Market Wrap: Jobs Added, But Not Enough; Treasury to Unload 30M More GM; Yahoo!'s Facelift
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Market wrap for June 5th
End of the Day: S&P 500 down 22.5 to 1,608.90; Dow Jones down 217.0 to 14,960.59; Nasdaq down 43.8 to 3,401.48
* Data from ADP said that the U.S. added 135,000 jobs in May, which was 30,000 below the 165,000 job additions estimated by economists. Small businesses added 58,000 jobs in the month, medium businesses added 39,000 jobs, and large businesses added 39,000 jobs. For more color on the data, click here.
* The Fed's Beige Book today said that "economic activity increased at a modest to moderate pace since the previous report across all Federal Reserve Districts except the Dallas District, which reported strong economic growth." U.S. markets didn't show too much of a reaction on the news, but traders are still watching every report to get a feel of whether or not an early exit of QE3 could happen.
* The U.S. Department of the Treasury announced that, subject to market conditions, it intends to sell 30 million additional shares of General Motors Company (NYSE: GM) common stock in an underwritten public offering in conjunction with GM’s inclusion to the S&P 500 index effective as of the close of trading on June 6, 2013.
* Yahoo! (Nasdaq: YHOO) is taking aim at Google (Nasdaq: GOOG) and doing so in a new sleek and chic way. The company announced a new layout for its web search engine. While everything seemed a little cluttered before, Yahoo! moved some of its key portal tabs to the top of the page and realigned everything to be more aesthetically pleasing. It may very well attract a few more web surfers away from Google, something many company's have found a challenge to do. For more from Yahoo!'s Tumblr, click here.
* Despite much speculation surrounding the opposite scenario, Steve Cohen's SAC Capital will stay open for business following a recent round of redemption requests that hav plagued headlines over the last few months. In an email to employees sent June 4th, SAC President Tom Conheeney affirmed plans for SAC to continue receiving outside funds and there will be no staff reductions. Conheeney didn't give a specific number of redemptions being granted.
* The Special Committee of the Board of Directors of Dell Inc. (Nasdaq: DELL) filed with the U.S. Securities and Exchange Commission an investor presentation advocating support of the merger agreement between the Company and entities owned by Michael Dell and investment funds affiliated with Silver Lake Partners. The Committee said that Icahn's proposal would fall about $4 billion short without added financing. For more color, click here.
* Summit Midstream Partners, LP (NYSE: SMLP) announced two separate acquisitions of unrelated natural gas gathering systems totaling $460 million in the Bakken and Marcellus shale plays. With the announced transactions, SMLP is revising its 2013 adjusted EBITDA guidance from $115 million to $125 million to a new range of $140 million to $150 million, reflecting the addition of approximately seven months of operations from the recently acquired assets. SMLP believes that its attainment of this adjusted EBITDA will facilitate a fourth quarter 2013 distribution to limited partners of 18.0% to 22.0% over its minimum quarterly distribution, or MQD, of $0.40 per unit.
End of the Day: S&P 500 down 22.5 to 1,608.90; Dow Jones down 217.0 to 14,960.59; Nasdaq down 43.8 to 3,401.48
* Data from ADP said that the U.S. added 135,000 jobs in May, which was 30,000 below the 165,000 job additions estimated by economists. Small businesses added 58,000 jobs in the month, medium businesses added 39,000 jobs, and large businesses added 39,000 jobs. For more color on the data, click here.
* The Fed's Beige Book today said that "economic activity increased at a modest to moderate pace since the previous report across all Federal Reserve Districts except the Dallas District, which reported strong economic growth." U.S. markets didn't show too much of a reaction on the news, but traders are still watching every report to get a feel of whether or not an early exit of QE3 could happen.
* The U.S. Department of the Treasury announced that, subject to market conditions, it intends to sell 30 million additional shares of General Motors Company (NYSE: GM) common stock in an underwritten public offering in conjunction with GM’s inclusion to the S&P 500 index effective as of the close of trading on June 6, 2013.
* Yahoo! (Nasdaq: YHOO) is taking aim at Google (Nasdaq: GOOG) and doing so in a new sleek and chic way. The company announced a new layout for its web search engine. While everything seemed a little cluttered before, Yahoo! moved some of its key portal tabs to the top of the page and realigned everything to be more aesthetically pleasing. It may very well attract a few more web surfers away from Google, something many company's have found a challenge to do. For more from Yahoo!'s Tumblr, click here.
* Despite much speculation surrounding the opposite scenario, Steve Cohen's SAC Capital will stay open for business following a recent round of redemption requests that hav plagued headlines over the last few months. In an email to employees sent June 4th, SAC President Tom Conheeney affirmed plans for SAC to continue receiving outside funds and there will be no staff reductions. Conheeney didn't give a specific number of redemptions being granted.
* The Special Committee of the Board of Directors of Dell Inc. (Nasdaq: DELL) filed with the U.S. Securities and Exchange Commission an investor presentation advocating support of the merger agreement between the Company and entities owned by Michael Dell and investment funds affiliated with Silver Lake Partners. The Committee said that Icahn's proposal would fall about $4 billion short without added financing. For more color, click here.
* Summit Midstream Partners, LP (NYSE: SMLP) announced two separate acquisitions of unrelated natural gas gathering systems totaling $460 million in the Bakken and Marcellus shale plays. With the announced transactions, SMLP is revising its 2013 adjusted EBITDA guidance from $115 million to $125 million to a new range of $140 million to $150 million, reflecting the addition of approximately seven months of operations from the recently acquired assets. SMLP believes that its attainment of this adjusted EBITDA will facilitate a fourth quarter 2013 distribution to limited partners of 18.0% to 22.0% over its minimum quarterly distribution, or MQD, of $0.40 per unit.
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