Wall Street started the week higher amid corporate news and a strong move in tech. The Dow 30 added 77 by the end of the day. The S&P 500 gained 10, and the Nasdaq 100 fared the best, gaining 52. Going into tomorrow the focus will remain on earnings as well as consumer confidence news due out early in the morning.
TD Ameritrade (NASDAQ: AMTD) shares were lower by 4.37% today after the company announced it would buy one of their rival's, Scottrade' for $2.7 billion. According to the terms, TD bank (NYSE: TD), which owns a large stake in TD Ameritrade, will purchase Scottrade's banking business for $1.3 billion in cash. The deal will bring together two major players in the retail market for buying and selling stocks.
Genworth Financial (NYSE: GNW) shares took a hit today (-8.06%) after the U.S. insurer announced it is selling itself to Chinese investment firm China Oceanwide Holdings for $2.7 billion. Analysts continue to note that Chinese companies have been making a major effort at overseas acquisitions as China's economy slows and the yuan weakens.
Time Warner (NYSE: TWX) took a breather today (-3.02%) following an almost 8% jump on Friday when the company announced that AT&T (NYSE: T) offered $107.50 a share for Time Warner in a stock and cash deal valued at more than $85 billion. AT&T is the nation's second biggest wireless phone carrier and already owns Direct TV. If the deal is successful, it would make AT&T the owner of prime media assets such as CNN, HBO and Warner Brothers. Its not a done deal though. Analysts predict that this deal will face intense scrutiny from antitrust regulators and already faces opposition from main stream politicians ranging from Donald Trump to Bernie Sanders.
B/E Aerospace (NASDAQ: BEAV) shares blasted off early today (16.36%) after news was announced that the aircraft interior maker is being bought by Rockwell Collins (NYSE: COL) for $6.4 billion dollars. That translates to $62 a share in cash and stock, a premium of 22.5% based on the closing price Friday.