New York Stock Exchange
surged 2.9% after rival European exchange
abandoned its bid for
The move cleared the way for the Big Board's merger with Euronext, another large European exchange. The deal is now valued at about $14 billion. Shares of the NYSE have rallied sharply in the past few weeks, as it appeared the Big Board would complete the deal, which would be the first trans-Atlantic exchange merger. Shares were trading up $2.67 to $95.70.
gained today after the insurance giant announced it would buy back stock and raised its dividend. The Newark, N.J.-based company says it will repurchase up to $3 billion in shares in 2007, after buying back $2.2 billion in stock this year. Prudential will also increase its annual dividend by 22% to 95 cents a share. Shares closed up $1.42, or 1.8%, to $81.00.
slid on news of a
Securities and Exchange Commission
investigation involving its affiliate Allegiant Asset Management. The Cleveland-based bank says the probe is focusing on possible marketing arrangements between Allegiant and other entities that provide mutual fund administrative services. Shares closed down 21 cents to $37.09.
fell after the company announced that it had made prior mistakes in classifying its cash-flow numbers for the first and second quarters of 2005 and 2006. The New York-based insurer said the errors had caused a delay in the filing of its third-quarter earnings report. Assurant says the restatement will have no impact on the firm's previously announced earnings per share figures. Shares closed down 37 cents to $54.98.
Vornado Realty Trust
slipped after the real estate investment trust's President Michael Fascitelli sold 1.3 million shares. Fascitelli sold the shares after exercising an option he had, which was slated to expire on Dec. 2. Shares closed down $2.08, or 1.8%, to $115.96.