October 9, 2013 |
There wasn't much to rave about on the first day of trading for electronic dance music promoter SFX Entertainment Inc. Shares of SFX, founded by entertainment entrepreneur Robert F.X. Sillerman, fell $1.11, or 8.5%, to $11.89 on Wednesday, after its initial public offering. The New York company sold 20 million shares at $13 a share, at the high end of its proposed range, raising $260 million in its IPO. PHOTOS: Hollywood Backlot...
September 23, 2013 |
Chrysler Group filed plans Monday to resume trading its shares on the stock market, part of a high-stakes game its parent company, Fiat, is playing against a big union trust. The stock sale would not be a normal initial public offering, in which a company sells it shares to raise money for its operation or to cash out the founders. Rather, a portion of the automaker, based in Auburn Hills, Mich., would be sold by the UAW Retiree Medical Benefits Trust. The union wants to start to monetize the 41.5% of Chrysler that it acquired during the automaker's bankruptcy and restructuring four years ago. The trust provides medical coverage for about 115,000 retired Chrysler workers and their families.
September 19, 2013 |
Europe, and most of the world, is getting more expensive for U.S. travelers. While the Federal Reserve's surprise decision to continue pumping money into the economy caused stock markets throughout the world to rally, it led to further erosion of the dollar's value against its international peers. The U.S. currency fell the most against Brazil's real and Turkey's lira after Fed policymakers chose to await news of economic progress, including holding its interest-rate target at almost zero until unemployment falls below 6.5%.
September 16, 2013 |
NEW YORK -- Stocks shot up nearly 1% on Monday after former Treasury Secretary Lawrence Summers surprised investors by pulling out of the running to be the next chairman of the Federal Reserve. The Dow Jones industrial average rose 140.05 points, or 0.9%, to 15,516.11 shortly after the opening bell. The broader Standard & Poor's 500 index rose 13.25 points, or 0.8%, to 1,701.24. The technology-heavy Nasdaq composite gained 16.78 points, or 0.5%, to 3,738.96. The rally on Wall Street followed major stock markets in Europe, which were up about 1%. Experts saw Summers as less likely to continue the Fed's efforts to hold down interest rates, which have helped fuel this year's stock rally.
September 4, 2013 |
NEW YORK -- If the U.S. strikes Syria, any resulting stock selloff will likely be short-lived, according to a recent analysis of previous market shocks. The broad Standard & Poor's 500 index fell a median 2.4% in initial trading after major world events over the last 70 years, bottomed after six days and took a median two weeks to recoup losses, according to a research note this week by Sam Stovall, chief equity strategist at S&P Capital IQ. Stovall's note highlighted 14 events ranging from the Pearl Harbor attack in 1941 to the Madrid bombings in 2004 to the Japanese tsunami of 2011.
September 2, 2013 |
TOKYO - After two decades of economic stagnation, once-mighty Japan is beginning to revive - under policies that some experts say could offer lessons to the still-struggling economies of the United States and Europe. While the Eurozone tries to break out of recession and the U.S. economic recovery remains anemic, Japan has begun to grow at an encouraging rate. The shock-therapy policies of Prime Minister Shinzo Abe have helped Japan's economy expand for three straight quarters at a pace faster than that of the United States.