Author: admin

U.S. stocks finished higher on Monday, with all three of the main benchmarks closing at two week highs, thanks in part to a spate of merger announcements. The Dow Jones Industrial Average finished 77.18 points, or 0.4%, higher at 18,222.89, after rising as much as 130 points early in the session. Shares of Microsoft Corp. and Boeing Co. led the blue-chip gauge higher. The S&P 500 index advanced 10.17 points, or 0.5%, to 2,151.32, with technology and consumer staples shares posting the strongest gains. The Nasdaq Composite Index climbed 52.42 points, or 1%, to 5,309.83.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Standard & Poor’s said Monday it’s placing AT&T Inc.’s BBB-plus rating on CreditWatch negative, after the company said it has agreed to buy Time Warner Inc. for $85.4 billion. The agency said it expects to deal to push AT&T’s adjusted debt-to-EBITDA ration to about 3.7 times, excluding synergies, from about 3.1 times. The deal will be funded with a mix of 50% equity and 50% cash, with the cash component to be funded through a combination of cash and debt. “We believe the acquisition has some strategic merits in that it will bring together Time Warner’s vast library of content assets with AT&T’s distribution capabilities,” S&P credit analyst Chris Mooney said in a statement. Any downgrade will depend on the company’s financial policy and commitment to debt reduction, its ability to growth EBITDA and generate free cash flow. S&P is expecting any potential downgrade to be limited to one notch, which would place the rating two notches above speculative, or “junk” bond status. AT&T shares were down 1.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Ollie’s Bargain Outlet Holdings Inc. said Monday that it has $100 million available to buy delayed or canceled items from manufacturers, retailers and others who have been impacted by the bankruptcy of freight carrier, Hanjin Shipping Co. The carrier said Monday that it will close its European operations, which The Wall Street Journal says is one more sign the company is “heading toward liquidation.” Ollie’s took out an ad in Monday’s Journal, broadcasting its offer to purchase goods across food, toys, housewares, books and more. “We see an opportunity to do business that is mutually beneficial to those who may need to offload merchandise, so we are just reminding folks that we are here and have the funds available to purchase these merchandise shipments, as well as the logistical expertise to act quickly to take possession of the goods, said Ollie’s Chief Executive Mark Butler, in a statement. Ollie’s shares are up 0.8% in Monday trading, and up nearly 61% for the year so far. The S&P 500 Index up 5.2% for the calendar year to date.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Embraer S.A., the Brazilian aircraft manufacturer, agreed on Monday with the Securities and Exchange Commission and the Department of Justice to resolve civil and criminal charges it allegedly used its U.S.-based subsidiary May 2008 and February 2011 to pay bribes to foreign government officials in the Dominican Republic, Saudi Arabia, and Mozambique and to pay millions more in falsely recorded payments in India. Authorities say that Embraer realized over $83 million in profits from business obtained through the use of illicit payments. Embraer agreed to a deferred prosecution agreement with the Justice Department and will pay a criminal penalty of $107 million. The company will also pay $98 million in profit disgorgement and interest to the SEC. Embraer may receive up to a $20 million credit depending on the amount of disgorgement it will pay to Brazilian authorities in a parallel civil proceeding in Brazil. Embraer admitted to its involvement in a conspiracy to violate the anti-bribery and books and records provisions of the Foreign Corrupt Practices Act and to a willful failure to implement an adequate system of internal accounting controls, according to the DOJ. Embraer must also retain an independent corporate monitor for at least three years.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News