Banks Lead US Stocks Higher in Afternoon Trading; Oil Rises

DISRUPTED: FedEx shares temporarily halted trading before the package delivery giant disclosed that an information system virus significantly affected the global operations of its TNT Express subsidiary. In a statement, FedEx said that while TNT’s operations and communications systems were disrupted, “no data breach is known to have occurred.” The company noted that operations of all other FedEx companies were unaffected. The stock rose $2.50, or 1.2 percent, to $216.83.

BEAT THE STREET: General Mills rose 2 percent after the maker of Cheerios cereal, Yoplait yogurt and other packaged foods served up fourth-quarter earnings and revenue that exceeded Wall Street’s expectations. The stock picked up $1.10 to $56.62.

DONE DEAL: Spectranetics surged 26.4 percent after Dutch electronics and health care technology company Philips said it agreed to buy the medical device company for $38.50 a share, or $1.68 billion. Spectranetics gained $8.02 to $38.42.

HOME SWEET HOME: KB Home climbed 4 percent after the homebuilder reported strong earnings. The stock added 91 cents to $23.73.

DIALED IN: Cal-Amp was up 5.8 percent after the wireless communications company’s latest quarterly results beat financial analysts’ forecasts. The stock rose $1.11 to $20.36.

ENERGY: Oil futures were headed higher. Benchmark U.S. crude was up 52 cents, or 1.2 percent, to $44.76 a barrel in New York. The contract gained 86 cents on Tuesday. Brent crude, the international standard, was up 57 cents, or 1.2 percent, to $47.49 per barrel in London.

CURRENCIES: The dollar rose to 112.22 from 112.15 yen late Monday. The euro strengthened to $1.1378 from $1.1347.

BOND YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.22 percent from 2.21 percent late Tuesday.

MARKETS ABROAD: Major stock indexes in Europe declined as investors fretted over the prospect of tighter monetary policy from major central banks. Germany’s DAX slid 0.2 percent, while the CAC…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *