The theory is that Alibaba is such a gigantic offering that it is reducing interest in other IPOs anywhere on or near the horizon.» Read More
FTC clearance removes at least one obstacle to the proposed combination, which would create the world's largest copper miner. The deal still needs shareholder approval, and there is no certainty the companies will get it.
All the major market indexes finished lower for the day. Volume is likely to be light on Friday ahead of the Christmas holiday.
A hedge fund with a 5.1% stake in Phelps Dodge plans to vote against a proposed $25.9 billion takeover of the mining company by Freeport-McMoRan saying the offer does not fairly value Phelps Dodge.