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For the week ending Friday, May 30, 2008, the markets finished up, with all major indices increasing ~1.3%
or higher for the week. Only the Dow declined for the month, shedding 1.42%.
The NASDAQ reached its third consecutive monthly gain , up
4.55%
for the
month. The markets were encouraged by better than expected earnings from retailers and strong results from Dell [DELL
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]. U.S. GDP for 1Q also helped lift stocks up, as it rose 0.9% at an annual rate ,
better than the previous estimate. Crude Oil also retreated to lower levels.
Next week, the markets will look ahead to the Employment Situation, Construction Spending, ISM Manufacturing Index. Hovnanian, Toll Brothers, Smithfield Foods are amongst a few companies that will be report earnings
Highlights:
M&A, Deals, Corp Actions:
- Bear Stearns [BSC
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] shareholders approved the sale of the company valued at $1 billion to JP Morgan Chase [JPM
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] on Thursday for $1billion, with 84% voting in favor of the merger. Shares of both JPM and BSC were up 1.61% and 0.43% respectively for the week on the news.
- Bristol-Myers Squibb [BMY
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] agreed to acquire the cancer-biotech company Kosan Biosciences (KOSN) for $190 million in an effort to rescue the company’s stock from plunging further. Shares of KOSN surged 229% on Thursday after the merger announcement.
- Standard Pacific Corp [SPF
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] shares soared 48% on Tuesday on news that private equity group MatlinPatterson Global Advisers will invest more than $530 million in the homebuilder.
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Currencies: For the week, the U.S. dollar strengthened against the euro, Japanese yen, and pound sterling; as crude oil prices retracted from a record intraday price of $135.09 per barrel last week.
- The dollar index rose 1.38% for the week.
- Friday afternoon in New York, the euro traded at $1.5560 per euro, from $1.5520 late Thursday. The euro gained momentum against the greenback during Friday’s session on the news of consumer sentiment in the U.S., dipping to a 28-year low while one-year inflation expectations rose to 5.2% from 4.8% in April.
- During Friday afternoon trading session, the U.S. dollar traded at Y105.40 from Y105.49 late Thursday, while the pound sterling was at $1.9794 per pound from $1.9765 late Thursday.
- Highlights: China
-Ahead of the Olympic games in Beijing this August, travelers in the U.S. might be affected by the strengthening Chinese currency. The Chinese yuan has appreciated 9.21% in the past year against the greenback, with one dollar purchasing 6.9420 yuan on Friday, from 7.6471 yuan a year ago.
- Remember when auto shows were major events where new models could generate buzz?
- A diet high in fat and sugar might actually be good for your portfolio.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- Italians were outraged by a minister's comments that lunchbreaks are bad for waistlines and the economy.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes