329 (+0.17%), USD/JPY: 95.68 (-0.48%), GBP/USD: 1.5677 (+0.22%), USD/CAD: 1.0213 (+0.21%), USD/CNY: 6.1335 (0.00%), AUD/USD: 0.9488 (+0.48%)
- 10 year U.S. Treasury: 2.23% (+0.02), 30 year U.S. Treasury: 3.37% (+0.03)
Market & Economy Update
Stock markets around the world ended the session lower today despite positive industrial output data from the Eurozone. U.S. markets followed suit as the Dow Jones Industrial Average plummeted 126.79 points to 14,995.23, the S&P 500 Index was down 13.61 points to 1,612.52 while Nasdaq fell 36.52 points to 3,400.43.
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Stocks In Focus
Royal Bank of Scotland Group Plc (NYSE:RBS) (LON:RBS)
RBS CEO Stephen Hester announced Wednesday that he would step down after five tumultuous years at the helm. He led the bank through the 2008 rescue plan, recovery and restructuring. He leaves the bank when it is surrounded by uncertainty over when it will be privatized and questions about who will lead the privatization. The British government owns an 81 percent stake in the company. RBS shares plunged 3.96 percent to $9.83 at the end of the trading session.
Live Nation Entertainment, Inc. (NYSE:LYV)
Live Nation today won a lawsuit that CTS Eventim AG filed against the company in connection with its Ticketmaster ticketing software. CTS Eventim AG filed the suit in April 2010. The court ruled that Live Nation’s termination of the software licensing agreement was valid, and it is not required to pay anything in damages. Shares surged 16.84 percent to $16.17.
Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA)
Ulta Salon posted better than expected first quarter earnings amid strong same-store sales and new store openings. The beauty product retailer’s earnings rose 20 percent to 65 cents a share on sales of $583 million. Analysts polled by Thompson Reuters were expecting 62 cents in earnings and $576 million in revenues. Shares rose 15.12 percent to end the session at $96.64.
Cooper Tire & Rubber Company (NYSE:CTB)
Indian tire company Apollo Tyres Ltd. announced it will acquire Cooper Tyre in a $2.5 billion cash deal. Apollo offered to pay $35 a share, a 45 percent premium to its closing price on Tuesday. The deal will create the world’s seventh largest tirecompany with a strong presence in India, China, U.S. and Europe. The acquisition has already been approved by the boards of both companies. Shares of Cooper rose 41.12 percent to $34.66.
Rambus Inc. (NASDAQ:RMBS)
Rambus said that South Korean microprocessor maker SK Hynix Inc. has finally agreed to pay Rambus $220 million for infringing its patents. The case has been pending since 2000. Rambus shares surged 6.48 percent to close the session at $8.55.