Abbott Laboratories has denied reports that it is pursuing a $25 billion bid to buy St. Jude Medical Inc. . Shares of St. Jude traded sharply higher in premarket trade following a Financial Times report, citing anonymous sources. St. Jude’s shares were up 5% in premarket trade, putting them on track to open around $73. Those of Abbott were up 3.2%.
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Treasury yields rose Thursday after the Commerce Department said the U.S. economy grew at a faster pace in the second quarter than initially estimated. Meanwhile, the Labor Department said that new applications for unemployment benefits fell for the first time in four weeks. The 10-year yield rose 1.9 basis point to 2.191%, its highest level since Aug. 18. The yield on the two-year note gained 3.9 basis points to 0.703% and the 30-year yield inched 0.1 basis point higher to 2.932%.
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The dollar strengthened against its main rivals Thursday after second-quarter gross domestic product growth was revised up to 3.7%, from 2.3%. Dennis de Jong, managing director at UFX.com, said the U.S. economy appears to be in “relatively decent health” after the number. But the “financial turbulence” of the past two weeks likely means the Federal Reserve won’t raise interest rates in September. The number was much stronger The ICE U.S. Dollar index was up 0.4% to 95.4630. The euro fell to $1.1258 from $1.1280 shortly before the data. The dollar rose to 120.45 yen from 120.20 yen. The British pound fell to $1.5430 from $1.5470.
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WASHINGTON (MarketWatch) – New applications for U.S. unemployment benefits fell by 6,000 to 271,000 in the seven days ended August 22, the first decline after four straight weekly gains. The latest report on initial claims indicate the labor market is still improving. initial claims have clung below the key 300,000 threshold for 25 weeks, the longest stretch in more than 15 years. Economists surveyed by MarketWatch had forecast initial claims to fall to 270,000. The average of new claims over the past month, meanwhile, edged up by 1,000 to a seasonally adjusted 272,500, the Labor Department said Thursday. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Continuing jobless claims increased by 13,000 to 2.27 million in the week ended Aug. 15. These claims reflect people already receiving unemployment checks.
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St. Jude Medical Inc. shares surged 12% in premarket trade Thursday, after the Financial Times reported that Abbott Laboratories is gearing up to make a $25 billion bid for the medical device maker, citing people familiar with the matter. The company is preparing an offer but has not yet put it forward, the paper said. Abbott Labs shares were not yet active in premarket trading.
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Tiffany & Co.’s stock slumped 7.7% in premarket trade Thursday, after the high-end jewelry and accessories retailer reported fiscal second-quarter earnings and sales that missed expectations, and provided a downbeat outlook. Earnings for the quarter ended July 31 fell to $104.9 million, or 81 cents a share, from $124.1 million, or 96 cents a share, in the same period a year ago. Excluding non-recurring items, EPS came in at 86 cents, missing the FactSet consensus of 91 cents. Sales slipped to $990.5 million from $992.9 million, below the FactSet consensus of $1 billion, as a decline in sales in the Americas offset growth in Asia and Europe. Same-store sales in the Americas were flat with a year ago, missing the FactSet consensus of 1% growth. For the full year, Tiffany expects EPS to decline in the range of 2% to 5% from the $4.20 reported last year, while the FactSet consensus was for an increase to $4.24. The stock has tumbled 20% year to date through Wednesday, while the S&P 500 has lost 5.8%.
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Kansas City Fed President Esther George says the market turmoil “complicates” any decision to raise rates, but she repeated her long-held call for normalization. George, who is considered a hawk, said the market swings may have been impacted by the central bank’s moves. “I think [Fed policy] has an influence on it,” said George in an interview with CNBC. She doesn’t have a vote this year.
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A newly built home just one block from Magazine Street, this home features a master suite with a soaking tub, extra-large shower and a walk-in closet. The floors are made from reclaimed heart of pine.
High ceilings, a covered back porch and an enormous walk-in closet make this 2011 home special. The attic was designed to allow space for two more bedrooms and a bath.
Built in 2007 on a deep lot, this raised home features wooden floors in the living room and carpet in the four bedrooms. Its location provides easy access to universities and highways.
This newly constructed home boasts a breakfast room with bay windows, covered front and back porches and a large master suite with bay windows, wood floors and two closets.
Built two years ago with lots of character touches, this home includes reclaimed heart-of-pine flooring, one-foot baseboards, encased frame windows and a master bedroom that accesses a private balcony.
View more <a target="_self" href="http://www.zillow.com/navarre-new-orleans-la/" …read more
