Market Recap: Oil SPIKES, Stocks SINK, Alcoa INITIATES Earnings
Markets closed down on Wall Street today: Dow -0.28%, S&P -0.16%, Nasdaq -0.19%, Oil +1.53%, Gold +0.57%.
Here’s your Cheat Sheet to today’s top stock stories:
The plethora of rumors revolving around the premise that Apple (NASDAQ:AAPL) is quietly developing a smaller iPad can’t help but leave the impression that it must be true. After all, while Apple may try to remain secretive about upcoming products and software until revealing them at major events with that distinct Steve Jobs flare, this company doesn’t just have leaks to content with, but floods.
In a large gainer today, FX Alliance Inc.’s (FX) shares increased 40 percent after the company announced it will be bought for $616 million by Thomson Reuters (NYSE:TRI).
Another large rise was Amerigroup Corp.’s (NYSE:AGP) shares, jumping 38 percent after WellPoint Inc. (NYSE:WLP) agreed to acquire the company in a $4.46 billion cash transaction. This will broaden its Medicaid presence.
On the losing end was Luminex Corp. (NASDAQ:LMNX). Its shares fell 17 percent after the company said it would acquire GenturaDx for $50 million in cash. But it is “subject to working capital reconciliation and potential additional contingent consideration for achievement of future milestones and/or product revenue performance” reported MarketWatch.
FTI Consulting Inc.’s (NYSE:FCN) shares dropped 5 percent. Late on Friday, the company said that it lay offs were coming and would affect three percent of its employees. It will also consolidate office space, which will result in second quarter $28 million pretax charge.
BONUS: Alcoa (NYSE:AA) today reported $0.00 earnings per share, based on a loss from continuing operations of $2 million, which includes special items of $63 million. Excluding the impact of special items, income from continuing operations was $61 million, or $0.06 per share.