Market Wrap: Stocks Down Again on Data; Traders Love Organic IPOs; Facebook 'May' IPO Soon


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March 28, 2012 5:59 PM EDT Send to a Friend
Market wrap-up for March 28th

End of the Day: Dow Jones down 71.5 to 13,126.21; Nasdaq down 15.4 to 3,104.96; S&P 500 down 7.0 to 1,405.54

The following is a brief summary of events moving markets today:
  • The market, in brief: Stocks ended lower for the second session on adverse economic data from Europe and the U.S. Orders of items expected to last rose 2.2 percent in February, missing expectations for a 3.0 percent rise. Materials companies like Alcoa (NYSE: AA) and United Tech (NYSE: UTX) dipped.

    Oil inventories also rose 7.1 million barrels last week, ahead of expectations calling for a 2.2 million barrel increase. Thus, energy stocks saw some weakness.

    The Supreme Court was in day three of deliberations over Obamacare, currently debating the passage of people being required to carry health insurance is at a 5-4 vote against.

  • Naturally: The IPO for organic food maker Annie's, Inc. (NYSE: BNNY) is open for trading. Shares opened at $31.11 after pricing 5 million share IPO at $19 per shares, above the expected $16-$18 range, which was recently raised from $14 to $16.

    Overall, companies that went public in 2012 were mixed on the session following Annie's IPO. Others making an appearance today include Vocera (NYSE: VCRA) and Regional Management (NYSE: RM).

  • Record IPO on the horizon! Full speed ahead!: Facebook (Nasdaq: FB)(NYSE: FB) is said to be prepping for a May IPO. Reports Tuesday suggested Facebook shares will cease trading on secondary markets (almost like the "click-click-click" slowing as you approach the top of the roller coaster, now peering down the embankment).

  • Pump (and valve) it up!: Pentair, Inc. (NYSE: PNR) and Tyco International Ltd. (NYSE: TYC) entered a definitive agreement to combine Tyco's Flow Control business with Pentair in a tax-free, all-stock merger.

    The transaction valued Tyco Flow at approximately $4.9 billion, including assumed net debt and minority interest. Upon completion of the transaction, which has been unanimously approved by the boards of both companies, Tyco shareholders will own approximately 52.5 percent of the combined company and Pentair shareholders will own approximately 47.5 percent.

  • Shippers bringing in gains: Frontline (NYSE: FRO), Overseas Shipbuilding (NYSE: OSG), and others got a nod from Dahlman Rose Tuesday, sending shippers ripping higher. Both Frontline and Overseas ended above 7 percent better, while Teekay (NYSE: TK) finished up the session 14.3 percent better.
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