Stocks are slightly higher after a fresh round of mergers and acquisitions news
An uptick in corporate mergers and acquisitions activity continued Monday. Insurer American International Group Inc. reached a deal to sell one of its major foreign subsidiaries to MetLife Inc. for $15.5 billion. MetLife had confirmed last month it was in talks with AIG to buy the unit known as Alico.
It’s the second major sale AIG has made this month as part of its plans to streamline operations, shed assets and repay more than $100 billion in government bailout money it received during the credit crisis.
Also, Royal Dutch Shell and PetroChina offered to buy Australia’s Arrow Energy Ltd. for $3 billion in cash and stock. Royal Dutch Shell already owns a 10 percent stake in Arrow’s international business.
Stocks are higher after retailers reported better-than-expected February sales
Macy’s, Limited Brands and The Wet Seal all posted monthly sales Thursday that topped analysts’ expectations.
The Labor Department says initial jobless claims dipped last week after two straight weeks of unexpected increases. New claims fell to 469,000, better than the 470,000 economists had forecast.
Despite the positive economic signs, investors are avoiding making any big moves ahead of Friday’s monthly employment report.
The Dow Jones industrial average is up 32.12, or 0.3 percent, at 10,428.88. The Standard & Poor’s 500 index is up 2.70, or 0.2 percent, at 1,121.49, while the Nasdaq composite index is up 3.36, or 0.2 percent, at 2,284.04.
Yesterday’s Top Performing Small Cap Stock:
CitySide Tickets, Inc. (Pink Sheets: CIST)
CitySide Tickets, Inc. Announces On-Demand Availability of FOX Business Network Live Interview
Mar. 4, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS:CIST), which owns and operates CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, today announces that CEO Michael DeAmicis’ interview with FOX Business is now available online at www.Video.QualityStocks.net.
Mar. 4, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS:CIST), which owns and operates CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, today announces that CEO Michael DeAmicis’ interview with FOX Business is now available online at www.Video.QualityStocks.net.
During the live interview, Mr. DeAmicis discussed the company’s national expansion plan, his background and experience selling tickets, how his upbringing prepared him to start and operate a ticket business, various contacts in sports and music world, and the company’s competitive advantages and acquisition strategy, among other topics.
Stocks are higher after Greece announced a budget plan and as ISM data showed that the service sector improved
The new plan had been expected in recent days, which likely has kept reaction to the report muted. Concerns about Greece’s debt problems have dogged the markets in recent weeks. Investors have been worried that debt problems could spread through Europe and devalue the euro and upend a global economic recovery.
The Institute for Supply Management said its services index rose to 53.0 from 50.5 in January. The reading was the highest since December 2007 and well above the 51.0 median forecast of 71 economists surveyed by Reuters.A reading above 50 indicates expansion in the services sector, which accounts for the majority of U.S. employment.
The index’s employment component jumped to 48.6 from 44.6 the prior month while the prices paid component fell to 60.4 from 61.2.
ST. LOUIS, March 3, 2010 (GLOBE NEWSWIRE) — Murphy Analytics (MA) has initiated coverage on CitySide Tickets, Inc. (Pink Sheets:CIST). The Initiation Report contains a detailed discussion of the Company’s business model, market dynamics, industry competitors, macroeconomic data and indicators, financial results and risks.
The Initiation Report is available at http://www.murphyanalytics.com/uploads/CIST_Initiation.
Stocks are higher following upbeat signs of economic improvement overseas and continued takeover activity
Overseas markets rose following upbeat economic reports in Asia and growing hopes European leaders will complete a bailout for debt-burdened Greece.
U.S. markets are getting a boost from mergers and acquisitions activity for the second straight day. CF Industries made another offer for fertilizer maker Terra Industries, which last month agreed to be sold to Norway’s Yara for $4.1 billion.
Signs of improvement in overseas economies bolstered the market. Japan’s unemployment rate dropped for the second straight month in January and household spending grew — hopeful signs for recovery in the world’s second-largest economy. Australia’s central bank continues to reduce stimulus measures as the nation’s economy rebounds. It increased a key interest rate to 4 percent.