Stocks Fluctuated ahead of ISM Data

U.S. stocks fluctuated in the early trading on Monday as investors await the U.S. PMI and ISM manufacturing reports. The Dow Jones Industrial Average lately was up 1.03 points, or 0.01%, to 16,718.20. The S&P 500 was off 2.71 points, or 0.14%, to 1,920.86. The Nasdaq Composite fell 15.29 points, or 0.36%, to 4,227.33.

Manufacturing in the U.S. is starting to make a comeback, and is poised for even bigger gains in the years ahead. The number of factory jobs has started to rise after plunging for decades, edging up by about 600,000 over the past four years to more than 12 million.

The U.S. has grown more attractive as a destination for foreign investment, while Russia and some other emerging markets have faded, according to a survey by A.T. Kearney, a Chicago-based management-consulting firm.

Samsung Electronics Co Ltd plans to launch the first smartphone based on its Tizen operating system in the third quarter, marking the company’s latest bid to build up its own ecosystem and reduce reliance on Google Inc’s Android.

Broadcom Corp. (BRCM) said Monday that it is looking into a possible sale or wind-down of its cellular baseband business. The chip maker has hired J.P. Morgan to help explore its options, which the firm said could result in $700 million in cost savings, including $100 million in reductions to stock-based compensation.

Endurance Specialty Holdings Ltd. (ENH) said Monday it had increased its takeover offer for Aspen Insurance Holdings Ltd. (AHL) to $49.50 a share in cash and Endurance common shares, in a deal worth $3.2 billion.

Conn’s Inc. (CONN) beat first-quarter profit and sales estimates. Conn’s said it earned $28.5 million, or 77 cents a share, in the quarter, up from $22.2 million, or 61 cents a share in the year-earlier period.

The real-estate investment trust Ventas Inc. (VTR) will buy American Realty Capital Healthcare Trust Inc. (HCT) for $2.6 billion in stock and cash.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks