Page 24 - Aruba Today
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A24 Thursday 31 March 2016
BUSINESSThursday 31 March 2016
Wall Street climbs again, led by banks, tech firms Spotify adding
$1B to war chest
MARLEY JAY The Financial Stability Over- Yellen said the central bank cent, to $80.35.
AP Markets Writer sight Council had said expects to proceed slowly Railroad operator Norfolk on way to IPO
NEW YORK (AP) — U.S. MetLife needed greater in raising interest rates. The Southern added $1.95, or
stocks rose Wednesday government oversight be- market is now on pace for 2.4 percent, to $84.75 after RYAN NAKASHIMA
as technology companies cause of its size and impor- its best month since Octo- it said it is open to a pos- AP Business Writer
traded higher for the sec- tance to the financial sys- ber, and the Dow and S&P sible sale to Canadian Pa- LOS ANGELES (AP) — Music
ond day in a row and con- tem, but the company took 500 are higher for the year. cific, but only if Canadian streaming leader Spotify
sumer companies gained the council to court over In February they were each Pacific offers a better price has raised $1 billion in debt
steam as cruise lines rose. that ruling. On Wednesday down 10 percent. and regulators approve as it looks to buy compa-
The beleaguered financial a judge ruled in its favor. “You really had a year’s the structure of the deal. nies that could acceler-
sector recovered some of Fellow insurer AIG ad- worth of volatility in one Norfolk Southern has reject- ate its growth before listing
its losses from earlier this vanced $1.13, or 2.1 per- quarter and we’re back ed three offers from Cana- shares on the public mar-
year. cent, to $54.52 and Pru- where we started,” said dian Pacific worth about ket within the next couple
Stocks started the day dential rose $1.43, or 2 per- Cannally. Companies will $30 billion. Rival CSX picked of years, according to two
sharply higher, following a people familiar with the
jump in European markets, Trader George Baskinger, center, works on the floor of the New York Stock Exchange, Wednes- matter.
although they returned day, March 30, 2016. U.S. stocks rose Wednesday as technology companies traded higher for the The war chest was raised
some of those gains as the second day in a row and consumer companies gained steam as cruise lines rose. through convertible bonds
day wore on. Oil prices fol- sold to private equity firm
lowed the same pattern (AP Photo/Richard Drew) TPG, hedge fund Drag-
and finished a few cents oneer Investment Group
higher. cent, to $72.95. Banks also start reporting their first- up 41 cents, or 1.6 percent, and others, said the peo-
Cruise lines rose after Car- traded higher. quarter earnings in two to $26.30. ple, who spoke on condi-
nival posted strong first- Apple led the gains among weeks, and Cannally said U.S. companies added tion of anonymity because
quarter results, and the technology companies. that may determine what 200,000 jobs in March, ac- the deal hadn’t closed yet.
dollar weakened further. Its stock rose $1.88, or 1.7 the market does next. cording to a survey of pri- Along with some $600 mil-
Stocks are up about 7 per- percent, to $109.56. The Cruise line operator Carni- vate employers by ADP, lion in cash on its books
cent this month, part of a world’s largest publicly val got a boost after its first- a payroll processing com- now, the funds put sev-
rally that has canceled out traded company is at its quarter results were better pany. eral acquisition targets in
their losses from a disastrous highest price since mid-De- than analysts expected, The survey showed compa- Spotify’s sights: competing
start to the year. cember. Visa gained $1.40, and the company raised nies in construction, retail streaming companies like
“The Fed really cured a lot or 1.9 percent, to $76.78. its profit projections for the and shipping continued to Deezer, Tidal or Pandora;
of global ills” by deciding to After two weeks of mixed year. The stock gained bring on new workers, and it or connected speaker
go slower in raising interest trading, $2.73, or 5.5 percent, to suggests hiring continues in companies such as Sonos.
rates, said John Cannally, stocks started moving high- $52.37 and competitor the U.S. The federal govern- It’s possible no acquisition
chief economic strategist er late Tuesday, when Fed- Royal Caribbean Cruises ment will release its monthly will happen.
for LPL Financial. The Fed- eral Reserve Chair Janet jumped $4.30, or 5.7 per- jobs report Friday.q The bond sale was earlier
eral Reserve announced reported by The Wall Street
that decision two weeks Journal.
ago, and Fed Chair Janet “This financing gives them
Yellen emphasized it again the strategic resources
in a speech Tuesday. to further strengthen their
The Dow Jones industrial leadership position,” said
average rose 83.55 points, TPG partner David Trujillo,
or 0.5 percent, to 17,716.66. in a statement.
The Standard & Poor’s 500 Spotify has jumped out to
index gained 8.94 points, a lead in the global race to
or 0.4 percent, to 2,063.95. acquire music subscribers,
The Nasdaq composite in- with CEO and founder Dan-
dex added 22.67 points, or iel Ek tweeting last week
0.5 percent, to 4,869.29. the Swedish company had
Banks and insurance com- 30 million paying custom-
panies made the biggest ers. Apple Music amassed
gains. MetLife gained $2.27, 10 million after its launch
or 5.3 percent, to $44.73 af- last year. French company
ter the company success- Deezer has about 6 million,
fully challenged its “too big while Rhapsody has 3.5 mil-
to fail” designation. lion. SoundCloud just got
into the race by launching
Valeant tries to delay release of financial statements its paid tier on Tuesday.
Yet Spotify is still losing un-
NEW YORK (AP) — Troubled It also wants to extend the needs the approval from Last week, Valeant an- der $100 million per year,
Valeant Pharmaceuticals deadline for its first-quarter lenders that hold more nounced that longtime one person said. It has
said Wednesday that it report to July 31 from June than half of its loans, the CEO J. Michael Pearson plenty of cash to survive
wants to delay the release 14. company said. was leaving the company as it moves toward its goal
of its financial statements The company needs an ex- Valeant said it still intends once a successor is chosen. of break-even, but using
by several weeks to avoid tension because if the an- to file its annual report by Shares of Valeant Pharma- an acquisition to add sub-
a default of its loans. nual report is not filed by April 29 if it doesn’t receive ceuticals International Inc. scribers, engineering tal-
The Canadian drug com- April 29, it would put Vale- an extension. rose 10 cents to $29.08 in ent, ad-sales personnel,
pany is asking its lenders to ant in default with its lend- Valeant is currently fac- morning trading. video capabilities or rev-
extend the deadline to file ers. ing federal probes into Its shares have fallen 85 per- enue from other product
its annual report to May 31 In order for the deadlines its accounting and busi- cent since a year ago.q lines could speed up that
from April 29. to be extended, Valeant ness practices. goal, the person said.q
