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1042 ET 16June2009-Syms shares surge, may close Filene's deal soon
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Shares of Syms Corp (SYMS.O) surged on Tuesday, advancing after it said it
expects to close its purchase of bankrupt retailer Filene's Basement as early
as Thursday.
"If its agreement is approved by the Bankruptcy Court, Syms expects to
consummate the acquisition of the vast majority of the current operating
Filene's Basement store leases, store fixtures and inventory on or about June
18," the company said in a statement.
For details, see [ID:nN16510526]
The stock advanced 7.4 percent to $7.67.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1035 ET 16June2009-Dow, S&P flat after housing data, Nasdaq up
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The Dow and S&P 500 were flat on Tuesday, but the Nasdaq advanced,
following the release of May housing starts data, which came in better than
expected.
Sentiment was also lifted by a rise in crude oil, which lifted energy
stocks.
For details, see [ID:nN16275233]
The Dow Jones industrial average .DJI rose 0.1 percent to 8,617.12 while
the S&P 500 .SPX gained 0.2 percent to 925.21 and the Nasdaq .IXIC was up
0.5 percent to 1,924.92.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1025 ET 16June2009-FuelCell stock sinks after news of share sale
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Shares of FuelCell Energy Inc (FCEL.O) sank on Tuesday, dropping after it
said it would sell 6.7 million common shares for $3.59 each.
The per-share price represents a discount of 18 percent to the company's
Monday closing price.
The company, which manufactures fuel-cell power plants for electric power
generation, expects to use net proceeds from the offering for product
development, project financing, expansion of manufacturing capacity and general
corporate purposes. [ID:nBNG293278]
The stock dropped 9.8 percent to $3.96.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1015 ET 16June2009-ABA sees recessing ending in Q3
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The American Bankers Association on Wednesday said it expects the U.S.
recession will end in the third quarter, though high unemployment and large
federal deficits would linger.
"The economy will return to growth but not to health," said Bruce Kasman,
chairman of the economic advisory committee and chief economist for JPMorgan
Chase in New York.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1006 ET 16June2009-Morgan Stanley may repay TARP on Wed: source
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Morgan Stanley (MS.N) is expected to begin repaying TARP funds on
Wednesday, according to a source familiar with the situation.
Last week, the financial services company was named as one of the ten major
banks who would be allowed to repay federal bailout loans. It received $10
billion under the program.
For details, see [ID:nWEN0581]
Shares of Morgan Stanley rose 1.2 percent to $28.75.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0957 ET 16June2009-Steel index advances after Nucor outlook
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The Dow Jones U.S. Steel index .DJUSST rallied on Tuesday, after Nucor
(NUE.N) forecast a second-quarter loss that was narrower than expectations. The
company cited a recent pickup in orders in its view.
For details, see [ID:nN16272779]
Shares of Nucor surged 4.6 percent to $47.89 while the Steel index added
4.4 percent to 225.66. Among other companies in the steel sector, U.S Steel
(X.N) gained 3.8 percent to $38.46 and AK Steel (AKS.N) was up 6.2 percent to
$19.47.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
