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May.16
4:56 PM ET
Friday, 16 May 2008
Market 360: The Best and Worst of the Week for US Equities, Commodities, Currencies, and More
Topics:Economy (Global) | Economy (U.S.) | Gold & Precious Metals | Agriculture | Yen | Currencies | Dow Jones Industrial Average | Nasdaq | euro | Commodities | Stock Market
Sectors:Oil and Gas
For the week ending Friday, May 16, 2008, the U.S. Equity Markets ended the week up with all of the major indices up ~2% or more as stocks gained from M&A news, easing inflation worries, and strong earnings results. Oil and gasoline continued to hit new record highs as the dollar declined against major currencies.
Next week the markets will look for direction from the PPI reported on Tuesday, the FOMC Minutes on Wednesday, and ongoing earnings. Campbells, Lowe’s, Home Depot, and Barnes and Nobles are a few of the companies reporting next week.
Highlights:
M&A, Deals, Corp Actions:
- CBS [CBS
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] agreed to acquire CNET Networks [CNET
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] for ~$1.8 billion in hopes that the acquisition will help the company expand its online reach. CNET shares jumped 48.63% for the week on the news while shares of CBS declined 4.02%. - Hewlett-Packard [HPQ
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] announced it will buy Electronic Data Systems [EDS
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] for ~$13 billion in an effort to boost its technology services unit and better compete against International Business Machines (IBM). EDS’ stock managed to close up 29% for the week.
- Yahoo’s [YHOO
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] shares jumped over 5% on Tuesday, after CNBC reported that billionaire investor Carl Icahn may launch a proxy fight with Yahoo. The news came after Microsoft [MSFT
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] withdrew its $47.5 billion offer to acquire the Internet company last week.
- General Electric [MSFT
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] plans to auction its appliances business, valued between $5-8 billion, ending over 100 years of GE’s involvement with appliances. General Electric shares finished the week down 0.43%.
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- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
- It may be the most unusual guide to business you'll read.
- After nine years the NBA’s minor league equivalent is finally coming into its own.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
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TOPIC : Economy (Global)
SECTOR : Oil and Gas
Data is a real-time snapshot *Data is delayed at least 15 minutes