U.S. Stocks Rally; Michaels (MIK) Goes Public

Following earlier reports of a slowing economic growth and consumer spending, U.S. stocks stalled but ended higher on Friday. Michaels (MIK) went public today after the company had been taken private by Bain and Blackstone (BX) back in 2006. However, this IPO had a modest day and shares largely traded flat. Nike (NKE) was one of the few companies that outperformed analysts' expectations. As revenue grew across most of its markets, Nike shares were up today with a market cap of over $68 billion.
In international news, France's biggest bank, BNP Paribas, announced that it's going to cut dividends and issue bonds. This was a direct result of a probe by the U.S. authorities who are investigating the bank for evading U.S. sanctions imposed on Sudan. BNP and the authorities could reach a settlement of nearly $9 billion as early as next week.

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Published on Jun 27, 2014
By InvestorGuide Staff

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