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Stocks flat but momentum is back

Tuesday, June 10, 2014 - 02:36

June 10 - Summary: Momentum stocks make a Tuesday comeback, with Facebook rising as PayPal's Marcus joins; Allergan rejects Ackman (again); AIG CEO steps down; RadioShack posts ninth quarterly loss. Lily Jamali reports.

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Wall Street flat, as investors return to momentum stocks but stay away from just about everything else. The Dow and the Nasdaq eeked out gains, not so for the S&P 500. Are momentum stocks back? They were on Tuesday. Facebook announcing it's bringing on the President of eBay's PayPal business, David Marcus, who'll head up the company's messaging products operations. Facebook moving up after the announcement, but eBay shares were down. Twitter and Netflix both tallied gains on analysts upgrades. Botox maker Allergan turning down yet another offer from Valeant Pharmaceuticals and activist investor Bill Ackman, which made a joint bid of $53 Billion. Allergan saying the deal is too low and would be risky for shareholders. Ackman's Pershing Square owns almost 10% of the company. Allergan and Valeant shares both ended the day lower. Coming out after the markets closed: news that insurer AIG CEO Robert Benmosche is stepping down. EVP Peter Hancock will take his place. Benmosche, who helped lead the company during the financial crisis, will stay on in an advisory role. General Motors CEO Mary Barra says the automaker isn't planning to fire any more employees in connection with the faulty ignition switch scandal. GM also said the number of deaths and accidents included in victim compensation plans may grow as independent expert Kenneth Feinberg continues his work. She made the comments to reporters shortly before facing shareholders at the annual meeting. Shares of RadioShack plummetting after the electronics retailer posted a much bigger-than-expected quarterly loss - its ninth in a row. So much for a turnaround! Ride-sharing company Uber is partnering up with American Express. Amex Membership Rewards members can now earn extra points when they pay for an Uber ride, and even pay Uber using points. Upbeat news on the economy as small business confidence in May came in at its highest level in more than 6 and a half years. The Commerce Department reported wholesale inventories remain robust. In a separate government report, the number of jobs available in April rose to pre-recession levels. In Europe, Apple's tax practices are back in the spotlight. Irish state broadcaster RTE reports the European Commission is investigating the company's tax arrangements in Ireland. A Commission spokesperson declined to comment. European markets ended the day mixed.

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Stocks flat but momentum is back

Tuesday, June 10, 2014 - 02:36

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