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Rising Blue Chips, $22.4 Billion Hostile Takeover Send Dow Up

By: , dated March 9th, 2015

The Dow closed up 138.94 points in trading today, ending at 17.995.72, driven at least in part by a blue chip recovery. The S&P 500 and NASDAQ were both up as well, gaining ground steadily over the course of the trading day. The S&P 500 rose 8.17 points to close at 2,079.42, while the NASDAQ gained 15.07 and closed at 4,942.44. In overseas trading markets were down, although China's Shanghai Composite managed to gain on the day due to better than expected exports. The Shanghai Composite was up 61.22 points, and closed the day's trading at 3,302.41.

Apple's Smartwatch Will Move Share Prices. The world's most popular device manufacturer gave the press and public a peek at their new smartwatch. Apple (AAPL) posted record profits on strong overseas sales of their iPhone 6, setting expectations very high for this release. Apple was up $0.54 per share today, and ended trading at $127.14.

Mall Owner Simon Property Takes Over Macerich. Simon Property Group (SPG), which owns shopping malls across the country, executed a hostile takeover of its competitor Macerich (MAC) today. The action drove share prices up $6 for Macerich, but Simon Property dipped slightly when news hit of the $22.4 billion stock buy.

Lumber Liquidators Continues To Dive. Lumber and home improvement retailer Lumber Liquidators (LL) continued to freefall today, diving on news that the business may have intentionally mislabeled toxic linoleum floor tiles in order to sell them. The company is currently set to defend itself from a $5 million class action lawsuit. Lumber Liquidators (LL) stock fell 16% today, down -$5.37 per share to $27.95.

Rite-Aid Weak Despite Playing In A Booming Sector. Low operating cash flow and slimmer profit margins have stopped Rite-Aid (RAD) from growing the way that the rest of their market segment is. The stock has dipped 8% over the past 5 days, and fell almost 2% today, or -$0.14 per share, and closed at $7.51. The health services and retail sectors are both strong, and Rite-Aid competitor Walgreen's (WBA) is in much better shape. Walgreen's stock rose $1.15 per share today, and ended the day's trading at $83.50.

Autozone Sets Their Sights High In New Q2 Forecast. National car parts retailer Autozone (AZO) had a strong day of trading today. In a call with shareholders the company disclosed a higher than expected earnings forecast for the coming fiscal quarter. The stock rose $5.69 per share to $650.89, setting a new 52-week high. Competitor Advanced Auto Parts (AAP) dipped slightly in trading today, losing -$0.78 to close the day trading for $148.29 per share.

 

 

Aaron Phillips is a freelance writer and journalist based in Mid-Michigan. He writes the daily market commentary and weekly market roundup for investorguide.com.

Copyrighted 2015. Content published with author's permission.

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