Market Wrap: U.S. Manufacturing Expands in June; Amgen Takes Shine to Onyx; New Chief at Zynga
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Market wrap for July 1st
End of the Day: S&P 500 up 8.7 to 1,614.96; Dow Jones up 65.4 to 14,974.96; Nasdaq up 31.2 to 3,434.49
* The Institute for Supply Management (ISM) index for June rose to 50.9, from 49.0 in May and the Street consensus of 50.5. Readings above 50 signal growth in a segment. New orders rose to 51.9 in June, from 48.8 the prior month.
* Nokia Corporation (NYSE: NOK) and Siemens AG ((NYSE: SI) announced that they have entered into a definitive agreement pursuant to which Nokia acquires Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks. The purchase price for Siemens' stake is €1.7 billion and the transaction is expected to close during the third calendar quarter of 2013.
* Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) confirmed that it has received and rejected an unsolicited proposal from Amgen Inc. (Nasdaq: AMGN) to acquire all of Onyx's outstanding shares and share equivalents for $120 per share in cash, subject to due diligence and other conditions.
* Zynga Inc. (Nasdaq: ZNGA) appointed Microsoft (Nasdaq: MSFT) Interactive Entertainment president Don Mattrick as Chief Executive Officer and a member of the Board of Directors, effective July 8, 2013. Mattrick has been at the forefront of the industry and brings more than 30 years of executive experience developing, building and managing profitable entertainment businesses.
* Citigroup (NYSE: C) entered an agreement with Fannie Mae (OTCBB: FNMA) to resolve potential future repurchase claims for breaches of representations and warranties on 3.7 million residential first mortgage loans sold to Fannie Mae that were originated between 2000 and 2012 (“Covered Loans”). Citi agreed to pay Fannie Mae $968 million under the agreement, substantially all of which was covered by Citi’s existing mortgage repurchase reserves as of March 31, 2013.
* Tribune Company announced plans to acquire all of Local TV's 19 television stations in 16 key markets for $2.725 billion in cash. Local TV is principally owned by Oak Hill Capital Partners.
* Walt Disney (NYSE: DIS) reported that it extended Robert A. Iger's tenure as CEO and Chairman through the expiration of his contract on June 30, 2016 under his existing contractual terms as CEO.
End of the Day: S&P 500 up 8.7 to 1,614.96; Dow Jones up 65.4 to 14,974.96; Nasdaq up 31.2 to 3,434.49
* The Institute for Supply Management (ISM) index for June rose to 50.9, from 49.0 in May and the Street consensus of 50.5. Readings above 50 signal growth in a segment. New orders rose to 51.9 in June, from 48.8 the prior month.
* Nokia Corporation (NYSE: NOK) and Siemens AG ((NYSE: SI) announced that they have entered into a definitive agreement pursuant to which Nokia acquires Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks. The purchase price for Siemens' stake is €1.7 billion and the transaction is expected to close during the third calendar quarter of 2013.
* Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) confirmed that it has received and rejected an unsolicited proposal from Amgen Inc. (Nasdaq: AMGN) to acquire all of Onyx's outstanding shares and share equivalents for $120 per share in cash, subject to due diligence and other conditions.
* Zynga Inc. (Nasdaq: ZNGA) appointed Microsoft (Nasdaq: MSFT) Interactive Entertainment president Don Mattrick as Chief Executive Officer and a member of the Board of Directors, effective July 8, 2013. Mattrick has been at the forefront of the industry and brings more than 30 years of executive experience developing, building and managing profitable entertainment businesses.
* Citigroup (NYSE: C) entered an agreement with Fannie Mae (OTCBB: FNMA) to resolve potential future repurchase claims for breaches of representations and warranties on 3.7 million residential first mortgage loans sold to Fannie Mae that were originated between 2000 and 2012 (“Covered Loans”). Citi agreed to pay Fannie Mae $968 million under the agreement, substantially all of which was covered by Citi’s existing mortgage repurchase reserves as of March 31, 2013.
* Tribune Company announced plans to acquire all of Local TV's 19 television stations in 16 key markets for $2.725 billion in cash. Local TV is principally owned by Oak Hill Capital Partners.
* Walt Disney (NYSE: DIS) reported that it extended Robert A. Iger's tenure as CEO and Chairman through the expiration of his contract on June 30, 2016 under his existing contractual terms as CEO.
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