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Shares of Phoenix Companies Inc. nearly tripled in premarket trade Tuesday, after the insurer agreed to be acquired by Nassau Reinsurance Group Holdings for $217.2 million in cash. Under terms of the deal, Nassau will pay $37.50 for each Phoenix share outstanding, representing a 188% premium to Monday’s closing price of $13.03. The acquisition is expected to be completed in early 2016, after which Nassau will contribute $100 million in new equity to improve Phoenix’s balance sheet and provide working capital. The stock, currently trading at $34.98, is set to open at the highest price seen since April 30. Through Monday, the stock had plunged 81% year to date, while the S&P 500 had lost 8.6%.

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From:: Stock Market News

Citing a slower pace of growth for the U.S. and China, Goldman Sachs has lowered its S&P 500 earnings and price forecasts. In a note dated Sept. 28, but released on Tuesday, strategists led by Goldman’s chief U.S. equity strategist, cut the S&P 500 year-end target to 2,000 from 2,100. “‘Flat is the new up,’ will be the investor refrain for 2016,” said David Kostin in the note. “Our baseline forecast is that the U.S. economy will grow at a modest pace, earnings will rise, and the S&P 500 index will climb slowly while the [price-to-earnings] multiple declines as interest rates rise,” he said. The investment bank also cut its 2015 S&P 500 earnings-per-share forecast to $109 from $114, representing a 3% year-over-year decline in earnings. For 2016, Goldman sees the S&P climbing 5% to 2,100, with earnings per share for the benchmark coming in at $120, down from the previous forecast of $126.

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From:: Stock Market News

Axel Springer SE announced a deal to buy 88% of the shares of Business Insider for the equivalent of $343 million, which would give the German publisher a 97% stake in the digital business news site. The balance of the shares will be owned by Amazon.com Inc. co-founder Jeff Bezos’s personal investment company, Bezos Expeditions. The value of the 88% stake reflects a total valuation for the company at $442 million, or $390 million on a cash and debt-free basis. Business Insider Founder and Chief Executive Henry Blodget and Chief Operating Officer Julie Hansen will continue in their present roles, and remain invested in the company through equity incentives. “With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world,” said Axel Springer CEO Mathias Dopfner.

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From:: Stock Market News

Volkswagen AG will be removed from the Dow Jones Sustainability Indices from Oct. 6 as a consequence of the car maker’s alleged cheating on emission-test data. “The [Dow Jones Sustainability Index Committee] reviewed the situation and ultimately decided to remove the Company from the DJSI World, the DJSI Europe, and all other DJSI indices,” S&P Dow Jones Indices said in a statement on Tuesday. “As a result, VW will no longer be identified as an Industry Group Leader in the ‘Automobiles & Components’ industry group,” it added. The move follows a deepening scandal over Volkswagen’s emission software in some of its diesel cars, which has allegedly been rigged to thwart U.S. pollution standards tests. Volkswagen shares were off 0.4% in Germany on Tuesday, deepening the year-to-date loss to 46%.

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From:: Stock Market News

This Old House general contractor Tom Silva helps a homeowner build a custom fireplace mantel …read more

From:: DIY this old house

A finished basement suite entices friends and future grandparents in the best living space redo from the Search for America’s Best Remodel 2015 …read more

From:: DIY this old house

Interior designer Sarah Richardson is known for using traditional elements with unstodgy flair, as seen here—and in her new book …read more

From:: DIY this old house

A Senate bill to keep the government open past midnight Wednesday cleared a procedural hurdle on Monday. The bill would fund the federal government through Dec. 11. Without a funding extension, the federal government would partially shut down on Oct. 1. Monday’s 77-to-19 vote sets up a vote on final passage in the Senate. The House would also need to vote on the bill.

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From:: Stock Market News

Yahoo Inc. is moving forward with its attempt to spin off the company’s remaining stake in Alibaba Group Holding Ltd. , despite uncertainty about important tax aspects of the deal. Yahoo had sought early approval from the Internal Revenue Service of a tax-free standing for the spinoff, but dropped that effort earlier this month after pushback from the IRS. In a Monday afternoon filing, Yahoo said that it would go ahead with the spinoff, effectively taking its chances on a final IRS ruling as the federal agency and Treasury Department ponder new rules for these types of financial maneuvers. Yahoo is packaging the remainder of its Alibaba shares with a small operating segment, Yahoo Small Business, into the spinout dubbed Aabaco Holdings Inc., and hopes the transaction will occur in the fourth quarter. Yahoo shares jumped 3% in late trading Monday after hitting a two-year low during the regular session and closing with a 5.3% decline at $27.60.

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From:: Stock Market News

Seven car makers, including Tesla Motors Inc. , Daimler AG’s [de: dai] Mercedes-Benz, Suzuki Motor Co. [jp: 7269] and Volkswagen AG [de: vow], could be facing recalls because of Takata Corp. [jp: 7312] air bags, the Associated Press reported , citing a letter from U.S. highway safety regulators. The National Highway Traffic Safety Administration sent letters to the companies seeking information on which models may have had Takata air bags, the AP said. The regulators said in the letter they expect the recall to widen as time goes on and to include more car makers, the AP said. The recall has so far included vehicles made by BMW AG [xe: bmw], Honda Motor Co. Ltd. [jp: 7267], Fiat Chrysler Automobiles [it: fca], and others. About 19 million vehicles are currently part of the recall, according to the NHTSA.

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From:: Stock Market News