Page 24 - ARUBA TODAY

Tuesday 9 May 2017 BUSINESS
A24

All calm: Stock indexes nudge again to record highs General Electric
breaks ground at

By STAN CHOE Investors. “The earnings enough that the VIX volatili- buyout by Coach, its rival in new Boston site
AP Business Writer recession that was about ty index on Monday sank to the luxury goods market.
NEW YORK (AP) — A turn seven or eight quarter long its lowest level since 1993. Coach will pay $18.50 per BOSTON (AP) — General
higher in the last few min- is definitively behind us. It’s The VIX measures how share for Kate Spade. Electric took another step
utes of trading was enough over.” much investors are paying Often when companies in its digital transformation
to nudge U.S. indexes to More than 80 percent of to protect themselves from announce takeovers, the Monday, breaking ground
more record highs Monday on its new Boston head-
as fear seemed to drain out quarters and promising to
of the market. help transform the state’s
Trading was remarkably economy.
calm following the week- “This town is going to be
end’s presidential election one of the most important
in France, which had the cities in the world, and GE
potential to upset global can be part of that renais-
markets. The candidate sance,” GE Chief Execu-
who was in favor of keep- tive Jeff Immelt said at the
ing France in the European morning ceremony also at-
Union and in the euro cur- tended by Massachusetts
rency won, to the relief of Gov. Charlie Baker and
investors who feared the al- Mayor Marty Walsh.
ternative would have hurt GE was attracted to Bos-
global trade. That helped ton because it’s a hotbed
calm markets enough that of innovation with a deep
an index used to measure talent pool, company Vice
the market’s fear level President Ann Klee said.
dropped to its lowest level “We’ve named this cam-
since 1993. pus GE’s Innovation Point
The Standard & Poor’s 500 because this isn’t going
index wafted up and down to be your grandmother’s
through the day before Trader James Riley works on the floor of the New York Stock Exchange. A turn higher in the last headquarters,” she said.
ending at 2,399.38, up by few minutes of trading was enough to nudge U.S. indexes to more record highs Monday as fear GE is expected to act like
just 0.09 points. The Dow seemed to drain out of the market. a magnet, drawing other
Jones industrial average (AP Photo/Richard Drew) innovative high tech com-
likewise edged up a frac- panies to the region, Baker
tion of a percent, adding companies in the S&P 500 upcoming swings in the purchaser will see its share said.
5.34 points to 21,012.28. have reported their results S&P 500, and it has been on price drop on worries that it “This is one more step in
The Nasdaq composite for the first three months of a general trend downward paid too much or pursued the continuing evolution of
rose 1.90 points, or less than the year, and most have since shortly before Elec- an ill-fitting deal. But Coach Massachusetts as a global
0.1 percent, to 6,102.66. topped analysts’ expecta- tion Day. rose $2.05, or 4.8 percent, player,” the Republican
Small-company stocks fell, tions. With the U.S. job mar- Newell Brands jumped to to $44.71. governor said.
and the Russell 2000 index ket continuing to improve, the largest gain in the S&P Tribune Media jumped The $200 million headquar-
lost 5.36, or 0.4 percent, to along with economies 500 Monday after reporting $2.11, or 5.2 percent, to ters is being built in the
1,391.64. around the world, Orlan- stronger revenue and profit $42.40 after Sinclair Broad- city’s Seaport District, at
Markets around the world do says he expects profits for its latest quarter than cast Group said it would the site of a former candy
have been tearing higher to keep rising through the analysts expected. The buy its rival in a cash-and- factory. Two older candy
in recent weeks, due in part year. That has him, unlike company, whose brands stock deal valued at $43.50 factory buildings are be-
to excitement about the market critics, not worried include Paper Mate, Sharp- per share, or a total of $3.9 ing refurbished, and a new
French election and strong that stocks have grown too ie and Calphalon, also billion. Sinclair fell 83 cents, 12-story tower is being built.
earnings reports from U.S. expensive relative to their raised its earnings forecast or 2.2 percent, to $36.13. Eventually, 800 GE employ-
companies. profits, and he expects fur- for the year. Shares jumped Tyson Foods dropped $3.85, ees will work at the 400,000
“Corporate earnings have ther gains. $5.54, or 11.9 percent, to or 6.1 percent, to $59.48 af- square foot site by 2019.
been phenomenal, the “Everyone is starting to $51.93. ter reporting weaker rev- Massachusetts lured GE
best quarter in five years,” get a little more confident Kate Spade surged $1.41, enue and earnings for its from Connecticut last year
said Phil Orlando, chief eq- now,” he said. or 8.3 percent, to $18.38 af- latest quarter than analysts with the help of incentives
uity strategist at Federated Confidence has grown ter agreeing to a $2.4 billion expected. q up to $120 million through
state grants and other pro-
AkzoNobel rejects third takeover bid, $29B, from PPG grams, and $25 million in
property tax relief from the
city.
By MIKE CORDER tains significant risks and growth and long-term val- ued at about $28.8 billion. That doesn’t sit well with
Associated Press uncertainties, makes no ue creation and is in the AkzoNobel said it rejected some people, who object
THE HAGUE, Netherlands substantive commitments best interests of sharehold- the latest offer after “con- to what they call public
(AP) — Dutch industrial to stakeholders and dem- ers and all other stakehold- siderable in-depth analysis” handouts to a profitable
paints and chemicals onstrates a lack of cultural ers.” including talks with PPG’s company.
company AkzoNobel on understanding,” AkzoNo- AkzoNobel announced CEO, Michael McGarry. “Why are you giving our
Monday rejected a third bel CEO Ton Buchner said the shakeup after rejecting PPG said in a statement public funds to GE?” said Eli
unsolicited takeover bid in a statement. two earlier PPG bids, say- posted on its website that Gerzon, who was among
from American rival PPG In- AkzoNobel said that its ing they undervalued the several sign-holding pro-
dustries, worth $28.8 billion, own plan, announced last company. it was disappointed by the testers of the Make GE Pay
saying it was not in the in- month, to spin off its Spe- Last month, PPG Industries latest rejection and added Coalition, who protested
terests of shareholders. cialty Chemicals unit within upped the ante again with that the talks, held on Sat- and chanted outside the
“The PPG proposal under- 12 months to boost growth a third bid for AkzoNobel; urday in Rotterdam, lasted fenced off construction
values AkzoNobel, con- “offers a superior route to a cash-and-stock deal val- less than 90 minutes.q
zone.q