The stock market continued with its fourth day of gains, becoming the best pre-Labor Day streak for the DJIA in 20 years. Today the Dow Jones rose 128 points or 1.24%, and the Nasdaq rose 34 points or 1.53%. The economics reports caused mixed reactions today, as they included good news of an increase in private-sector jobs, but also an incrase in unemployment, and slowing growth in the service sector. President Obama addressed these economic concerns, promising to present some ideas next week. Mergers & Acquisitions activity included HP (HPQ) beating Dell (DELL) with its $2.4 billion bid for 3PAR (PAR), Burger King (BKG) being bought out by a hedge fund company, and Goldcorp (GG) purchasing gold mining company Andean Resources (AND:CA). Crude oil October futures fell 42 cents to close at $74.60 a barrel and prices at the pump are expected to fall in upcoming weeks. Gold futures for December were down $2.70 to close at $1250.70 an ounce.
Word on the Street
What went wrong at Burger King (BKG) – why is the number 2 fast food chain in need of a makeover?
Today’s jobs report brought mixed news – private sector job figures came in higher than expected, but the unemployment rate also rose from 9.5% to 9.6% due to an increase in people looking for jobs.
The battle between HP (HPQ) and Dell (DELL) is finally over, as Dell conceded the bidding war over 3PAR (PAR). HP’s final bid was $2.4 billion.
President Obama spoke today to address the nation’s concerns regarding increased employment, and promised to announce next week some new ideas regarding the creation of jobs.
Campbell Soup Co. (CPB) announced its earnings today, showing weaker sales due to high competition and cutbacks in consumer spending, but managed to raise profit 64% as they were able to cut costs across the board. H.J. Heinz (HNZ) also reported difficulty in their soup division.
H&R Block (HRB) fought back against rumors that they would not be able to pay off costs related to its mortgage business, stating that this was not fact and that they had plenty of financial reserves to cover the claims.
The service sector, which includes 80% of all jobs in the U.S. such as retail shops, hospitals, and banks, reported growth in August, although at a slower rate than previous months.
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Strong Start to September on M&A Activity, Mixed Economic News – September 3, 2010
By: InvestorGuide Staff, dated September 2nd, 2010The stock market continued with its fourth day of gains, becoming the best pre-Labor Day streak for the DJIA in 20 years. Today the Dow Jones rose 128 points or 1.24%, and the Nasdaq rose 34 points or 1.53%. The economics reports caused mixed reactions today, as they included good news of an increase in private-sector jobs, but also an incrase in unemployment, and slowing growth in the service sector. President Obama addressed these economic concerns, promising to present some ideas next week. Mergers & Acquisitions activity included HP (HPQ) beating Dell (DELL) with its $2.4 billion bid for 3PAR (PAR), Burger King (BKG) being bought out by a hedge fund company, and Goldcorp (GG) purchasing gold mining company Andean Resources (AND:CA). Crude oil October futures fell 42 cents to close at $74.60 a barrel and prices at the pump are expected to fall in upcoming weeks. Gold futures for December were down $2.70 to close at $1250.70 an ounce.
Word on the Street
What went wrong at Burger King (BKG) – why is the number 2 fast food chain in need of a makeover?
Today’s jobs report brought mixed news – private sector job figures came in higher than expected, but the unemployment rate also rose from 9.5% to 9.6% due to an increase in people looking for jobs.
The battle between HP (HPQ) and Dell (DELL) is finally over, as Dell conceded the bidding war over 3PAR (PAR). HP’s final bid was $2.4 billion.
President Obama spoke today to address the nation’s concerns regarding increased employment, and promised to announce next week some new ideas regarding the creation of jobs.
Campbell Soup Co. (CPB) announced its earnings today, showing weaker sales due to high competition and cutbacks in consumer spending, but managed to raise profit 64% as they were able to cut costs across the board. H.J. Heinz (HNZ) also reported difficulty in their soup division.
H&R Block (HRB) fought back against rumors that they would not be able to pay off costs related to its mortgage business, stating that this was not fact and that they had plenty of financial reserves to cover the claims.
The service sector, which includes 80% of all jobs in the U.S. such as retail shops, hospitals, and banks, reported growth in August, although at a slower rate than previous months.
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