Equities Market Roundup: Stocks Give Back Early Gains

Equities Editors Desk  |

Timberland VF Corp.U.S. stocks traded up early but may be sinking again. Wall Street had hoped news of a few big deals would help to carry the market, but that may not be the case after all as the S&P 500 and Dow Jones Industrial Average both have teetered since this morning's early run up. Restaurant chain Wendy's/Arby Group (WEN) said it plans to sell controlling stake in Arby's to private equity firm Roark Capital Group for $130 million. The firm will also take on the nearly $200 million in debt with the deal. Apparel giant VF Corp. (VFC) also said it will buy Timberland (TBL) for $2.2 billion, presenting a 43 percent premium for investors. VF shares are up 11 percent on the news. Shares of Allied World Assurance (AWH) are down over 4 percent after the Switzerland insurer said it would buy Transatlantic Holdings (TRH) for $3.19 billion in stock. Transatlactic Holdings is up over 10 percent on the news. Despite all the M&A action, the major U.S. stock indices are currently trading lower. The dollar also weakened today. Commodities prices are falling as well with oil, gold and silver all declining.

DJIA: 11,926.18 (-0.22 percent)
S&P 500: 1,266.29 (-0.37 percent)
NASDAQ: 2,631.06 (-0.48 percent)
Russell 2000: 776.33 (-0.41 percent)

In other news:

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Symbol Name Price Change % Volume
LII Lennox International Inc. 216.23 -0.21 -0.10 533,985 Trade


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