| 2017-11-24 13:29:57|
M, WMT… 13:29 11/24 11/24/17
On The Fly: Top stock stories for Friday
Stocks on Wall Street finished the Black Friday trading session higher, aided by a rise in a number of retailers' stocks. Macy's (M) was among the day's advancers, gaining over 2.1%, while Wal-Mart (WMT) finished fractionally higher and Target (TGT) was a noteworthy laggard, sliding 2.8%. ECONOMIC EVENTS: In the U.S., Markit's manufacturing PMI fell 0.8 points to 53.8 in the preliminary November reading. The preliminary November services PMI dipped 0.6 points to 54.7. COMPANY NEWS: Shares of BASF (BASFY) trading in New York advanced 3.65% after the company confirmed that it is in discussions regarding a potential merger of BASF Group's oil and gas activities with Letter One's oil and gas activities bundled in the DEA Group... Teva (TEVA) shares rose 1.63% following a report in the Israeli local business daily Calcalist that the company intends to cut as much as 25% of its Israeli workforce as well as more than 10% of its U.S.-based workers and some in Europe... DISH Network (DISH) announced that it has reached a multi-year carriage agreement with CBS (CBS) for its owned and operated local stations, as well as CBS Sports Network and other channels. Terms of the agreement were not disclosed. MAJOR MOVERS: Among the noteworthy gainers was Advanced Semiconductors (ASX), which gained more than 12% after the company and Siliconware Precision (SPIL) said that their merger has now received all necessary antitrust clearances. Among the notable losers was Qudian (QD), which fell over 24% in New York after it was informed by Ant Financial that for all transactions effective from November 30 on Alibaba's (BABA) Alipay consumer interface, an effective annualized rate of 24%, covering all interest, fees and charges, will be the maximum rate allowed for credit services for all third-party service providers. Also lower was Vipshop (VIPS), which slipped 3.55% after IBCI analyst Vicky Wu downgraded the stock to Hold from Buy. INDEXES: The Dow rose 31.81, or 0.14%, to 23,557.99, the Nasdaq gained 21.80, or 0.32%, to 6,889.16, and the S&P 500 advanced 5.34, or 0.21%, to 2,602.42.
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