Market Wrap: More Cash for Sprint; Google Finds the Waze; ACLU Sues NSA
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Market wrap for June 11th
End of the Day: S&P 500 down 16.7 to 1,626.13; Dow Jones down 116.6 to 15,122.02; Nasdaq down 3,436.95 to 36.8
* Wholesale inventories rose 0.2 percent in April, adding on to a 0.3 percent gain realized in March. Street consensus estimates pegged the gain at 0.2 percent. Excluding autos, inventories came in flat. The metric added about 0.5 percentage points to Q1 GDP growth, which was a positive 2.4 percent. Wholesale sales rose 0.5 percent in April, versus a 1.4 percent drop in March and economists expectations for a flat reading.
* Sprint Nextel Corporation (NYSE: S) and SoftBank Corp. have amended the previously announced merger agreement between the two companies to deliver greater cash consideration and increased certainty to Sprint stockholders. Under the amended Merger Agreement, SoftBank will deliver an additional $4.5 billion of cash to Sprint stockholders at closing, bringing the total cash consideration available to Sprint stockholders to $16.64 billion.
* Dole Food Company, Inc. (NYSE: DOLE) announced that its Board of Directors has received an unsolicited proposal from David H. Murdock, the Company's Chairman of the Board and CEO, to acquire all of the outstanding shares of common stock of Dole Food Company, Inc. not already owned by Mr. Murdock or his family for $12.00 per share in cash.
* Google, Inc. (Nasdaq: GOOG) announced the acquisition of Waze. Waze has been hotly contested as a potential target for the likes of Facebook (Nasdaq: FB), Apple (Nasdaq: AAPL), and Microsoft given its navigation and mapping content, all of which are provided and updated by members worldwide.
* Tesla Motors (Nasdaq: TSLA) was put on watch following news of a notable reduction in the price of GM's (NYSE: GM) Chevy Volt.
* American Civil Liberties Union (ACLU) filed a lawsuit against the National Security Agency (NSA) today alleging that the Agency was violating the ACLU's constitutional rights. The ACLU, a customer of Verizon's (NYSE: VZ) Verizon Business Network Services, claimed metadata from its phone calls were being collected. The suit was filed in
* In a late press release Monday night, following its E3 media preview earlier in the day, Sony (NYSE: SNE) offered more information, pricing, and specs for its PlayStation 4 gaming console. Two key factors Sony has going for it over Microsoft's (Nasdaq: MSFT) Xbox One console are that the PS4 is cheaper by $100 and will be compatible with older games. The system will also still function if not connected to the Internet, something absent on Xbox One. Both have until later this year to strengthen cases for making a purchase, as both systems will start selling during the holiday season.
* Hedge fund giant John Paulson's Gold Fund is said to have lost 13 percent in May, adding to a 27 percent drop in April, and is now down 54 percent since the start of 2013. In a letter to investors and obtained by Bloomberg, Paulson said investors should stick with the fund, citing current valuation of gold. He currently has no plans to close the fund.
End of the Day: S&P 500 down 16.7 to 1,626.13; Dow Jones down 116.6 to 15,122.02; Nasdaq down 3,436.95 to 36.8
* Wholesale inventories rose 0.2 percent in April, adding on to a 0.3 percent gain realized in March. Street consensus estimates pegged the gain at 0.2 percent. Excluding autos, inventories came in flat. The metric added about 0.5 percentage points to Q1 GDP growth, which was a positive 2.4 percent. Wholesale sales rose 0.5 percent in April, versus a 1.4 percent drop in March and economists expectations for a flat reading.
* Sprint Nextel Corporation (NYSE: S) and SoftBank Corp. have amended the previously announced merger agreement between the two companies to deliver greater cash consideration and increased certainty to Sprint stockholders. Under the amended Merger Agreement, SoftBank will deliver an additional $4.5 billion of cash to Sprint stockholders at closing, bringing the total cash consideration available to Sprint stockholders to $16.64 billion.
* Dole Food Company, Inc. (NYSE: DOLE) announced that its Board of Directors has received an unsolicited proposal from David H. Murdock, the Company's Chairman of the Board and CEO, to acquire all of the outstanding shares of common stock of Dole Food Company, Inc. not already owned by Mr. Murdock or his family for $12.00 per share in cash.
* Google, Inc. (Nasdaq: GOOG) announced the acquisition of Waze. Waze has been hotly contested as a potential target for the likes of Facebook (Nasdaq: FB), Apple (Nasdaq: AAPL), and Microsoft given its navigation and mapping content, all of which are provided and updated by members worldwide.
* Tesla Motors (Nasdaq: TSLA) was put on watch following news of a notable reduction in the price of GM's (NYSE: GM) Chevy Volt.
* American Civil Liberties Union (ACLU) filed a lawsuit against the National Security Agency (NSA) today alleging that the Agency was violating the ACLU's constitutional rights. The ACLU, a customer of Verizon's (NYSE: VZ) Verizon Business Network Services, claimed metadata from its phone calls were being collected. The suit was filed in
* In a late press release Monday night, following its E3 media preview earlier in the day, Sony (NYSE: SNE) offered more information, pricing, and specs for its PlayStation 4 gaming console. Two key factors Sony has going for it over Microsoft's (Nasdaq: MSFT) Xbox One console are that the PS4 is cheaper by $100 and will be compatible with older games. The system will also still function if not connected to the Internet, something absent on Xbox One. Both have until later this year to strengthen cases for making a purchase, as both systems will start selling during the holiday season.
* Hedge fund giant John Paulson's Gold Fund is said to have lost 13 percent in May, adding to a 27 percent drop in April, and is now down 54 percent since the start of 2013. In a letter to investors and obtained by Bloomberg, Paulson said investors should stick with the fund, citing current valuation of gold. He currently has no plans to close the fund.
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