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.

Major U.S. Stock Indices

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:

  • Three more hedge fund managers from Galleon Group were found guilty of insider trading. [NY Times]
  • One-hit wonders in business. Actually, more like novelty items that caught on with consumers. [WSJ]
  • A little bit of a stretch, but...Lebron James may have been a loser last night, but he's a winner in business. The Dallas Mavericks, on the other hand, are winners in both. [Bloomberg, Forbes]
  • Hackers have now infiltrated the IMF, and experts believe that it could be a state-sponsored attack. [Reuters]
  • Facebook's IPO could value the company at over $100 billion. [CNBC]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
LII Lennox International Inc. 149.41 1.13 0.76 352,282

Comments

Emerging Growth

Enertopia Corp

Enertopia Corp is engaged in the exploration of lithium in Nevada, USA. The Company's project includes Central Nevada Lithium Brine Projects.

Private Markets

Santo Diablo Mezcal

Santo Diablo Mezcal has been created to capitalize on a boom sector of the beverage market currently full of many small unmemorable products by producing one sexy, household, easily recognizable…

Wealthfront

Wealthfront is an automated investment service that serves as an alternative to traditional financial advisory services. The company manages a diversified, continually rebalanced portfolio of index funds on their clients’…