A lazy summer trading session perked up a bit in the final hour ahead of next week's economic data (the June
Consumer Price Index
Producer Price Index
retail sales report
) and big raft of earnings reports. Volume was light to moderate as all three major proxies finished in record territory.
Dow Jones Industrial Average
gained 66.81 to 11,193.70; the
Nasdaq Composite Index
advanced 21.03 to 2792.89; the
rose 8.84 to 1403.26; the small-cap
popped 3.23 to 457.98; and
TheStreet.com Intenet Sector
index dropped a scant 0.12 to 664.84.
The big European indices all closed higher, London's
most narrowly, up just 5.3 to 6,562.6.
Asian markets were flat overnight, as Hong Kong's
dropped 3.73 to 14,222.57, while Tokyo's
slipped 29.92 to 17,937.73.
More markets news and commentary are available in
last night agreed to buy medical device maker
in a stock swap valued at $680 million. According to the deal, Abbott will issue $54 in stock for each Perclose share. Meanwhile, Abbott reported second-quarter earnings of 42 cents a share, in line with the
14-analyst estimate and up from the year-ago 38 cents.
In with the strategic businesses, out with the nonstrategic businesses.
set plans to sell its
division to Germany's
for $425 million and buy the electronic materials operations of the U.K.'s
. Chairman and CEO Lawrence Bossidy described the moves as "divesting nonstrategic businesses and making higher-value complementary acquisitions."
American Heritage Life Investment
for about $1.1 billion, or $32.25 a share, in stock.
Lester Knight resigned as vice chairman and board member of drug and medical device distributor
. Knight left to pursue new career opportunities, the company said.
is paying $120 million for 10 store properties and other real estate assets in southern California from members-only discount retailer
. The sale is pending bankruptcy court approval; Fedco today said has it filed for Chapter 11 bankruptcy protection.
set the terms by which it will split off to its shareholders its 70% stake in
. DuPont said it would exchange 2.95 Conoco Class B shares for each common share of DuPont.
withdrew its bid to acquire
Newport News Shipbuilding
, saying that the deal would have been "unlikely to receive the necessary government approvals at this time." Litton received regulatory clearance for its acquisition of shipbuilder
earlier this week.
will move into the
, which is being acquired by Dutch firm
will replace Qualcomm in the
S&P MidCap 400 Index
. The date at which the index changes will take place has yet to be announced.
More news on companies and stocks is available in
Stock News section.
Internet music delivery software firm
shot up 21 9/16, or 143.7%, to 36 9/16 in its first day of trading. Lead underwriter
priced the company yesterday at $15, above its $10-to-$12 pricing range.
is placing a $1 billion order with engineering and construction firm
to build warehouses in 26 U.S. markets.
More tech news and commentary is available in
Tech Stocks section.
Japanese Prime Minister
and Chinese Premier
agreed on terms for China's entry to the
World Trade Organization
. The agreement is the first China has reached on WTO entry with a major industrialized nation.
German drug firm
sold its entire 45% stake in specialty chemicals maker
in a secondary offering that raised 2.8 billion euros, or about $2.9 billion.
Swiss phone company
set plans to buy 58% of German wireless firm
, a joint venture of Metro and
. Swisscom will pay about $1.7 billion for the stake.
admitted that it colluded with dealerships to fix the prices of its cars sold in the U.K, according to Britain's
Office of Fair Trading
More international news and commentary are available in
Six people were gored on the third day of the annual running of the bulls in Pamplona, Spain, including aptly named Justin Hammerback of Chicago, who gleefully checked into a hospital with a six-inch gash in his buttocks. Nothing's like the real thing, of course, but bored Americans stuck at home should know they needn't travel so far afoot to take part in some senseless violence.
Running of the Bulls America
today kicks off its second annual bull rush in Mesquite, Nev. Naturally, the "company" has a
Have a dumb question relating to finance? Great. Have a
dumb question? Even better. Send it to
MonEmailbag@thestreet.com, and I'll do my best to answer every Saturday. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.