The Dow Added 48 Points, Nasdaq Gained 4
The Dow added 47.75 points today to close at 12,331.60, the Nasdaq added 3.99 points to close at 2,452.38, and the S&P 500 added 5.64 points to close at 1,414.76. Wall Street added gains for the second straight day. Investors positively acknowledged economic data which continued to show a gradual cooling in the economy (not a hard landing). Oil closed $0.01 lower at $62.43 a barrel.
Volume was modest with 2.84 billion shares trading on the NYSE and 2.08 billion trading on the Nasdaq. Advancers topped decliners by a margin of 20:12 on the NYSE and 16:15 on the Nasdaq.
In individual stories, Bandag, Inc. (NYSE: BDG) added 31.2% after Bridgestone Americas Holding and Bandag (NYSE: BDG) (NYSE: BDGA) announced that they have entered into a merger agreement pursuant to which Bridgestone Americas will acquire the outstanding shares of each class of stock of Bandag for US$50.75 per share in cash. The transaction is valued at approximately US$1.05 billion.
Retail Ventures (NYSE: RVI) fell 6.65% after reporting a Q3 loss of $0.07 vs. consensus of a $0.05 profit. Revenues were $787.5 million vs. $800.50 million consensus.
Tomorrow, investors will be looking for earnings from Blyth Industries (NYSE: BTH), Casella Waste (Nasdaq: CWST), Korn/Ferry (NYSE: KFY), NCI Building Sys (NYSE: NCS), Tweeter (Nasdaq: TWTR), and Veritas DGC (NYSE: VTS). Also, investors will be looking for economic data on Oil Inventories (10:30AM EST).
Volume was modest with 2.84 billion shares trading on the NYSE and 2.08 billion trading on the Nasdaq. Advancers topped decliners by a margin of 20:12 on the NYSE and 16:15 on the Nasdaq.
In individual stories, Bandag, Inc. (NYSE: BDG) added 31.2% after Bridgestone Americas Holding and Bandag (NYSE: BDG) (NYSE: BDGA) announced that they have entered into a merger agreement pursuant to which Bridgestone Americas will acquire the outstanding shares of each class of stock of Bandag for US$50.75 per share in cash. The transaction is valued at approximately US$1.05 billion.
Retail Ventures (NYSE: RVI) fell 6.65% after reporting a Q3 loss of $0.07 vs. consensus of a $0.05 profit. Revenues were $787.5 million vs. $800.50 million consensus.
Tomorrow, investors will be looking for earnings from Blyth Industries (NYSE: BTH), Casella Waste (Nasdaq: CWST), Korn/Ferry (NYSE: KFY), NCI Building Sys (NYSE: NCS), Tweeter (Nasdaq: TWTR), and Veritas DGC (NYSE: VTS). Also, investors will be looking for economic data on Oil Inventories (10:30AM EST).
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