Traders are watching small caps and the biotech sector Thursday to see whether they continue to melt down, as the harbinger of a deeper selloff in the broader market.» Read More
BHP Billiton, the world's top miner, reported a series of annual production records on Tuesday, highlighted by a 17% jump in fourth-quarter copper output.
Earnings misses by tech darling Google and Caterpillar, one of the Dow's power drivers, are adding to a wobbly opening on Wall Street. Citigroup though is a bright spot with a better than expected 18 percent profit gain and record revenues from investment banking and overseas business.
Miner BHP Billiton will not launch a $45 billion bid for U.S. aluminum giant Alcoa, The Australian newspaper reported on Friday, citing unnamed sources.
Stronger than expected earnings from IBM helped to push the Dow Jones Industrial Average to a record close above 14,000 for the first time - just two days after the Dow broke above that level on an intraday basis. The S&P 500 also closed at a record high.
One area of trading that has seen explosive growth this year is the options market. Year over year trading volume in June jumped over 30% and is up 25% for the first half of the year, according to the Options Industry Council.
Cramer talks metals mergers. What with Rio Tinto buy next? Plus, an infrastructure play after yesterday's manhole explosion in Manhattan and more.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
A newspaper in Australia is reporting that BHP Billiton is not interested in acquiring U.S. Aluminum company Alcoa.
Stocks are setting a positive tone ahead of the opening even as oil continues its move up. Merger news, real and rumored, dominates the Monday morning headlines.
Speculation in London newspapers over the weekend about a potential $50 billion offer on the way for Alcoa from BHP Billiton is among the largest of possible deals for traders to focus on today.
Rio Tinto's chief executive said Friday the $38.1 billion the mining giant is offering to buy Alcan is not too much, citing skyrocketing demand for metals in China and India.
The Dow and S&P catapulted to new highs following strong retail sales data and a major corporate acquisition. "We started out with better than expected retail numbers and it just went from there," said John Massey, portfolio manager with AIG SunAmerica. "M&A deals came through better than expected and people put a lot of the concerns behind them."
The Wall Street bulls turned up the after burners thanks to a sizzling deal sector and indications that the consumer is holding up in spite of a rash of housing foreclosures. A round of early afternoon short covering further propelled Wall Street.
Alcoa said after markets closed Thursday that it has withdrawn its $29 billion offer for Alcan in light of Rio Tinto's agreement to purchase the Canadian aluminum company for $38 billion.
Merger news and corporate announcements were some of the catalysts behind the most actively traded stocks on Thursday.
Rio Tinto's offer has the support of the Canadian aluminum producer's board and trumps a hostile offer from U.S. aluminum giant Alcoa. The offer is "compelling" and in keeping with Rio Tinto's strategy of focusing on high-quality assets, Rio Tinto Finance Director Guy Elliott told "Worldwide Exchange."
Holders of Alcan call options are happy today, especially those who picked up "out-of-the-money" Alcan calls.
An explosive bid for Canada's Alcan is giving a positive psychological lift to stocks as traders watch a flood of monthly sales reports from retailers.
Stocks closed higher as investors were encouraged by healthy merger activity and encouraging news for the worrisome subprime mortgage market. "There was concern today that there would be selling follow-through, but the markets are hoping earnings will propel things higher," said Peter Dunay, investment strategist at Leeb Capital Management.
Alcan, which is fending off a hostile $28.8 billion bid from U.S. rival Alcoa, is closer to arranging a rival friendly deal and is expected to make an announcement this week, according to sources familiar with the situation.
Private equity corporate raiders who have so far sidestepped the mining sector despite widespread consolidation, could soon reset their sights, global accounting and consulting firm Ernst & Young said on Wednesday.