Welcome to The Daily Stock Report...brought to you by QualityStocks.Net, performance tracked daily.
I'm Cathy Rankin and for Monday June 4th we're bringing you the latest news from around the markets as well as the top movers to look out for today...
(HEADLINE NEWS)
In Headline News Today...
With the Dow and S&P 500 finishing a holiday-shortened week in record territory, it wasn't surprising to see another sell-off in China create some nervousness in early trading. The market's bullish momentum resurfaced late in the day, though, and once again, the major indices ticked higher, albeit in modest fashion.
Overnight, the Shanghai Composite plunged 8.3%, its biggest one-day decline since the 8.8% drubbing in late February that caused widespread panic. However, the recognition that the China sell-off was a localized affair, and a drop in market rates closer to home, proved to be mitigating factors for investors.
After climbing 10 basis points last week as expectations of a Fed easing continued to fade, the yield on the 10-year note fell four basis points Monday. The rate-sensitive Financials sector, which had been noticeably weak early in the session, managed to pare its loss to a 0.1% decline and provided a spark for the afternoon rebound effort.
Of the five sectors closing higher, Energy paced the way. It gained 1.3% in sympathy with oil prices which jumped 1.6% on top of Friday's 1.7% surge
Technology was also an influential leader to the upside. Apple was a notable source of sector support after it confirmed June 29 will be the launch date for its highly anticipated iPhone.
Firdays gains were led by the energy and materials sectors. The only sectors to suffer a loss were telecom services and utilities - two areas known for their favorable dividend yields, which don't look quite as favorable as they used to with the yield on the risk-free 10-year note pushing 5.00%.
The sector's best performer, though, was Solectron Shares soared 15% after rival Flextronics said it will acquire SLR for $3.6 bln. Avaya surged 4% following reports that TPG and Silver Lake Partners are nearing a deal to buy it for roughly $7.8 bln.
The Industrials sector also contributed to the S&P 500 finishing in record territory for a fourth straight day after Dow component General Electric was mentioned favorably in Barron's. Consumer Staples closed slightly lower, but an upgrade-induced 3.4% rally in the sector's third most influential constituent -- Wal-Mart -- helped the Dow log its 27th record close this year.
And now for our Small Cap News... brought to you by nascent Food Service Inc
Nascent Food service, Inc. (NCTW.OB)
Nascent Wine Company, Inc. is one of Baja Mexico's largest food distributors, marketing and distributing over 1,400 national and proprietary brand food and non-food products to over 1,000 customers.
American Racing Capital, Inc. announced early last month that the company has completed all due diligence regarding the Music City Motorplex in Nashville. American Racing Capital entered into a contract through its majority-owned subsidiary, Motorsports & Entertainment of Tennessee ("MET"), to purchase a majority share of LJ&J Enterprises of Tennessee Inc.
American Racing Capital, Inc. is a company specializing in Motorsports, as well as motorsports sponsorship activation services and product licensing agreements, which are highly specialized promotional services in the racing industry.
Bally Total Fitness shares were boosted today on the news that Bally's has closed the sale of its Toronto, Canada facilities to Extreme Fitness, Inc. and GoodLife Fitness Centres Inc.
Bally's recently announced plans to file for Chapter 11 bankruptcy, in a move to restructure its debt, with the completion of the reorganization to be settled within 60 days of filing its bankruptcy petition. The sale of the companies Canadian facilities yields Ballys net cash proceeds of approximately $18 million.
And that's our newsmakers, Stay tuned right here to Quality Stocks Daily for the latest news from small cap to large cap, and everything in by QualityStocks.Net, where performance is tracked daily.
Thank you for tuning in, I'm Cathy Rankin, Have a great day and we'll see you next week, right here on the daily report.
Please see Disclaimer on site: http://Disclaimer.QualityStocks.net
Loading...
4:43
Last run on Ericsson/Solectron/flextronics Östersundby Fishhunt139,522 views
can you do stock reporting minus the blouse, maybe then i'll tune in.
cybertrader69 3 years ago