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Market Wrap: All Eyes on Dell; Markets Mixed on Cyprus; Schulze Has New Best Buy Role

March 25, 2013 5:28 PM EDT Send to a Friend
Market wrap-up for March 25th

End of the Day: S&P 500 down 5.2 to 1,551.69; Dow Jones down 64.3 to 14,447.75; Nasdaq down 9.7 to 3,235.30

The following is a brief summary of events moving markets today:

* Dell, Inc. (Nasdaq: DELL) announced that the “go-shop” period provided for in the merger agreement between the company and entities owned by Michael Dell, Dell’s Founder, Chairman and Chief Executive Officer, and investment funds affiliated with Silver Lake Partners, has elicited two alternative acquisition proposals. One proposal was submitted by a group affiliated with a private equity fund managed by Blackstone (NYSE: BX) and the other by entities affiliated with Carl Icahn.

* Markets started higher Monday following a last-minute deal to secure financing needed to avert financial disaster. Reports had Cypriot leadership entering loan deals up to €10 billion. Initial enthusiasm surrounding the Cyprus bailout deal turned to pessimism Monday after comments from a European Finance Minister sparked widespread fears across the European Union (EU) that depositors' cash can be used as a piggy bank to cover the risks of bad banks and overspending governments. Specifically, Dutch Finance Minister Jeroen Dijsselbloem called the Cyprus deal a new template for resolving euro zone banking issues. For more color, click here.

* BlackBerry (Nasdaq: BBRY) hit earlier in the day as Goldman Sachs downgraded the stock to Neutral, saying initial Z10 sales checks were "disappointing." Other analysts were mixed on the launch.

* Best Buy (NYSE: BBY) and its Founder, Richard Schulze, announced that Mr. Schulze is returning to the company as its Chairman Emeritus. In addition, Mr. Schulze has nominated Brad Anderson and Al Lenzmeier to serve on the Best Buy Board of Directors, pursuant to a previously disclosed agreement between the company and Mr. Schulze. For more color on the appointment, including pay and privileges, ORCL) announced that it acquired Tekelec (Nasdaq: TKLC), though terms weren't disclosed. Tekelec is a leading provider of network signaling, policy control, and subscriber data management solutions for communications networks.

* SEC has approved by $62 million plan from Nasdaq OMX (Nasdaq: NDAQ) to compensate traders following the botched Facebook (Nasdaq: FB) IPO last May. To read the decision, click here.

* Apple (Nasdaq: AAPL) is indicated for a higher open Monday following news it acquired Silicon Valley start-up WiFiSLAM. Purchase price on the deal was about $20 million.

* American Express Co. (NYSE: AXP) has approved the repurchase of up to 150 million common shares. This authorization replaces the prior 150 million share repurchase program that had approximately 70 million shares of common stock remaining under board authorization.

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