Market Wrap: Right to Work Passes Muster in MI; Reid Rants on Repubs; TripAdvisor Cedes Control
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Market wrap-up for December 11th
End of the Day: S&P 500 up 9.3 to 1,427.84; Dow Jones up 78.6 to 13,248.44; Nasdaq up 35.3 to 3,022.30
The following is a brief summary of events moving markets today:
* The right to work measure, which prohibits workplaces from implementing mandatory union dues, received approval from Michigan lawmakers today. The move would put Michigan as the 24th state to adopt the measure and would be a notable move given the UAWs strong presence in the state. The bill now goes for signing in from of Republican Governor Rick Snyder.
* Liberty Interactive (Nasdaq: LINTA) bought 4,799,848 shares of TripAdvisor (Nasdaq: TRIP) stock at $62.50 per share recently, now holding 22 percent of equity and 57 percent of total voting rights on the stock. For more color, click here.
* Senate Majority Leader Harry Reid added a little pressure to stocks Tuesday after saying the GOP was holing middle-class workers "hostage" by offering no solid ideas on reform to avert the impending fiscal cliff. Reid, a Nevada Democrat, said a deal isn't likely to get done before Christmas, but that it could be done before the end of 2012.
White House spokesperson affirmed Reid's comments, saying the Republican proposal has "a lack of specificity."
* DISH Network (Nasdaq: DISH) may have gotten enough votes to pass FCC muster in its quest to offer mobile phone service. According to Bloomberg, three of five FCC commissioners have approved the measure, though nothing official has been announced yet. It was reported last week that Sprint Nextel (NYSE: S) might want to partner with DISH over a mobile service.
* Diageo plc (NYSE: DEO) ended up not being able to strike a deal to retain distribution rights on uber-popular tequila brand, Jose Cuervo. It's not clear on how the move will affect Diageo, but Cuervo was said to account for about $482.3 million in sales for the spirits company in its latest fiscal year. For more color, click here.
* Spectra Energy Corp (NYSE: SE) entered an agreement to acquire the Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers' Pension Plan and Kinder Morgan Energy Partners (NYSE: KMP) for $1.49 billion, consisting of $1.25 billion cash and $240 million of acquired debt. For more on the deal, click here.
* Job openings hit a new four-month high in October, according to new data from the U.S. Labor Department. The agency said that job openings rose 128,000 to 3.68 million. The expansion is laying the groundwork to bolster consumer spending, a key driver of economic growth.
* Delta Air Lines (NYSE: DAL) will make a $360 million investment for 49 percent of Virgin Atlantic, following several sessions of speculation on the deal. The two also reached an agreement for a new joint venture that will create an expanded trans-Atlantic network and enhance competition between the U.K. and North America. For more on the deal, click here.
* Molycorp (NYSE: MCP) CEO Mark A. Smith was said to leave the Company, with Constantine Karayannopoulos being appointed on an interim basis. For more color on the shift, click here
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End of the Day: S&P 500 up 9.3 to 1,427.84; Dow Jones up 78.6 to 13,248.44; Nasdaq up 35.3 to 3,022.30
The following is a brief summary of events moving markets today:
* The right to work measure, which prohibits workplaces from implementing mandatory union dues, received approval from Michigan lawmakers today. The move would put Michigan as the 24th state to adopt the measure and would be a notable move given the UAWs strong presence in the state. The bill now goes for signing in from of Republican Governor Rick Snyder.
* Liberty Interactive (Nasdaq: LINTA) bought 4,799,848 shares of TripAdvisor (Nasdaq: TRIP) stock at $62.50 per share recently, now holding 22 percent of equity and 57 percent of total voting rights on the stock. For more color, click here.
* Senate Majority Leader Harry Reid added a little pressure to stocks Tuesday after saying the GOP was holing middle-class workers "hostage" by offering no solid ideas on reform to avert the impending fiscal cliff. Reid, a Nevada Democrat, said a deal isn't likely to get done before Christmas, but that it could be done before the end of 2012.
White House spokesperson affirmed Reid's comments, saying the Republican proposal has "a lack of specificity."
* DISH Network (Nasdaq: DISH) may have gotten enough votes to pass FCC muster in its quest to offer mobile phone service. According to Bloomberg, three of five FCC commissioners have approved the measure, though nothing official has been announced yet. It was reported last week that Sprint Nextel (NYSE: S) might want to partner with DISH over a mobile service.
* Diageo plc (NYSE: DEO) ended up not being able to strike a deal to retain distribution rights on uber-popular tequila brand, Jose Cuervo. It's not clear on how the move will affect Diageo, but Cuervo was said to account for about $482.3 million in sales for the spirits company in its latest fiscal year. For more color, click here.
* Spectra Energy Corp (NYSE: SE) entered an agreement to acquire the Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers' Pension Plan and Kinder Morgan Energy Partners (NYSE: KMP) for $1.49 billion, consisting of $1.25 billion cash and $240 million of acquired debt. For more on the deal, click here.
* Job openings hit a new four-month high in October, according to new data from the U.S. Labor Department. The agency said that job openings rose 128,000 to 3.68 million. The expansion is laying the groundwork to bolster consumer spending, a key driver of economic growth.
* Delta Air Lines (NYSE: DAL) will make a $360 million investment for 49 percent of Virgin Atlantic, following several sessions of speculation on the deal. The two also reached an agreement for a new joint venture that will create an expanded trans-Atlantic network and enhance competition between the U.K. and North America. For more on the deal, click here.
* Molycorp (NYSE: MCP) CEO Mark A. Smith was said to leave the Company, with Constantine Karayannopoulos being appointed on an interim basis. For more color on the shift, click here
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