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Market Wrap: Israel, Hamas Start Talking; Rep Jackson Jr. Exits Early; Best Buy the Value Trap; Deere Gets Clipped

November 21, 2012 4:55 PM EST Send to a Friend
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Market wrap-up for November 21st

End of the Day: S&P 500 up 3.2 to 1,391.83; Dow Jones up 48.4 to 12,836.89; Nasdaq up 9.9 to 2,926.55

The following is a brief summary of events moving markets today:
  • Hopefully, this goes for a lot longer than 24 hours: Wednesday, Hamas and Israel agreed to a cease-fire, Egyptian Foreign Minister Mohammed Kamel Amr announced. Israeli Prime Minister Ben Netanyahu affirmed the deal.

    The cease-fire will last for 24 hours, with both side discussing issues and potential resolutions.

  • In the bag: Reckitt Benckiser Group and Schiff Nutrition (NYSE: SHF) made it official today, with Reckitt signing an agreement to acquire Schiff for $42 per share, or transaction value of $1.4 billion. Reckitt Benckiser's tender offer will expire at 11:59 p.m. New York City time, on December 14, 2012, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. Reckitt Benckiser will finance the transaction with cash and existing credit facilities.

    For more from the release, click here.

  • Oh, dear!: Deere & Co. (NYSE: DE) missed fourth-quarter expectations amid strong revs growth, as Agriculture & Turf profits evaporated on thinning margins. EPS was $1.75 on revs of $9.05 billion, versus the consensus EPS of $1.88 and sales of $8.85 billion. For more color on the results, click here.

  • We're not sure of the record for speed...this is close: Illinois Representative Jesse Jackson Jr., resigned from the House today, citing a federal investigation on the move. Jackson, elected November 6th, allegedly misappropriated campaign funds, though no formal charges have been made.

  • They really do have good deals on computers: Best Buy (NYSE: BBY) had another down session Wednesday following light Q3 results and expectations. Analysts commented that a takeover of the company is looking rough, given the overall metrics and with many pointing to free cash flow specifically. To read more, click here.

    Late in the session, S&P cut Best Buy from BB+ to BB, outlook negative.

  • Adios, Sandy!: Initial claims fell by 41,000 last week to 410,000, the U.S. Labor Department said Wednesday.the number compares with a revised-higher reading of 451,000 the prior week and expectations for a drop to 423,000 apps.

    Continuing claims fell by just 30,000 to 3.337 million for the week ended November 10th. Estimates called for a rise to 3.4 million.

    For more on the data, click here
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