The Dow Gains 38 Points, Nasdaq Adds 4
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The Dow gained 38.29 points today to close at 13,649.97, the Nasdaq gained 3.51 points to close at 2,670.02 and the S&P 500 added 1.41 points to close at 1,531.85. Crude fell $0.62 to $72.19 per barrel.
Volume was modest with 2.8 billion shares trading on the NYSE and 1.93 billion on the Nasdaq. Advancers topped decliners by a margin of 17:15 on the NYSE AND 15:15 on the Nasdaq.
In individual stories, Sequa Corp. (NYSE: SQA-A) (NYSE: SQA-B) added 52.6% after The Carlyle Group announced the execution of a definitive merger agreement under which Carlyle will acquire Sequa in a transaction valued at $2.7 billion. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding Class A and Class B shares of Sequa for $175.00 per share in cash, a premium of 54% to the closing prices of Sequa\'s Class A and Class B shares on July 6, 2007.
The Children\'s Place Retail Stores (Nasdaq: PLCE) fell 11.65% after announcing total consolidated sales of approximately $154.7 million for the five-week period ended July 7 2007, an approximate 2% increase compared to sales of $151.7 million for the five-week period ended July 1, 2006. Consolidated comparable store sales decreased approximately 4% for the five weeks ended July 7, 2007, compared to a 15% increase last year. Based on quarter-to-date sales trends, the Company anticipates reporting a loss per share of approximately $(0.94) to $(0.98) for the second quarter ending August 4, 2007. (Consensus is a loss of $0.58)
Volume was modest with 2.8 billion shares trading on the NYSE and 1.93 billion on the Nasdaq. Advancers topped decliners by a margin of 17:15 on the NYSE AND 15:15 on the Nasdaq.
In individual stories, Sequa Corp. (NYSE: SQA-A) (NYSE: SQA-B) added 52.6% after The Carlyle Group announced the execution of a definitive merger agreement under which Carlyle will acquire Sequa in a transaction valued at $2.7 billion. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding Class A and Class B shares of Sequa for $175.00 per share in cash, a premium of 54% to the closing prices of Sequa\'s Class A and Class B shares on July 6, 2007.
The Children\'s Place Retail Stores (Nasdaq: PLCE) fell 11.65% after announcing total consolidated sales of approximately $154.7 million for the five-week period ended July 7 2007, an approximate 2% increase compared to sales of $151.7 million for the five-week period ended July 1, 2006. Consolidated comparable store sales decreased approximately 4% for the five weeks ended July 7, 2007, compared to a 15% increase last year. Based on quarter-to-date sales trends, the Company anticipates reporting a loss per share of approximately $(0.94) to $(0.98) for the second quarter ending August 4, 2007. (Consensus is a loss of $0.58)
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