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Market Wrap: Chesapeake Shakes Up Board; Lagging Business Continues; Samsung's Head in the Galaxy; Merger Monday!

June 4, 2012 5:37 PM EDT
Market wrap-up for June 4th

End of the Day: Dow Jones down 17.1 to 12,101.46; S&P 500 up 0.1 to 1,278.18; Nasdaq up 12.5 to 2,760.01

The following is a brief summary of events moving markets today:
  • Aubrey is feeling less "chairman-y" today: Chesapeake Energy Corporation (NYSE: CHK) has agreed to a plan to reconstitute its Board of Directors by adding four new independent directors to replace four existing independent directors who will resign from the Board upon the appointment of the new directors. Aubrey K. McClendon will relinquish the position of Chairman.

    For more color on the shakeup, click here.

  • Where's the business?: Data earlier Monday showed New York City business activity fell sharply in May, with the ISM index dropping from 61.2 in April to 49.9 in May. The drop was the largest in 3 years. Readings below 50 are consistent with contraction. For more color, click here.

  • A formidable challenger emerges: Samsung announced the new Galaxy S III is making its way onto five major U.S. carriers over the next few weeks. Carriers include AT&T (NYSE: T), Verizon (NYSE: VZ), Sprint (NYSE: S), U.S. Cellular (NYSE: USM), and T-Mobile. For the most part, preorders of the device will take place in June with in-store and online purchases starting either in late-June or the beginning of July.

    For more color on the Galaxy S III and its potential impact on Apple, click here.

  • Merger Monday!:
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