Slashed Economic Outlook Overshadows Individual Stock Gains: Market Recap
The markets closed down Tuesday on Wall Street:
S&P 500: -0.52%, Nasdaq: -0.30%, Dow: -0.69%.
On the commodities front, Oil (NYSE:USO) dropped 0.65 percent to $87.17 per barrel. Precious metals were also down, with Gold (NYSE:GLD) dropping 0.5 percent to $1,740.90 per ounce, and Silver (NYSE:SLV) falling 0.41 percent to $34.09 per ounce about seven minutes before the bell.
The Organisation for Economic Co-operation and Development released an economic outlook report on November 27 that predicts a “hesitant and uneven recovery over the coming two years.” Global GDP growth for 2012 is expected at 2.9 percent, moving up to 3.4 percent in 2013 led by emerging economies while European GDP can expect two years of contraction. (Read more.)
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Shares of ConAgra Foods (NYSE:CAG) closed up 4.72 percent following news that it will acquire Ralcorp (NYSE:RAH), the largest private label food manufacturer in the U.S., for approximately $6.8 billion. Shareholders will receive $90 per share, a 28.2 percent premium on Monday’s closing price. Ralcorp’s stock price closed up 26.44 percent to close at $88.80 per share.
Shares of Corning (NYSE:GLW) fought against the headwinds and closed up 6.87 percent after raising expectations for fourth-quarter glass sales. Shares of Yelp (NYSE:YELP) closed up 6.58 percent after scoring an analyst upgrade.
Monster Beverage Corporation (NASDAQ:MNST) also rallied, closing up 13.28 percent after a notice from the Food and Drug Administration eased concerns about the relationship of energy drinks to health problems…
In a world that is increasingly shifting towards mobile devices, the PC industry has been desperately seeking a catalyst for better sales. Companies like Dell (NASDAQ:DELL) and Hewlett-Packard (NYSE:HPQ) are counting on Microsoft’s (NASDAQ:MSFT) new Windows 8 to excite consumers, but how well is the new operating system selling? (Read more.)
Warren Buffett raised some eyebrows on Monday when he called for a minimum tax rate on America’s super wealthy. Just as critics began reacting, the Wizard of Omaha caused another sensation when he plugged JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon as a candidate for the Secretary of the U.S. Treasury. (Read more.)
Euro zone finance ministers and the International Monetary Fund finally reached an agreement to reduce Greece’s debt and clear the way for the release of the next batch of aid loans, cheering the stricken country as well as the financial markets. (Read more.)