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BUSINESSThursday 10 December 2015
Tech stocks lead a broad decline in the US market STREET BRIEFS
BERNARD CONDON new company. strategist at Bell Curve Trad- 15 cents to close at $40.11 Dutch Rabobank
AP Business Writer Some of the biggest gain- ing, said a recent slump in a barrel in London. In other plans restructure,
NEW YORK (AP) — A slump ers were stocks that suf- oil and other major com- trading, wholesale gaso- slash 9,000 jobs
in technology shares on fered big losses the day be- modities is signaling that line rose 2.8 cents to close
Wednesday helped turn fore. Freeport McMoRan, a the global economy is at $1.232 a gallon, heating THE HAGUE, Netherlands
early gains in U.S. stock in- miner that fell 7 percent on weak. oil fell two cents to $1.239 a (AP) — Dutch coopera-
dexes into losses across Tuesday, rose 3.7 percent, That could mean more gallon and natural gas fell tive bank Rabobank says
industries, extending the gaining 25 cents to close at rocky days in the market. 0.8 cent to $2.062 per 1,000 it is slashing 9,000 jobs as
market’s losing streak to a $6.99. “You got commodities in a cubic feet. part of a restructuring to
third day. boost its finances and
Investors sent the Dow Trader Peter Tuchman works on the floor of the New York Stock Exchange, Wednesday, Dec. 9, bring it closer to custom-
Jones industrial average up 2015. A slump in technology shares on Wednesday helped turn early gains in U.S. stock indexes ers. The bank announced
200 points in morning, then into losses across industries, extending the market’s losing streak to a third day. the moves Wednesday,
began dumping some big saying it would “make ev-
tech stocks. Apple fell 2.2 (AP Photo/Richard Drew) ery possible effort to avoid
percent and Microsoft lost compulsory redundancies”
1.5 percent. Helping boost raw material death spiral, and that’s just U.S. government bond pric- as it cuts the jobs by 2018.
By the end of the day, sev- stocks were news reports not impacting the U.S., but es rose. Worldwide, Rabobank em-
en of the 10 industry sectors that two giant chemical the global economy,” he The yield on the 10-year ploys some 48,000 people.
in the Standard and Poor’s companies, Dow Chemical said. “Investors are taking Treasury note fell to 2.21 Rabobank’s reputation has
500 index fell. Suppliers of and DuPont, were in talks to off risk.” percent from 2.22 percent been battered in recent
raw materials, the focus of combine. Dow Chemical Among other stocks mak- late Tuesday. The U.S. dol- years. Two years ago it
aggressive selling in recent rose $6.07, or 11.9 percent, ing big moves Wednes- lar fell to 121.24 yen from agreed to pay about $1 bil-
days, rose 3.1 percent as in- to $56.97. DuPont climbed day, Costco fell $9.15, or 123.05 yen. The euro rose to lion to settle U.S., British and
vestors hunted for bargains. $7.89, or 11.8 percent, to 5 percent, to $159.72 after $1.1023 from $1.0890. Dutch charges of manipu-
“You’ve got two days of $74.49. reporting weaker earnings Previous and industrial met- lating a key global interest
massive selling of oil and Oil drillers, which have than analysts were expect- als futures closed broad- rate. The payout included
commodity companies, so been beaten down recent- ing. ly higher. Gold edged a $325 million deal with the
perhaps some are over- ly, also rallied. Exxon Mobil Benchmark U.S. crude up $1.20 to $1,076.50 an U.S. Justice Department to
sold,” said Bryn Mawr Trust and Chevron each rose 1.3 slipped 35 cents to close ounce, silver rose seven allow the bank to avoid
Chief Investment Officer percent, despite another at $37.16 a barrel in New cents to $14.19 an ounce criminal prosecution in ex-
Ernie Cecilia. He added, drop in benchmark U.S. oil. York. Brent crude, the in- and copper gained a pen- change for cooperation.
though, that they weren’t Bill Strazzullo, chief market ternational standard, fell ny to $2.07 a pound.q Rabobank says it aims to
cheap enough yet for him focus lending on food and
to join in the buying. agriculture worldwide and
The Dow index lost 75.70 on other Dutch growth
points, or 0.4 percent, to sectors.
17,492.30. The S&P 500 gave
up 15.97 points, or 0.8 per- Shares of DuPont,
cent, to 2,047.62. The Nas- Dow up on reports
daq composite dropped
75.38 points, or 1.5 percent, of merger talks
to 5,022.87. DOVER, Del. (AP) — Shares
Yahoo slumped after the
struggling Internet com- of Dow Chemical and Du-
pany said it would scrap a Pont are trading sharply
spinoff of its big stake in the higher amid reports that
Chinese e-commerce gi- the two chemical giants
ant Alibaba. The stock lost are in advanced merger
45 cents, or 1.3 percent, to discussions. The Wall Street
$34.40. Yahoo said it will in- Journal first reported on
stead explore breaking off Tuesday that the com-
the rest of its business into a panies were planning to
merge and to then split into
Pep Boys: Icahn’s buyout better than Bridgestone’s three companies focused
on agriculture, specialty
NEW YORK (AP) — Pep per share. The buyout from decision. ment further. chemicals and materials.
Boys said Wednesday that Icahn Enterprises is worth Bridgestone confirmed in Pep Boys - Manny, Moe & Shares of The Dow Chemi-
it told Bridgestone that about $837.4 million. Icahn, a statement Wednesday Jack, based in Philadel- cal Co. based in Midland,
it may ditch an already an activist investor, has an that it received the notice phia, has about 800 loca- Michigan, rose 11 percent
agreed upon $835 million 11.2 percent stake in Pep and said any further deci- tions around the country to $56.48 in early trading
buyout offer and go with a Boys, according to FactSet. sions will be made based that sell auto parts and re- Wednesday. Shares at one
competing offer from Carl Bridgestone, a Japan- on what makes financial pairs vehicles. point hit an all-time high
Icahn’s investment firm that based tires and auto ser- sense for the company. Shares of Pep Boys were of $56.88. Shares of E. I. du
is worth $2 million more. vice company, has until Bridgestone said it still be- down 2 cents at $16.28 in Pont de Nemours and Co.,
Icahn Enterprises is offer- Friday to increase its offer lieves its buyout of Pep midday trading Wednes- based in Wilmington, Dela-
ing $15.50 for each Pep or Pep Boys said it will take Boys “is good for the com- day. Their shares have risen ware, rose 12.5 percent to
Boys share, compared with Icahn’s deal. Pep Boys said bined business.” The com- 66 percent so far this year. $74.88. Multiple media out-
Bridgestone’s offer of $15 it notified Bridgestone of its pany declined to com- q lets say the two compa-
nies, both of which have
a strong presence in the
agriculture sector, were
discussing a merger, with
an official announcement
possible as early as Thurs-
day. q
