Stocks Open Higher, GM Plans Stock Buyback
- Monday, March 9, 2015, 9:03
- Stock Market
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U.S. stocks opened slightly higher on Monday as Wall Street marks the sixth anniversary of the bull market. The Dow Jones Industrial Average lately added 70.48 points, or 0.39%, to 17,927.26. The S&P 500 gained 3.26 points, or 0.16%, to 2,074.52. The Nasdaq Composite was up 3.79 points, or 0.08%, to 4,931.16.
General Motors said it would buy back $5 billion in company stock this year as part of a negotiated settlement with
dissident investors led by a former member of the government’s auto task force.
McDonald’s (MCD) reported a horrific sales month for February, especially in the U.S., where same-store sales slumped 4%, a far-worse result than analysts had estimated. Overall, global comparable sales fell 1.7%.
Apple Inc Chief Executive Officer Tim Cook on Monday is expected to announce details of the first product developed under his leadership, a watch that Apple hopes will transform the market of wearable technology.
RTI International Metals (RTI), the titanium producer, agreed to be acquired by Alcoa Inc. (AA) in a stock deal valued at $1.5 billion. Under terms of the deal, RTI shareholders will receive 2.8135 Alcoa shares for each RTI share they own. Based on Friday’s closing prices, that represents a bid of about $41 per RTI share, or a 50% premium.
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