Unemployment Drops and Some FBI Action: Friday Buzzers
Markets were mixed Friday afternoon after non-farm payroll numbers. However, once the report hit the wires, the markets turned up because of a slight drop in the unemployment rate, which edged down to 7.7 percent. Overall, “little changed from a year earlier,” according the report.
At the Friday closing bell: S&P: +0.29%, Nasdaq: -0.38%, Dow: +0.62%.
Shares of American International Group (NYSE:AIG) were trading up 2.62 percent at the close as news circulated that the insurer could be selling a controlling stake in its aircraft-leasing unit, which is valued at around $5.5 billion. A group possibly interested in the purchase includes New China Trust, China Aviation Industry Fund, and Industrial & Commercial Bank of China.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Is This CEO in Even Bigger Trouble? The Federal Bureau of Investigation is reportedly joining the Securities and Exchange Commission in the investigation of a dubious $10 million sale of company stock by Big Lots (NYSE:BIG) CEO Steven Fishman. Shares of Big Lots closed down 5.72 percent after the company announced poor sales figures about one month after Fishman made the trade.
How About This CEO? The ever-busy SEC may also be investigating Netflix (NASDAQ:NFLX) and its CEO, Reed Hastings, because of a Facebook (NASDAQ:FB) post in July that triggered a surge in the company’s stock price. The SEC claims the post violated rules governing selective disclosure.
Even More Energy-Sector Buyout Speculation! It’s that time of year, apparently. The energy sector looks ripe for some consolidation, this time with speculation that Chevron (NYSE:CVX) could blow its massive war chest, currently near $21 billion, on acquisitions such as Cobalt International Energy (NYSE:CIE) or Kosmos Energy (NYSE:KOS)