Less than a month after resigning from Congress, former House Majority Leader Eric Cantor, R-Virg., has made the move from Washington to Wall Street by joining boutique investment bank Moelis & Co. A statement from Moelis said Cantor will serve as Vice Chairman and Managing Director and also be elected to the company's Board of Directors.
Stocks continue to show a lack of direction in mid-day trading on Tuesday following the long, holiday weekend. Even with the lackluster performance, the markets are largely holding on to the bulk of their recent gains.
Software developer Compuware Corp. has agreed to be acquired by private equity firm Thoma Bravo LLC in a transaction valued at about $2.5 billion, the two companies said Tuesday. At closing, Thoma Bravo will acquire all the outstanding shares of Detroit-based Compuware and Compuware will become a privately-held company.
Oilfield services provider Halliburton Co. (HAL) reached Tuesday a $1.1 billion settlement to resolve a major chunk of the plaintiffs' class claims against the company related to the April 2010 Macondo oil well spill accident in the Gulf of Mexico that was the worst offshore oil spill in U.S. history.The settlement is subject to approval by the U.S. District Court.
After reporting an unexpected drop in U.S. construction spending in the previous month, the Commerce Department released a report on Tuesday showing that construction spending rebounded by more than expected in the month of July.
Activity in the U.S. manufacturing sector unexpectedly grew at an accelerated rate in the month of August, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector climbing to a three-year high.
With traders largely shrugging off the latest batch of upbeat U.S. economic data, stocks are turning in a lackluster performance in early trading on Tuesday. The major averages are showing only modest moves, lingering close to the unchanged line.
Cruise operator Norwegian Cruise Line Holdings Ltd. agreed Tuesday to acquire peer Prestige Cruises International, Inc. in cash and stock deal valued at $3.025 billion, including assumed debt. An additional contingent cash consideration of up to $50 million will also be payable to Prestige shareholders upon achievement of certain 2015 performance metrics.
Following the long, holiday weekend, stocks may move to the upside in early trading on Tuesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 15 points.
Discount retailer Dollar General Corp. (DG) Tuesday said it has sent a sweetened acquisition proposal to the Board of Directors of Family Dollar Stores, Inc. (FDO). Further, the company increased the number of stores it is willing to divest if ordered by the Federal Trade Commission, and agreed to pay a $500 million reverse break-up fee to Family Dollar relating to antitrust matters.
Select Income REIT (SIR) Tuesday announced a definitive merger agreement to acquire Cole Corporate Income Trust or CCIT, a non-traded net lease REIT, for approximately $3 billion, including the assumption of approximately $298 million of mortgage debt. SIR will acquire CCIT's full property portfolio, which includes 64 office and industrial net lease properties as well as 23 healthcare properties.
Early indications suggest that Wall Street stocks may open higher along with the rest of the global markets, as optimism over stimulatory environment abounds. Traders have built up expectations that the European Central Bank, which is scheduled to meet later this week, would announce additional stimulus,...
The Swiss economy stalled in the second quarter as the improvement in household spending was insufficient to offset the weakness in exports and investment in construction. Gross domestic product remained flat from the first quarter, when it accelerated to 0.5 percent, the State Secretariat for Economic Affairs said Tuesday. Economists had expected GDP to rise 0.5 percent in the second quarter.
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the
British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4.