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Market Update

Aecom Buys URS for $4 B; Citigroup Agrees to $7 B Settlement

Mukesh Buch
14 Jul, 2014
New York City

Aecom Technology agreed to buy URS Corp for $4 billion. Citigroup net tumbled 96% and agreed to pay $7 billion to settles mortgage securities related charges. Mylan is in talks to acquire non-U.S. drugs portfolio of Abbott for about $5.3 billion.

Stocks in Tokyo Rebound, Softbank Inchnes Closer to Acquiring T-Mobile

Hiruki Nakamura
14 Jul, 2014
New York City

Stocks in Tokyo rebounded after a week of sharp losses and industrial output jumped in May. Softbank entered into a preliminary agreement to acquire U.S. based wireless carrier T-Mobile.

Europe Earnings: Shire, Generali, Kuehne & Nagel, SEB

Nigel Thomas
14 Jul, 2014
New York City

Shire received revised offer from the AbbVie of

India Movers: MRPL, Polaris Financial, Titan, Tata Power, Unichem Lab

Mukesh Buch
14 Jul, 2014
New York City

Polaris Financial gained after Orbitech sold 6,16,400 shares at Rs 226.93. Titan closed its two gold deposit schemes and expected to record sales in August. Tata Power seek shareholders approval to raise Rs 7,000 crore. Unichem Lab net declined but revenue jumped.

Reynolds and Lorillard in $56 Billion Merger Talks

Bikram Pandey
11 Jul, 2014
New York City

Lorillard and Reynolds America confirmed merger talks and if successful the combined company will have $56 billion of worth. If consummated, the merger will combine the second- and third-largest tobacco makers.

U.S. and World Market Indexes Struggle with Weekly Losses

Nichole Harper
11 Jul, 2014
New York City

Reynolds America and Lorillard confirmed merger talks that could create a combined entity worth $56 billion. World markets extended weekly losses after fresh bank health worries in Europe and Cotton prices hit a two-year low and oil eased.

TRW Automotive, Whirlpool Jump; Cray, Fastenal, PriceSmart Drop

Mukesh Buch
11 Jul, 2014
New York City

Cray won $174 million contract from National Nuclear Security Administration. Fastenal profit and sales climbed. PriceSmart net surged 15%. Whirlpool plans to buy 67% voting stock of Italy-based Indesit for $1.03 billion. Wells Fargo net jumped 4%.

Friends Divests Lombard Unit, Imperial Tobacco to Acquire Reynolds Assets

Nigel Thomas
11 Jul, 2014
New York City

Aker Solutions prepared to split into two and write down 1.6 billion kroner of assets. Friends Life divests its Lombard unit to Blackstone. Imperial Tobacco is in asset purchase talk with the U.S.-based Reynolds American and Lorillard. Whirlpool acquired a majority stake in Italy based Indesit.

Daily Decline in Tokyo Extends Weekly Loss to 2.3%, Yen Gains

Hiruki Nakamura
11 Jul, 2014
New York City

Stocks in Tokyo declined following market weakness across the euro zone and the yen advanced for the second day in a row. Fast Retailing declined 2% after the retailer lowered its annual earnings outlook for the second time on losses linked to its premium-denim unit.

India Movers: Infosys Reiterates Outlook, Net Drops 4%

Mukesh Buch
11 Jul, 2014
New York City

Britannia sold its factory land in Chennai for Rs 172 crore. Cera Sanitaryware net climbed 22% and revenue soared 28%. Himachal Futuristic sales and profit surged. Infosys net profit dropped 4% and helds fiscal outlook. Jay Bharat Maruti net jumped 33%.

Australian Indexes Trim Weekly Losses

Marcus Jacob
11 Jul, 2014
New York City

Australian market indexes gained and Aussie dollar closed below 94 U.S. cents. Fortescue Metals quarterly production increased but annual production fell below guidance. Transfield Services won $250 million military base management contract.

U.S. Stocks Trim Losses after Selloff Spraked by Portgual Bank Worries

Nichole Harper
10 Jul, 2014
New York City

Market indexes on Wall Street dropped as much as 1.5% after fresh worries resurfaced on European bank health. Portugal suspended trading in troubled Espirito Santo after the bank failed to meet its debt obligation. U.S.

Family Dollar Rises, CHC Group, Gencorp, Progressive, WD-40 Fall

Mukesh Buch
10 Jul, 2014
New York City

CHC Group net loss in the quarter widened. Family Dollar profit plunged 33% and sales rose 3%. Gencorp quarterly net loss widened. Progressive Corp net declined 10% on 5% increase in revenues. WD-40 quarterly net was flat.

Europe Earnings: Burberry, Halfords, LSE, Petrofac, Suedzucker

Nigel Thomas
10 Jul, 2014
New York City

Burberry revenue climbed 17% to

Tokyo Stocks Extend Losses to Fourth day, Machinery Orders Plunges

Hiruki Nakamura
10 Jul, 2014
New York City

Stocks in Tokyo trading declined for the fourth day in a row and core machinery orders plunged 14.5% in May following 9% decline in April. Kaneko Seeds fiscal year sales increased 4.6% and net income surged 29%.