Page 24 - Aruba Today
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A24 STREET BRIEFS
BUSINESSTuesday 5 April 2016 PulteGroup CEO
to retire; founder
Wall Street closes slightly lower in quiet trading seeking changes
KEN SWEET remain somewhat pessi- vestor sentiment is still quite crude fell $1.09, or 3 per- The Associated Press
AP Business Writer mistic about the market in negative,” said Samantha cent, $35.70 a barrel on (AP) PulteGroup Chairman
NEW YORK (AP) — U.S. the near term, especially Azzarello, a global market the New York Mercantile and CEO Richard J. Dugas
stocks fell slightly in quiet ahead of the quarterly strategist at J.P. Morgan Exchange. Brent crude, Jr. will retire next year, a
trading Monday as inves- earnings reporting season, Funds. used to price international decision the homebuilder
oils, lost 98 cents to $37.69 a attributes in part to a lead-
Trader Thomas Ferrigno, right, works on the floor of the New York Stock Exchange. U.S. stocks fell barrel in London. ership change demanded
slightly in quiet trading Monday as investors worked through several company announcements Weeks earlier, a sharp drop by the company’s founder
and prepared for the start of company earnings releases. in oil prices could have re- and grandson. Dugas has
verberated far more great- served as CEO since 2003
(AP Photo/Richard Drew) ly on the stock market. Az- and chairman of the com-
zarello says the breakdown pany’s board since 2009.
tors worked through several which unofficially beings The low expectations for in oil’s influence on stocks The Atlanta-based com-
company announcements next week with results from company earnings mean could ultimately be a good pany said Monday that
and prepared for the start aluminum mining compa- that stock values remain thing. Dugas decided to retire in
of company earnings re- ny Alcoa. relatively high. Investors “The market just had to May 2017, due in part to
leases. Profits of companies in the are paying roughly $18.63 work itself out,” Azzarello the actions of company
Health care companies S&P 500 are expected to for every dollar of earnings said. founder Bill Pulte and his
were solidly higher. Global drop 8.5 percent from a in the S&P 500, well above In individual company grandson, Jim Grosfeld,
markets rose modestly. year ago, according to the $14 to $15 they typically news, Virgin America who was appointed to the
The Dow Jones industrial data from FactSet, with pay. “You’re going to need jumped $16.20, or 42 per- board at the founder’s re-
average lost 55.75 points, most of that decline com- a big improvement in com- cent, to $55.11 after the quest. PulteGroup brands
or 0.3 percent, to 17,737. ing from the oil and gas panies’ results for stocks to company agreed to be include Centex, Pulte
The Standard & Poor’s 500 sector. move higher,” said Kristina bought by Alaska Air Homes, Del Webb and Di-
index lost 6.65 points, or 0.3 This is despite the continu- Hooper, head of U.S. invest- Group. Shares of Alaska Air Vosta Homes. Company
percent, to 2,066.13 and ally positive economic re- ment strategies at Allianz fell $3.09, or 4 percent, to shares closed at $18.42 on
the Nasdaq composite lost ports out of the U.S., includ- Global Investors. $78.92. JetBlue, which had Friday, and the stock has
22.75 points, or 0.5 percent, ing last week’s jobs num- Stocks were not as impact- bid for Virgin as well, fell 92 declined more than 17 per-
to 4,891.80. bers and manufacturing ed by a noticeable drop in cents, or 4.3 percent, to cent in the past 12 months.
While stocks have recov- data. oil prices on Monday, con- $20.41. The Standard & Poor’s 500
ered most their losses from “While the economic fun- tinuing a trend that started Tesla Motors rose $9.40, or index, in contrast, has risen
earlier in the year, investors damentals are good, in- last week. Benchmark U.S. 4 percent, to $246.99 after slightly.
the company announced
it had received 276,000 Brocade buying
preorders for its highly an- Ruckus Wireless
ticipated Model 3, which is for about $1.2B
to be unveiled on Thursday.
Bond prices rose slightly. NEW YORK (AP) — Bro-
The yield on the 10-year cade said Monday that it
Treasury note fell to 1.76 plans to buy Ruckus Wire-
percent from 1.77 percent. less for about $1.2 billion,
The euro was mostly un- in a deal that will help it of-
changed at $1.1397 while fer Wi-Fi services to its cus-
the dollar fell to 111.26 yen tomers. Shares of Brocade
from 111.73 yen. fell more than 14 percent
In other energy markets, Monday morning, while
heating oil fell 4 cents to Ruckus shares soared 30
$1.089 a gallon, wholesale percent. Brocade offers
gasoline futures fell 2 cents network services to its cli-
to $1.377 a gallon and ents, while Ruckus builds
natural gas rose 4 cents to Wi-Fi networks. Brocade
$1.998 per thousand cubic said buying Ruckus will
feet. help it expand into more
industries, including schools
Air Products to book charge, exit waste energy business and government organiza-
tions. Both companies are
The Associated Press future tax benefit from the Kingdom. It said then that atmospheric and process based in California, with
Air Products will book a pre- write-off. Company officials the plant was expected to gases and equipment to Brocade headquartered
tax charge ranging from said in a statement they produce enough electricity food and beveragebusi- in San Jose and Ruckus in
$900 million to $1 billion in pushed to make the busi- to power 50,000 homes. nesses as well as petro- nearby Sunnyvale. Ruckus
its fiscal second quarter, ness work, but testing “in- A company spokesman chemical and electronics shareholders will get about
as the industrial gas sup- dicated that additional said Monday that the busi- customers. Shares of Air $14.43 for each share they
plier leaves its energy-from- design and operational ness did not reach com- Products slipped $1.92, or own in a mix of cash and
waste business. challenges would require mercial operation. 1.3 percent, to $143.39 in stock, a 44 percent pre-
The Allentown, Pennsylva- significant time and cost to The company expects to midday trading Monday, mium from Ruckus’s clos-
nia, company said Monday rectify.” The company had discuss the move’s financial while broader indexes de- ing stock price of $10 on
the charge stems mainly announced in 2012 that impact when it announces clined slightly. The stock Friday.
from writing down assets it would build and run the fiscal second quarter earn- had climbed about 12 per-
from the business. Air Prod- world’s largest renewable ings on April 28. Air Products cent so far this year, as of
ucts also expects a modest energy plant in the United & Chemicals Inc. provides Friday’s close.
