Investors wary of the erratic stock market can take heart in an unmistakable trend as trading resumes today: The direction of the market has been up the last two weeks despite Tuesday’s slide at the closing bell. A day after the market posted record highs, the Dow dropped 21–.1%–to 16,722. The S&P 500 fell 0.73-points, to 1,924. and the Nasdaq composite fell lost 3-points, to 4,234.
Hillshire Brands soared Tuesday as a bidding war for the company heated up. Krispy Kreme Doughnuts plunged after issuing a disappointing forecast. Hillshire Brands, the deli meat and hotdog maker, rose $5.08, or 9.5 percent, to $58.65. Two companies – Pilgrim’s Pride and Tyson Foods – are in a bidding war to buy Hillshire. The company said it will hold separate talks with the companies after Pilgrim’s Pride raised its bid for Hillshire to $55 a share, $5 more than what Tyson Foods offered last week.
Houston ranks second on Charity Navigator’s annual list of most-philanthropic large cities, based on financial practices, accountability and transparency. Houston is also second-most generous on the list, with $4.4-million dollars in median charitable donations last year. Boston is first, at $4.6-million.
Houston’s Cheniere Energy signs two major customers in a week for its Corpus Christi liquefied natural gas export facility. The deals underscore a dynamic for natural gas demand that is forming following new EPA rules for power plants that will result in higher demand for the fuel by 2018. Texas Energy Analyst, Alan Lammey, says gas stockpile draw-downs are going to be exacerbated by increased exports of LNG: “The LNG facilities in the United States are getting ready to become export facilities,” Lammey says. “Exporting actually more than 40% is the projected amount of our current domestic Natural Gas supply. Lammey predicts those exports will drive domestic natural gas prices higher.
A surprising surge in car sales for the month of May, and even auto makers under-fire fared well. “General Motors, which has been going through the recall crisis, and has made multiple recalls already this year–millions of them in fact–their sales were up 13 percent,” says Rebecca Jarvis, ABC Radio’s Senior Business Editor. “They’re strongest sales were coming from Chevy,” Jarvis says. Chrysler sales were up 17-percent in May.
In an attempt to curry favor with regulators, AT&T Inc. says that if it’s allowed to buy satellite broadcaster, DirecTV, it will be able to afford an expansion of fiber connections into more homes to boost Internet connection speeds. DirecTV’s board of directors agreed last month to sell to AT&T for $48-and-a-half billion, but the deal needs approval from the Federal Communications Commission.
President Barack Obama‘s choice to head an agency overseeing potentially risky financial market activities receives a Senatorial anointment. Timothy Massad, a Treasury Department official, was approved Tuesday as chairman of the Commodity Futures Trading Commission. He has promised to act aggressively against misconduct to ensure investors’ confidence.
Instagram is adding editing tools that go beyond the vintage-looking filters that made it popular. The Facebook-owned app said in a blog post today that you will be able to adjust the brightness, contrast, saturation and other features of photos you take with your smartphone.