News Highlights: Top Equities Stories of the Day
BY DJ Realtime News 6:03 PM ET 08/27/2012
TOP STORIES
STOCKS MOSTLY FALL AS INVESTORS SHRUG OFF APPLE, MERGERS
U.S. stocks close mostly lower as a handful of corporate buyouts and a legal victory sending Apple to an all-time high fail to excite the broader market. DJIA ends down 33 points at 13124.
APPLE SEEKS SALES BAN ON SOME SAMSUNG DEVICES
Days after winning a roughly $1 billion jury verdict in a patent- infringement trial with rival Samsung Electronics, Apple formally requests injunctions that could ban the sale of eight Samsung devices.
HERTZ TOUTS DIVERSE BRANDING, SCALE IN DOLLAR THRIFTY DEAL
Hertz Global's roughly $2.6 billion equity acquisition of Dollar Thrifty Automotive will create a car-rental firm that can market three distinct brands and provide greater scale for the latter company's value offerings. Hertz shares jump 11% while Dollar Thrifty rises 7%.
FED MAY DELAY STRESS TESTS FOR MIDSIZE BANKS
The U.S. Federal Reserve and other bank regulators signal midsize banks will likely have until September 2013 before they have to start running annual " stress tests" required by the 2010 Dodd-Frank financial-overhaul law.
M&T TO BUY HUDSON CITY BANCORP FOR $3.7 BILLION
Hudson City Bancorp agrees to be acquired by M&T Bank for about $3.7 billion, giving the latter a franchise stretching from Connecticut to Virginia. Hudson City shares jump 16% while M&T shares are up 5%.
ASMUSSEN SAYS ECB TO ONLY BUY BONDS WITH EFSF/ESM
The European Central Bank will only buy government bonds in parallel with the euro area's bailout programs, says Joerg Asmussen, ECB executive board member. He also says the outlook for the euro-area economy would be weak in coming months.
IBM'S $1.3 BILLION KENEXA BUY BEEFS UP ONLINE SOFTWARE
International Business Machines agrees to acquire Kenexa for approximately $1.3 billion in cash as the technology giant continues to beef up its arsenal of online software applications. Kenexa shares leap 41%.
DALLAS FED INDEX RECOVERS IN AUGUST
Business conditions in Texas-area manufacturing recover from prior month's sharp drop, but Dallas Fed's general business activity index remains in negative territory at -1.6 in August, indicating contraction.
OIL DOWN, GASOLINE UP AS ISAAC SHUTS REFINERS
U.S. gasoline futures rise while crude-oil prices fall, as refineries along the Gulf Coast begin to shut down operations ahead of Tropical Storm Isaac --and fuel traders brace for the possibility of gasoline shortages.
ISAAC CLOSES REFINERIES; CUTS OIL, GAS OUTPUT
Gulf Coast refiners are closing facilities in anticipation of Tropical Storm Isaac turning into a hurricane and making landfall, shutting down at least 8% of the country's total fuel-production capacity.
FED'S PIANALTO BACKS MORE ACTION
Cleveland Fed President Sandra Pianalto says she is in favor of providing the U.S. economy with more support as long as the costs associated with further easing efforts are manageable.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= THE WALL STREET JOURNAL U.S. Housing Prices Seen Tracking Recent Trend
Markets are intensely focused on what Fed Chairman Ben Bernanke will say about the possibility of more central-bank bond buying when he speaks Friday. Also interesting, though, will be the emphasis he places on housing. ANALYSIS Wall Street Analysts Increasingly Bullish on Apple
Several Wall Street analysts turn increasingly bullish on Apple's stock on the heels of Friday's patent-infringement ruling against Samsung Electronics, which awarded the Cupertino, Calif., company $1.05 billion in damages.
============ U.S. MARKETS ACTION ===========
DJIA down 33.30 points to 13124.67
NASDAQ up 3.40 points to 3073.19
S&P 500 down 0.69 points to 1410.44
10-year T-note 99 23/32 at 1.6560 yield
NYMEX Crude down $0.68 at $95.47/bbl at close
Dollar/Euro down 0.00018 at 1.24996
(END) Dow Jones Newswires
08-27-12 1803ET
