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Dow wow on econ improvement

Thursday, June 13, 2013 - 02:34

June 13 - Summary of business headlines: Markets jump on stronger retail, jobs data, Gannet buys Belo; Coty falls at NYSE debut; Revlon's $850b settlement; Murdochs divorcing. Bobbi Rebell reports.

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Markets took the good news and ran with it - all the major indexes posting gains of more than a full percent. Retail sales came in stronger than expected in May - thanks to a surge auto purchases as well as gains in home building materials. Jobless claims also showing resilience. They fell by 12,000. Hilary Kramer, President of A&G Capital says the losing streak is over - for now. SOUNDBITE: HILARY KRAMER, PRESIDENT A&G CAPITAL (ENGLISH) SAYING: "For the next few days because that's what the market has come to. It's very short term trading, and even from now until the end of the year, its become a traders market. If you are trying to get a 10 or 15 percent gain its not going to happen again but in the short term, we actually have decided that volatility is going to decrease, the S&P will rise, we might see some of the highs that we reached in May, because we are through a lot of the really difficult time. " European markets ended relatively unchanged on Thursday- after paring earlier losses after the optimistic U.S. economic data was released. Gannett shares soared 34 percent to five-year highs after the largest U.S. newspaper chain struck a $1.5 billion deal for television company Belo - a move to grow its broadcast business and diversify revenues. Belo stock up 28 percent. Perfume and beauty products giant Coty made a glamorous debut on the New York Stock Exchange - but investors weren't impressed. Shares of the company - with products tied to celebrities from Vera Wang and Lady Gaga to Beyonce - closed slightly lower than the offering price of $17.50. And Revlon is going to have to pay an $850 thousand dollar settlement after the U.S. Securities and Exchange Commission charged the beauty company with misleading shareholders about a transaction with its controlling shareholder Ron Perelman. Empire, the operator of Canadian grocery chain Sobeys, is paying $5.7 billion for Safeway's assets in Canada, nearly doubling its reach in the country's western provinces. Safeway shares shot up 7 percent. Microsoft is opening 500 special stores within U.S. based Best Buy stores. They will exclusively sell Windows - based tablets and computers and other Microsoft products. The venture will also add more than 1200 Microsoft-trained Best Buy associates to help customers. And its splitsville for News Corp. CEO and billionaire Rupert Murdoch and his wife of 14 years, Wendi Murdoch. The filing comes just days before News Corp. splits itself in two- but is not expected to have any material impact on that.

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Dow wow on econ improvement

Thursday, June 13, 2013 - 02:34