Stocktube video
24/05/2012

Investor Jim Mellon talks about the biotech revolution

View full size
Proactiveinvestors recommends
Pdf

Dow points lower on Spanish economic woes, Sunoco, NYSE Euronext in focus

30th Apr 2012, 7:33 am by Joyanta Acharjee
Dow points lower on Spanish economic woes, Sunoco, NYSE Euronext in focus

U.S. equity markets looked set to open lower after Spain's GDP report showed the nation is in recession and ahead of domestic economic reports on personal spending and income.

In pre-market trading, the Dow Jones Industrial Average fell 11 points, or 0.1%, to 13,153.22, the S&P 500 lost 2.3 points to 1,396.20 and the Nasdaq shed 4 points to 2,732.75.

Just days after S&P downgraded Spain's credit rating and its unemployment rate hit a record high, Spain's government said its rate of economic growth declined in the first quarter, revealing the nation's economy was in recession.

It has been a strong Of the 269 S&P 500 companies that reported through the end of last week, 78% topped consensus Wall Street estimates, according to FactSet Research. That compares with an average of 72% over the previous four quarters.

Friday US markets ended in the green with the Dow up 0.18%, the S&P 500 was 0.24% higher and the Nasdaq was up 0.61%.

In corporate news, Energy Transfer Partners (NYSE:ETP), a natural-gas pipeline operator, has agreed to acquire independent refiner Sunoco (NYSE:SUN) in a $5.3 billion deal that would create one of the largest and most diversified energy partnerships in the U.S.

ETP said it will pay either $50 in cash, 1.0490 of its common units or a combination of $25 in cash and 0.5245 common units for each Sunoco share. The estimated $50.13 per share value is a 23% premium to Sunoco's Friday closing price.

NYSE Euronext (NYSE:NYX) said its profits fell by almost a third in the first quarter due to a difficult trading environment and costs from its failed merger with Deutsche Boerse.

China Eastern Airlines Monday agreed to buy 20 new Boeing (NYSE:BA) B777-300ER aircraft from Boeing valued at $5.94 billion based on the 2011 price catalogue.

Pall Corp. (NYSE:PLL) has agreed to sell some of its blood collection, filtration and processing product lines to Haemonetics Corp (NYSE:HAE) for about $550 million.

On the economic front, personal income and spending for March is seen rising 0.8%, higher than what's been seen in several months.

The Chicago Purchasing Managers' Index for April, a regional manufacturing report, is expected to show a minor decline from March, decreasing from 62.2 to 60.0, according to Briefing.com.

Commodities

In NYMEX futures trading, crude fell 52 cents to $104.41 a barrel while gold futures dropped $1.30 to trade at $1,663.50 an ounce.

Europe

European stocks were mixed in morning trading with the FTSE 100 and the DAX edging higher by 0.2% with the CAC 40 sliding 0.6%.

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here