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Current DateTime: 01:02:11 05 Dec 2008
LinksList Documentid: 23371764
    • Yen Glows Amid Global Downturn

        The stampede out of equities has driven investors towards safe haven assets such as the Japanese yen -- a currency that has risen sharply as its appeal grows whenever risk appetite wanes. Just how much higher can it go against the U.S. dollar?

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Jun.06
5:31 PM ET
Friday, 6 Jun 2008
Market 360: The Best and Worst of the Week for US Equities, Commodities, Currencies, and More
Posted By:Giovanny Moreano | Yolaiki Gonzalez | Ariel Nelson
Sectors:Oil and Gas

For the week ending Friday, June 6, 2008, the markets finished in the red as the CBOE Volatility Index [VIX  Loading...      ()   ] again crossed above the 20 threshold and oil surged.  Stocks were impacted by continued economic concerns, renewed trouble in the financial sector, and a record spike in crude oil on Friday. Although it was a negative week for the markets, the Dow managed a 200+ point rally on Thursday for the first time since 4/18, after retailers posted better than expected same store sales.

Next Week: Watch for the latest CPI, Pending Home Sales, International Trade, and Retail Sales numbers.   Although it will be a quiet week for earnings, some of the companies reporting will be PepBoys [PBY  Loading...      ()   ], Pall Corporation [PLL  Loading...      ()   ], and Enersys [ENS  Loading...      ()   ]

Highlights:

M&A, Deals, Corp Actions:

  • Verizon [VZ  Loading...      ()   ] announced plans to buy its rival wireless carrier Alltel for $28.1 billion, creating the largest cellular phone company in the U.S.  The company expects cost savings of $1 billion after the completion of the deal.  Shares of Verizon advanced 3.1% for the week.
  • J.M. Smucker [SJM  Loading...      ()   ] reported that it will acquire Procter & Gamble’s [PG  Loading...      ()   ] Folgers’ Coffee business for $2.95 billion in order to strengthen the company’s breakfast brands.
  • Staples [SPLS  Loading...      ()   ] increased its cash offer for the Dutch office products company, Corporate Express [CXP  Loading...      ()   ] to $2.6 billion in an attempt to broaden its European presence.  Corporate Express' ADR increased 7.27% for the week.
  • Smith International [SSI  Loading...      ()   ] agreed to acquire W-H Energy Services [WHQ  Loading...      ()   ], an oil field services company, for ~$3.2 billion to strengthen the company’s drilling services. Shares of WHQ advanced 11.24% for the week on the merger news.
  • Intercontinental Exchange [ICE  Loading...      ()   ] announced plans to purchase Creditex Group for $625 million with hopes to obtain a competitive edge against credit derivatives leaders. ICE shares responded negatively to the news as the stock dropped 7.3% for the week

Other Market Moving News:

  • Retailers such as Walmart [WMT  Loading...      ()   ], Costco [COST  Loading...      ()   ] and teen store Buckle [BKE  Loading...      ()   ] reported stronger-than expected same-store sales with increases of 3.9%, 7.0%, and 34.7% respectively in May sales.
  • S&P cut the key AAA ratings from the bond insurance units of MBIA [MBI  Loading...      ()   ] and Ambac