Market Wrap: U.S. Manufacturing on the Ropes; One Week Until iPhone; Parcel Shippers Pinched


FREE Breaking News Alerts from StreetInsider.com!

E-mail Address
September 4, 2012 5:41 PM EDT Send to a Friend
Market wrap-up for September 4th

End of the Day: Dow Jones down 54.9 to 13,035.94; S&P 500 down 1.6 to 1,404.94; Nasdaq up 8.1 to 3,075.06

The following is a brief summary of events moving markets today:
  • U.S. manufacturing continues hitting road block: ISM reported its Manufacutring PMI in August slowed to 49.6, its lowest reading since July 2009.

    Coupled with dire PMI data in China over the weekend and Moody's issuing a warning on long-term EU debt, markets were largely mixed following the long holiday weekend.

  • T-minus 8 days: Apple, Inc. (Nasdaq: AAPL) affirmed that it will be holding an event on September 12th, with all signs pointing to the launch of its next-generation iPhone. For more color, click here.

  • What? Me sell?: Facebook (Nasdaq: FB) moved higher in the late session following disclosure that CEO Mark Zuckerberg hasn't filed a Rule 10b5-1 trading plan and expects to hold on to his shares for at least 12 months.

    For more on the disclosure, click here.

  • Automakers race to strong August sales: Ford (NYSE: F) reported 13 percent of sales growth for the month, versus 10 percent at GM (NYSE: GM).

    Honda (NYSE: HMC) and Toyota (NYSE: TM) saw the big gains, growing total sales by 60 percent and 46 percent respectively.

  • One 'EPIX' deal: Amazon (Nasdaq: AMZN) and EPIX announced a multi-year licensing agreement in the U.S. The news comes following the recent expiration of a deal between EPIX and Netflix (Nasdaq: NFLX). In July, Netflix CEO Reed Hastings played-off the expiration, saying EPIX wasn't a large source of "total viewing" for the company.

    EPIX studio partners include Paramount Pictures, Metro-Goldwyn-Mayer Pictures, Viacom (Nasdaq: VIAB), and Lionsgate (NYSE: LGF).

  • Shipping out: FedEx Corp. (NYSE: FDX) issued a first-quarter 2013 EPS warning late Tuesday, cutting its outlook from $1.45 to $1.60 down to a range of $1.37 to $1.43. The consensus was at $1.56.

    Largely, FedEx cited macro weakness hitting its FedEx Express unit more than expected in the earlier guidance.

  • U.S. gov't labels label deal as 'bad': According to reports out earlier, the U.S. Department of Justice might file a lawsuit seeking to block the 3M Co. (NYSE: MMM) move to acquire Avery Dennison (NYSE: AVY). The suit might be filed by the end of the week.

    Completion of the deal, which would combine the world's two largest label makers, was slated to be complete in the second-half of 2012.

    For more, click here.

  • A ho-hum Merger Monday: Ahead of the bell Tuesday, Valeant Pharma (NYSE: VRX) and Medicis Pharma (NYSE: MRX) entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Medicis for $44 per share in cash. For more on the deal, click here.
Click here to go to Streetinsider's Full News Feed and never miss a beat!

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here


You May Also Be Interested In


Related Categories

Special Reports

Related Entities

Standard & Poor's

Add Your Comment