Sticking with Refining Stocks
ThinkstockOver the past 12 months, the best performing oil refining stock has been Tesoro Corp. (NYSE: TSO), which has doubled, even though it has dropped sharply in the past month. Phillips 66 (NYSE: PSX)…
All Work
Paul Ausick
Boeing Dreamliner: The Hits Just Keep on Coming
Courtesy Boeing Co.Last week two 787 Dreamliners from Boeing Co. (NYSE: BA) were diverted from their planned routes to make unscheduled landings due to issues with the new planes’ oil system. Two more flights…
New York Fed President Argues for More Accommodation
ThinkstockLike his colleague James Bullard at the St. Louis Fed, New York Fed President William Dudley thinks the last week’s Federal Open Market Committee (FOMC) statement was not the best the central bank could…
Stock Movers Continue Pessimistic Trend
thinkstockShortly after markets opened this morning, the DJIA was down more than 1%, while the S&P 500 and the Nasdaq were off even more. Index futures were even lower, so maybe the opening should…
China’s Central Bank Tells Country’s Banks to Shape Up
ThinkstockWhen Chinese interbank lending rates shot up last Thursday, the blame was laid at the feet of the People’s Bank of China (PBoC), the country’s central bank, which had refused for the first time…
ADM Makes All-Cash Offer for Australia’s GrainCorp
ThinkstockU.S. agribusiness giant Archer Daniels Midland Co. (NYSE: ADM) this morning announced that its Australian subsidiary has offered to buy the approximately 80% of Australia’s GrainCorp Ltd. that it does not already own for…
Health Care Buyout Combines Providers Tenet, Vanguard
ThinkstockTenet Healthcare Corp. (NYSE: THC) this morning announced that it has agreed to acquire Vanguard Health Systems Inc. (NYSE: VHS) for $21 a share in cash. The deal is valued at $4.3 billion, which…
No Buyer for Rio Tinto Diamond Mines
ThinkstockIf the value of something actually is determined by the price someone is willing to pay for it, Rio Tinto PLC’s (NYSE: RIO) diamond assets are worth far less than the mining giant thinks…
Closing Bell for Friday on Wall Street: Markets Bounce to a Mixed Close
U.S. equity markets opened higher this morning after yesterday’s bloodbath. There was no economic data of note released today in either Asia or the U.S. In Europe, the eurozone’s current account surplus was larger…
State Unemployment Rates Show Little Improvement
Ed Brown, via Wikimedia CommonsThe U.S. Bureau of Labor Statistics (BLS) today released its data on state and regional unemployment for May. Compared with April data, unemployment rates fell in 25 states , while…
This Week Only: Best Buy Offers Free iPhone 5
courtesy Best Buy Co. Inc.Following up on its one-day iPhone trade-in day earlier this month, Best Buy Co. Inc. (NYSE: BBY) has now extended the offer for nine days, from today through June 29.…
Comex Raises Gold Margin Requirement
ThinkstockAs if gold isn’t getting bashed enough, CME Group Inc. (NASDAQ: CME) will raise its margin requirement on the Comex on Monday to $8,800 for a standard 100-ounce gold futures contract. That is a…
Wireless Chipmaker Spreadtrum Gets Buyout Offer
ThinkstockChina’s Tsinghua Unigroup Ltd. this morning made a non-binding offer to acquire Spreadtrum Communications Inc. (NASDAQ: SPRD) for $28.50 per ADS in cash in a deal worth about $1.4 billion. Spreadtrum is a China-based…
Russia Turns Away from Europe, Focuses on China
ThinkstockRussia’s state-controlled oil giant Rosneft has signed a 25-year deal to supply $270 billion worth of crude oil to China, and the country’s largest independent natural gas producer, Novatek, has agreed to a deal…
CarMax Company Earnings Shine
ThinkstockCarMax Inc. (NYSE: KMX) reported first-quarter fiscal 2014 results before markets opened this morning. The used-car retailer reported quarterly diluted earnings per share (EPS) of $0.64 on revenues of $3.31 billion. In the same…
Darden Company Earnings and Forecast Taste Better with Dividend Hike
ThinkstockDarden Restaurants Inc. (NYSE: DRI) reported fourth-quarter and full-year 2013 results before markets opened this morning. The operator of Red Lobster, Olive Garden and other restaurant chains reported quarterly diluted earnings per share (EPS)…
St. Louis Fed President Explains It All
ThinkstockAt the FOMC meeting that ended Wednesday and started the equity market tumble, two members of the committee voted against the Fed’s decision to leave rates and asset purchases as they were. Kansas City…
Closing Bell for Thursday on Wall Street: Market Sell-off Hits High Gear Today
U.S. equity markets opened lower this morning adding to yesterday’s carnage following the FOMC announcement yesterday. The widespread belief that sometime this year the Fed will start reducing its $85 billion in monthly asset…
Sprint Sweetens Offer for Clearwire
ClearwireThe saga continues. Sprint-Nextel Corp. (NYSE: S) and Clearwire Corp. (NASDAQ: CLWR) have today amended the agreement between the two companies to raise Sprint’s offer for the nearly 50% of Clearwire’s shares that it…
Nvidia Slashes Price of Video Game Console
courtesy of NvidiaOne day after announcing that it would begin more widely licensing its core designs, Nvidia Corp. (NASDAQ: NVDA) today announced that it will cut the price for its Android-based video game console.…