Market Recap: Sun Healthcare SHINES Amidst a Stock Slaughterhouse
Markets closed down on Wall Street today:
Dow -1.96%,S&P -2.23%, Nasdaq -2.44%, Oil -4.09%, Gold -3.09%.
On the commodities front, Oil (NYSE:USO) declined to $78.08 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,566 an ounce while Silver (NYSE:SLV) fell 1.57% to settle at $26.82.
Here’s your Cheat Sheet to today’s top stock stories:
U.S. banks — including JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc. (NYSE:C) — will dole out up to $125,000 plus equity to individual clients negatively affected by poorly handled foreclosures in 2009 and 2010, in compliance with a remediation plan announced by bank regulators. Thomas Curry, U.S. comptroller of the currency, released a statement reading: “While we’ve made great strides since we took enforcement action against large mortgage servicers last year, much work is still ahead.”
We’ve heard it before, but now there seems to be new evidence corroborating an earlier report that Apple (NASDAQ:AAPL) is planning to shrink its 30-pin dock connector to a 19-pin port in the next iPhone. TechCrunch on Wednesday offered the most confident claim yet about Apple’s plans for an upcoming “mini dock” connector for Apple’s next-generation iOS devices, rumors of which have been swirling for months.
Sun Healthcare (NASDAQ:SUNH) shares rose almost 37 percent after Genesis HealthCare LLC said it will acquire the company for $8.50 a share; this represents a 38 percent premium over Sun’s Wednesday closing price. The deal is valued at approximately $275 million.
Bed, Bath & Beyond (NASDAQ:BBBY) shares dropped 17 percent after the company said on Wednesday that it had exceeded expectations with a first quarter profit that 15 percent higher. It did report a downbeat outlook, noting average same-store-sales growth and gross-margin contraction.
Celgene (NASDAQ:CELG) shares fell 11.5 percent after the company said it was withdrawing its submission to European regulators for its Revlimid medicine for multiple myeloma; this is a cancer that affects certain white blood cells. Also on Thursday, Celgene said pomalidomide, a thalidomide derivative, would receive a normal review–not a priority one–from the Food and Drug Administration.