Page 25 - ARUBA TODAY

BUSINESS Thursday 14 June 2018
A25

After AT&T ruling, US stocks are mixed ahead of Fed meeting

By MARLEY JAY investors will be looking for
Associated Press hints that the Fed is think-
NEW YORK (AP) — U.S. ing about raising rates two
stocks are mixed Wednes- more times instead. Fed
day after a federal court Chairman Jerome Powell
ruled that AT&T's $85 billion will hold a news confer-
purchase of Time Warner ence after the Fed releases
can proceed. That could its decision.
pave the way for hundreds That's the beginning of
of billions' worth of deals a busy week for central
in the media and phone banks.
industries as well as health On Thursday, the European
care, as investors felt nu- Central Bank will meet and
merous mergers now stand could outline an end to its
a better chance of getting stimulus program, while on
approved. Investors are Friday the Bank of Japan is
also waiting for the Feder- due to give its latest policy
al Reserve to conclude its update.
current meeting, where the BLOCK GETS BLOCKED: H&R
central bank is expected to Block plunged 18.9 per-
raise interest rates. FILE- In this April 24, 2018, file photo, replicas of Arturo Di Modica's "Charging Bull" are for sale on cent to $24 as CEO Jeffrey
KEEPING SCORE: The S&P a street vendor's table outside the New York Stock Exchange. Jones said the tax preparer
500 index rose 3 points, or Associated Press is "too reliant on price to
0.1 percent, to 2,790 as of grow revenues." H&R Block
12 p.m. Eastern time. The to $33.27. billion, but investors have March. is forecasting smaller profit
benchmark index is at its WHAT'S NEXT?: Investors been skeptical the govern- CENTRAL BANKS: Investors margins in the current fiscal
highest level since late are waiting for Comcast ment would allow the third- are almost certain the Fed- year than it reported in the
January, when investors to officially announce an and fourth-largest wireless eral Reserve will raise inter- 12 months that just ended.
began worrying about a all-cash offer for Twenty- carriers to combine. T-Mo- est rates again Wednes- STRUCK DOWN: Medical
sharp pickup in inflation. First Century Fox's entertain- bile added 1.5 percent to day afternoon. The greater device maker Boston Sci-
Those concerns have since ment businesses based on $58.95 and Sprint gained concern is what the Fed will entific dropped 5.2 percent
eased. The Dow Jones in- the ruling, and Fox surged 1.8 percent to $5.41. do next. The Fed itself has to $3.208 and Stryker rose
dustrial average rose 16 7.5 percent to $43.59 while HEALTH CARE: Health insur- projected three increases 2.7 percent to $167.01 after
points, or 0.1 percent, to Comcast lost 0.4 percent er Aetna rose 3.7 percent to in rates this year, mean- Stryker said it is not in talks
24,337. to $32.24. Comcast has $187.43 and drugstore and ing one more increase in with Boston Scientific about
The Nasdaq composite said it's preparing an of- pharmacy benefits man- the months to come. But a possible acquisition. q
gained 40 points, or 0.5 fer but was waiting for the agement company CVS
percent, to 7,743. The Rus- outcome of the AT&T case. Health gained 2.5 percent
sell 2000 index of smaller- Fox had agreed to sell to $67.99. CVS agreed to
company stocks was un- those businesses to Disney buy Aetna for $69 billion in
changed at 1,682. Both of for $52.4 billion in stock, set- December. Another phar-
those indexes are at record ting up the possibility that macy benefits manager,
highs. Disney will have to raise its Express Scripts, jumped 4.6
Most of the stocks listed offer. However Disney add- percent to $82.84 as inves-
on the New York Stock Ex- ed 2.7 percent to $107.17 tors bet its sale to health
change traded lower. Wednesday. insurer Cigna is more likely.
CABLE CONNECTION: Late T-Mobile USA and Sprint Cigna fell 1.7 percent to
Tuesday a judge approved also edged higher. T-Mobile $175.80. That $52 billion
AT&T's $85 billion purchase plans to buy Sprint for $26.5 deal was announced in
of Time Warner and reject-
ed the government's argu-
ment that the deal would
stifle competition and lead
to higher cable bills. The
purchase will give the wire-
less and cable giant control
of CNN, HBO and the War-
ner Bros. movie studio. Time
Warner climbed 3.2 per-
cent to $99.32 while AT&T
lost 4.3 percent to $32.88.
The ruling sparked a rally
in media companies. Net-
flix gained 3.3 percent to
$375.89 even though a
larger A&T might create
tougher competition for it.
Cable channel operator
Discovery rose 4.1 percent
to $25.02 and CBS gained 4
percent to $54.46. Dish Net-
work picked up 2.7 percent