Stocks shook off a sluggish performance Wednesday to rally in the final hour of trading as Sprint's acquisition of rival Nextel fueled investor confidence.
Stock Exchange Reports::
Sprint Nextel reports 2Q loss, its stock US STOCKS-Lower oil helps Wall St open higher Oil sinks to 3-month low; stocks off on econo The Guardian
http://archive.wn.com/2008/08/07/1400/stockexchangereports/HOME |
The late-day surge helped the major indexes pull out of the red in the wake of a new spike in oil prices and a further descent by the dollar.
The Dow Jones finished trading with a gain of 15 points to 10,691, while the Nasdaq inched up 3 points to 2,163. The S&P 500 rose 2 points to close at 1,206.
MarketWatch - Daily News Archive::
12:03 PM Sprint and phone stocks retreat Jeffry Bartash 9:53 AM Drug stocks mixed; Merck, Schering-Plough slide on Vytorin Val Brickates
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While the spike in oil prices itself may not have fazed traders, the drop in the dollar against the yen, the euro and the
British pound forced President Bush to express support for a strong dollar.
But the big news moving the markets today came from the telecom sector, where Sprint confirmed plans to acquire rival Nextel Communications. The $35 billion merger would create the third-largest cell-phone company in the U.S., trailing only Cingular Wireless and Verizon Wireless.
Morning Markets Brief 030606 | The Agonist::
A year when dollar strength hurt that position. the sell off in bonds may not end S&P said the deal may impose a large financial burden.
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Shares of both companies took a hit following the news, with Sprint falling $1.08, or 4.3 percent, to close at $24.02 and Nextel dropping $1.29, or 4.3 percent, to $28.70.
Markets News - The New York Times::
Confidence Ebbs for Bank Sector and Stocks Fall Sprint Puts Positive Spin on Losses. Britain Comes to Grips With a Slowdown
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Id kick off further research with a closer look at a couple of these stocks. Dividend stocks could help you transform your portfolio from the flash-in-the
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In other major corporate news, Time Warner reached a $510 million settlement with the U.S. Justice Department and Securities and Exchange Commission regarding allegations of accounting fraud at the entertainment conglomerate's America Online unit. Time Warner shares finished even at $19.38, but not before surging to $19.90 in midmorning trading, their highest price in more than 30 months.
ADC Telecommunications soared more than 10 percent to $2.73 after the broadband network equipment player reported fourth-quarter earnings of $59.7 million, or 7 cents per share, a huge jump over last year's Q4 earnings of $9.4 million, or 2 cents a share.
Loudeye skyrocketed 40 cents, or 19 percent, to $2.49 after the digital media company inked a multiyear contract with the MTV network, owned by Viacom.
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Sprint Deal Helps Stocks Shake Off Dollar Slide 
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