Stocks Slide Down 300, Tech-Heavy NASDAQ is the Big Loser
Kraft-Heinz Merger Is The Biggest News Of The Day. Good news today for anyone who puts ketchup on their macaroni & cheese, Heinz is acquiring Kraft in a merger. Details are still coming in about the deal which was finalized just this morning, but as of this writing any investor who holds Kraft stock will see it converted 1:1 into Heinz-Kraft stock.
Oil Heading Back To $50, OPEC Becoming Largely Ineffective. The price of crude oil made gains today, moving from $45 per barrel up to $49.21. This latest rise in prices has come as some analysts have called crude “a solid summer investment” and described OPEC price-fixing as “largely ineffective.”
Lumber Liquidators Rebounds Despite Ongoing Investigation. Home improvement chain Lumber Liquidators (LL) staged a comeback today, gaining back nearly 11% of value that is had lost in recent weeks. The chain is currently the target of a large class-action lawsuit for intentionally mislabeling floor tiles made with banned Chinese adhesives which have allegedly given some customers respiratory problems. Lumber Liquidators gained 3.03 points to close at $31.86 per share, but is still down from the highs of over $70 per share it enjoyed before news of the lawsuit spread.
Bond Yields Back Up After A Long Week Of Losses. Ever since the Fed wrapped up a meeting last week, bond yields have been falling steadily. Today, the value of a 10-year note recovered to 1.92%, up 0.04% on the day but still well under the 2% mark of two weeks ago.
Apple Pay Flaws Could Have Long-Term Impact In Trust. Recently, device manufacturer Apple (AAPL) has come under fire for vulnerabilities with its Apple Pay system. The payment scheme, which works a bit like a credit card that never needs to be scanned, allows users to pay with a swipe of their smartphone. Unfortunately the system has been found to be vulnerable to hackers, and as many as 6% of total Apple Pay transactions could be fraudulent. Apple lost 3.31 points today, and ended trading at $123.38 per share.
Published on Mar 25, 2015By Aaron Phillips