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Finish line fall for stocks

Tuesday, June 11, 2013 - 02:10

June 11 - Summary of business headlines: Stocks sink in afternoon trading; Softbank ups the ante; Facebook stands by its strategy; Google buying Waze; Dole shares jump on buyout offer. Bobbi Rebell reports.

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Stocks dropped at the end of a volatile Tuesday session. The major indexes all losing ground. Japan's central bank disappointing equity investors by not making any change in monetary policy. Investors in the U.S. markets becoming more nervous over when the Federal Reserve may slow its accommodative measures. Yields on 10 year U.S. treasuries briefly approached 2.3 percent- the highest in 14 months. Softbank is upping the ante- raising its bid for 78 percent of Sprint to $21.6 billion. Its a higher offer than a competing one from Dish- which says it will now reconsider its strategic options. Share of Sprint rose on the news. Facebook shares fell. At its shareholder meeting, CEO Mark Zuckerberg admitted its stock performance has been disappointing but said he does not think its fundamental strategy is wrong. He added that the amount of likes and comments has gone up about 50 percent per person over the last year. Google is asking the US Justice Department for permission to publish the number of times it received security information requests from the government. Google wants to prove it does not give the government unfettered access to its users data. Separately- Google is buying Israeli mapping startup Waze for just over $1 billion- according to a Reuters source. Waze uses satellite signals from members smartphones and other devices to generate real time traffic info. Google says it will use it to enhance its own Maps app. Shares of Dole foods soared 22 percent. The company's 90-year old billionaire CEO David Murdock wants to buy the 60 percent of the company he doesn't already own- for $12 dollars a share- that's an 18 percent premium over Monday's close. Lululemon stock hit a sour note- falling sharply a day after CEO Christine Day announced she is stepping down. The high end yogawear maker has faced two major quality issues in less than a year. In Europe: shares were hit by a new round of concerns regarding central bank support for the markets. The three major country indexes all closing to the downside.