Market Ends Lower Ahead of Fed Debate; Herbalife Beats Estimates (HLF, OMC)
Disappointing home sales data led the major indices lower on Monday. A couple of different mergers and acquisitions were announced, including Omnicom (OMC) and Publicis' deal that will make the new company the largest advertising firm. Drug maker Perrigo Co (PRGO) stumbled 6.5% after announcing its purchase of Elan Crop (ELN) for $8.6 billion. At the end of the day Herbalife (HLF) released earnings that beat expectations and saw shares rise 4.5%.The dollar hovered around a five-week low and fell against the Japanese yen for a third day. This week the amount of earnings reports will lighten and more attention will be placed on economic data. Many also look to the Federal Reserve's two-day meeting which will conclude on Wednesday.
Word on the Street
- Sales contracts on homes fall away from six-year highs in June.
- Hudson Bay to buy Saks Inc. (SKS) in a $2.4 billion acquisition deal.
- The IMF completes fourth review and approves $2.3 billion in funds to aid Greece.
- US government cuts quarterly borrowing estimate by $14 billion.
- Loews Corporation (L) reports a 51% increase in earnings list last year.
- Starbucks (SBUX) Reports Foaming Hot Third Quarter Earnings.
Published on Jul 29, 2013By InvestorGuide Staff