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Singapore-based Shanda Group has agreed with Trian Fund Management to purchase a 9.9% stake in asset manager Legg Mason Inc. , the companies said in a statement Tuesday. Legg Mason shares rose 1.7% in premarket trade, but are down 20% in the year so far, while the S&P 500 is down 0.1%.
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Market data firm International Data Corp. confirmed late Monday that Dell overtook HP Inc. as the market-share leader in the dwindling U.S. PC market, while Lenovo managed to hold onto its lead worldwide. IDC said that worldwide PC shipments for the first quarter declined 11.5% to 60.6 million units from a year ago, and by 5.8% to 13.6 million units in the U.S. Worldwide, Lenovo held onto the lead with 20.1% market share, followed by HP (19.2%) and Dell (14.9%). In the U.S., Dell overtook HP as the market-share leader, 25.6% vs 25.3%, while Lenovo held 14.1% of market share. Earlier, Gartner had reported similar figures with Dell overtaking HP in the U.S.
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Marathon Oil Corp. said Monday it plans to sell $950 million worth of assets, vowing to focus on lower-risk U.S. resources to protect its balance sheet amid falling oil prices. The company has sold a total of $1.3 billion in assets since August, going beyond its target of selling $750 million to $1 billion in assets. The largest transaction announced Monday is the selling of all of its Wyoming exploration and transportation and storage assets for $870 million, Marathon said. Shares of Marathon rose 2% in late trading Monday after ending the regular session down 0.9%.
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Dell surpassed HP Inc. to become the No. 1 vendor for PCs in the U.S. market during the first quarter, but the industry continues to bleed sales, according to new data from Gartner. Worldwide PC shipments fell 9.6% year-over-year during the first quarter, marking the sixth straight quarter of PC shipment declines, and the first time since 2007 that shipment volume fell below 65 million units. Lenovo maintained the No. 1 position in worldwide PC shipments, while Apple Inc. was No. 5, behind Asus.
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Oil production from members of the Organization of the Petroleum Exporting Countries rose by 40,000 barrels a day in March from a month earlier, to 32.38 million barrels a day, according to a Platts survey released late Monday. Platts attributed the increase to higher output from Iran, which climbed by 110,000 barrels a day to 3.23 million barrels a day. Iraqi output also rose by 30,000 barrels a day to 4.16 million barrels a day, according to the survey of OPEC and oil industry officials and analysts conducted by Platts.
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U.S. stocks finished lower, slipping into negative territory in the final hour of trading as concerns about lackluster quarterly earnings outweighed a rally in crude prices. Stock investors are looking ahead to Alcoa Inc.’s quarterly results, which are set to be released at the end of regular trading. The S&P 500 closed off 5.61 points, or 0.3%, at 2,041.99, the Dow Jones Industrial Average ended down 20.55 points, or 0.1%, at 17,556.41, while the tech-heavy Nasdaq Composite index ended 17.29 points, or 0.4%, lower at 4,833.40.
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Oil futures settled at their highest level in almost three weeks on Monday, buoyed by expectations for output declines and signs of stronger demand for crude. Prices also got a boost after a U.S. government report showed that domestic shale-oil production was forecast to fall by 114,000 barrels a day next month. May WTI crude rose 64 cents, or 1.6%, to settle at $40.36 a barrel on the New York Mercantile Exchange. That was the highest settlement since March 22.
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Oil production from seven major U.S. shale plays is expected to fall by 114,000 barrels a day in May from April, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in south Texas is forecast to see the biggest decline, down 62,000 barrels a day in May. The Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 31,000 barrels a day, the report said. May oil continued to trade higher, up 56 cents, or 1.4%, to $40.28 a barrel on the New York Mercantile Exchange.
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Gold futures logged sharp gains Monday, registering their third straight session advance, as investors’ expectation for lower interest rates helped prop up the commodity amid higher prices in stocks and oil. A weaker dollar helped play its part to keep the dollar-denominated commodity buoyant. A weaker dollar makes the asset less expensive to buyers using other currencies. June gold finished $14.20, or 1.1%, to close at $1,258 an ounce. Gold’s sister metal, May silver also enjoyed a healthy jump, advancing 60 cents or, 3.9%, to end at $15.98 an ounce. Both contracts for gold and silver logged their highest settlement levels since March 17, according to FactSet.
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Tesla Motors Inc. voluntarily has recalled 2,700 Model X SUVs, saying back-row seats could collapse forward in some accidents, the company said. The company knows of no specific incidents, but following a crash test determined that a hing could fail in some cases. The back-row seats will be replaced and the third-party supplier will bear the costs. Tesla launched the The Model X, its latest vehicle, in late September. Shares of Tesla rose 1.3% Monday, nearly two weeks after it unveiled its next vehicle, Model 3, a cheaper sedan expected to roll off the factory floor in late 2017.
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From:: Stock Market News