Market Wrap: Dow Closes Below 15K; Gigamon Goes Public; 10-Year Pfizer Fight Ends
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Market wrap for June 12th
End of the Day: S&P 500 down 13.6 to 1,612.52; Dow Jones down 126.8 to 14,995.23; Nasdaq down 36.5 to 3,400.43
* The Dow Jones Industrial Average closed below 15,000 for the first time since May 6th, when it ended at 14,968.89.
* The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) issued a warning to investors about a sharp increase in e-mail linked to "pump-and-dump" stock schemes.
* Apollo Tyres Ltd and Cooper Tire & Rubber Company (NYSE: CTB) entered a definitive merger agreement under which a wholly-owned subsidiary of Apollo will acquire Cooper in an all-cash transaction valued at approximately $2.5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35 per share in cash.
* Safeway, Inc. (NYSE: SWY) entered into an agreement to sell its Canadian operations through a sale of the net assets of Canada Safeway Limited to Sobeys Inc., a Canadian food retailer and wholly-owned subsidiary of Empire Company Limited, for C$5.8 billion in cash (about C$4.0 billion after taxes and expenses), plus the assumption of certain liabilities.
* The IPO for Gigamon (NYSE: GIMO) opened for trading at $23.08 today after pricing 6,750,000 shares at $19 per share. The market was looking for a range of $18 to $20.
* Pfizer Inc. announced a $2.15 billion settlement reached with Teva Pharmaceuticals Industries, Limited (NYSE: TEVA) and Sun Pharmaceutical Industries, Limited for patent-infringement damages resulting from their "at-risk” launches of generic Protonix in the United States. The settlement comes after a nearly 10-year legal battle in which Pfizer and Nycomed (now part of Takeda) sought to enforce the patent for its blockbuster acid reflux medicine. Pfizer and Takeda will divide the proceeds of the settlement with Pfizer receiving 64 percent.
* Spreadtrum Communications, Inc. (Nasdaq: SPRD) boosted Q2 revenue expectations from a range of $220 million to $228 million up to a new range of $270 million to $278 million. The Street consensus is at $224 million.
* Facebook (Nasdaq: FB) announced it will introduce clickable hashtags, which has always been a key feature of Twitter. The company was also a little lower today following launch of the "new Myspace." It's not clear whether users will return back to MySpace in hordes, but many will likely sign back up for the site to see what the noise is all about. For more on the MySpace launch, click here.
End of the Day: S&P 500 down 13.6 to 1,612.52; Dow Jones down 126.8 to 14,995.23; Nasdaq down 36.5 to 3,400.43
* The Dow Jones Industrial Average closed below 15,000 for the first time since May 6th, when it ended at 14,968.89.
* The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) issued a warning to investors about a sharp increase in e-mail linked to "pump-and-dump" stock schemes.
* Apollo Tyres Ltd and Cooper Tire & Rubber Company (NYSE: CTB) entered a definitive merger agreement under which a wholly-owned subsidiary of Apollo will acquire Cooper in an all-cash transaction valued at approximately $2.5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35 per share in cash.
* Safeway, Inc. (NYSE: SWY) entered into an agreement to sell its Canadian operations through a sale of the net assets of Canada Safeway Limited to Sobeys Inc., a Canadian food retailer and wholly-owned subsidiary of Empire Company Limited, for C$5.8 billion in cash (about C$4.0 billion after taxes and expenses), plus the assumption of certain liabilities.
* The IPO for Gigamon (NYSE: GIMO) opened for trading at $23.08 today after pricing 6,750,000 shares at $19 per share. The market was looking for a range of $18 to $20.
* Pfizer Inc. announced a $2.15 billion settlement reached with Teva Pharmaceuticals Industries, Limited (NYSE: TEVA) and Sun Pharmaceutical Industries, Limited for patent-infringement damages resulting from their "at-risk” launches of generic Protonix in the United States. The settlement comes after a nearly 10-year legal battle in which Pfizer and Nycomed (now part of Takeda) sought to enforce the patent for its blockbuster acid reflux medicine. Pfizer and Takeda will divide the proceeds of the settlement with Pfizer receiving 64 percent.
* Spreadtrum Communications, Inc. (Nasdaq: SPRD) boosted Q2 revenue expectations from a range of $220 million to $228 million up to a new range of $270 million to $278 million. The Street consensus is at $224 million.
* Facebook (Nasdaq: FB) announced it will introduce clickable hashtags, which has always been a key feature of Twitter. The company was also a little lower today following launch of the "new Myspace." It's not clear whether users will return back to MySpace in hordes, but many will likely sign back up for the site to see what the noise is all about. For more on the MySpace launch, click here.
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