Fed may still increase rates, markets modestly higher

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The markets retreated from early morning highs after the New York Federal Reserve president indicated that interest rates may still increase in June. The Dow rose 25 points to 17,900.  Nasdaq gained 34 points to 4,944.

On the upside

Mylan (Nasdaq: MYL) offered a premium of approximately $29 billion to acquire Perrigo (NYSE: PRGO).

Rite Aid (NYSE: RAD) reported sharply higher fourth quarter earnings that beat analyst expectations as revenue rose.

Alibaba (NYSE: BABA) said that it may inject its online movie ticketing business and its financing and investment platform for producing media content into Alibaba Pictures.

On the downside

Baltic Trading (NYSE: BALT) will be acquired by Genco Shipping & Trading in an all stock transaction.

Falling crude oil prices weighed down shares of Penn West Petroleum (NYSE: PWE) and SandRidge Energy (NYSE: SD).
 
Concerns about an oversupply of coal weighed down shares of Arch Coal (NYSE: ACI).

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 added 4 points to 2080. Bitcoin fell $8 to $243.

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This page contains a single entry by published on April 8, 2015 10:08 AM.

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