Market Wrap: Dow Jones Keeps Rolling; Initial Claims Beat Views; Analysts Chop Microsoft
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Market wrap-up for April 11th
End of the Day: S&P 500 up 5.6 to 1,593.37; Dow Jones up 62.9 to 14,865.14; Nasdaq up 2.9 to 3,300.16
The following is a brief summary of events moving markets today:
* Another record close for the Dow Jones Industrial Average today at 14,865.14. The index is now up over 13 percent for 2013.
* Americans filing for unemployment insurance fell by 42,000 to 346,000 applications, versus consensus views calling for a drop to just 365,000 apps. The numbers didn't initially help markets out, though everything trickled up through the course of the session.
* Toyota (NYSE: TM), Honda (NYSE: HMC), Nissan, and other Japanese automakers issued total recalls of 3.4 million following reports of faulty airbags being manufactured by Takata Corp. Toyota itself will recall about 1.73 million vehicles, with models including Corolla, Tundra, Yaris, and Camry. For more color, click here.
* LinkedIn (NYSE: LNKD) announced it agreed to acquire Pulse (owned by Alphonso Labs, Inc.). The transaction is valued at approximately $90 million, subject to adjustment, in a combination of approximately 90 percent stock and approximately 10 percent cash, and the stock being issued in the transaction will be done so in a private placement. Subject to the completion of customary conditions, the acquisition is expected to close during the second quarter of 2013.
* Harris Corporation (NYSE: HRS) reported preliminary Q313 EPS of $1.12 with revs of $1.20 billion, versus consensus views calling for EPS of $1.26 and revs of $1.32 billion. The company also reduced its fiscal 2013 outlook. Click here for more color.
* Protective Life Corp. (NYSE: PL) announced that its principal subsidiary, Protective Life Insurance Company, has signed an agreement with certain subsidiaries of AXA SA to acquire MONY Life Insurance Company and reinsure certain policies of MONY Life Insurance Company of America.
* Microsoft (Nasdaq: MSFT) shares slumped following several downgrades. Cutting ratings on the software giant include Goldman Sachs, Hilliard Lyons, and Nomura. For more on the calls, click here.
* Rite Aid (NYSE: RAD) traded strong following stronger-than-expected fourth-quarter results. The retail pharma giant reported surprise EPS of 13 cents on revs of $6.46 billion, versus consensus views looking for a loss of 2 cents per share with revs of $6.47 billion.
* ChannelAdvisor Corp. (NYSE: ECOM) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $86.25 million. ChannelAdvisor plans to list on the New York Stock Exchange (NYSE) under the symbol “ECOM.”
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End of the Day: S&P 500 up 5.6 to 1,593.37; Dow Jones up 62.9 to 14,865.14; Nasdaq up 2.9 to 3,300.16
The following is a brief summary of events moving markets today:
* Another record close for the Dow Jones Industrial Average today at 14,865.14. The index is now up over 13 percent for 2013.
* Americans filing for unemployment insurance fell by 42,000 to 346,000 applications, versus consensus views calling for a drop to just 365,000 apps. The numbers didn't initially help markets out, though everything trickled up through the course of the session.
* Toyota (NYSE: TM), Honda (NYSE: HMC), Nissan, and other Japanese automakers issued total recalls of 3.4 million following reports of faulty airbags being manufactured by Takata Corp. Toyota itself will recall about 1.73 million vehicles, with models including Corolla, Tundra, Yaris, and Camry. For more color, click here.
* LinkedIn (NYSE: LNKD) announced it agreed to acquire Pulse (owned by Alphonso Labs, Inc.). The transaction is valued at approximately $90 million, subject to adjustment, in a combination of approximately 90 percent stock and approximately 10 percent cash, and the stock being issued in the transaction will be done so in a private placement. Subject to the completion of customary conditions, the acquisition is expected to close during the second quarter of 2013.
* Harris Corporation (NYSE: HRS) reported preliminary Q313 EPS of $1.12 with revs of $1.20 billion, versus consensus views calling for EPS of $1.26 and revs of $1.32 billion. The company also reduced its fiscal 2013 outlook. Click here for more color.
* Protective Life Corp. (NYSE: PL) announced that its principal subsidiary, Protective Life Insurance Company, has signed an agreement with certain subsidiaries of AXA SA to acquire MONY Life Insurance Company and reinsure certain policies of MONY Life Insurance Company of America.
* Microsoft (Nasdaq: MSFT) shares slumped following several downgrades. Cutting ratings on the software giant include Goldman Sachs, Hilliard Lyons, and Nomura. For more on the calls, click here.
* Rite Aid (NYSE: RAD) traded strong following stronger-than-expected fourth-quarter results. The retail pharma giant reported surprise EPS of 13 cents on revs of $6.46 billion, versus consensus views looking for a loss of 2 cents per share with revs of $6.47 billion.
* ChannelAdvisor Corp. (NYSE: ECOM) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $86.25 million. ChannelAdvisor plans to list on the New York Stock Exchange (NYSE) under the symbol “ECOM.”
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