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US close: Dow slides to weak close
Wed, 08 Feb, 2012
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US close: Dow slides to weak close
Mon, 23 Aug 2010, 21:26:00
Wall Street's strong start to the week did not last long as poor economic confidence and worries about economic growth hit sentiment. Across the markets, the Dow finished down 39 points to 10,174. Nasdaq fell 20 points to 2,159. The S&P 500 shed four points to 1,067. The decline in tech shares on Nasdaq came despite a bid battle for <b>3Par</b>. <b>Hewlett-Packard</b> has made a $1.6bn bid for the California-based data storage provider, topping an $18 per share offer from <b>Dell</b>. HP's $24 per share bid is one-third higher than Dell's agreed bid for the company last week. Shares in 3Par jumped more than 40%. <b>Potash Corporation of Saskatchewan</b> has formally rejected the hostile $40bn (£26bn) offer made by Anglo-Australian miner <b>BHP Billiton</b> last week. The world's largest fertiliser producer called the bid, which followed an unsuccessful friendly approach, "opportunistic" and "wholly inadequate". "The PotashCorp board of directors is unanimous in its belief that the BHP Billiton offer substantially undervalues PotashCorp and fails to reflect both the value of our premier position in a strategically vital industry and our unparalleled future growth prospects," said the Canadian firm's chief executive Bill Doyle. Elsewhere on the M&A front, there is talk in the market that South African brewer <b>SABMiller</b> is interested in buying <b>Foster's</b>, Australian brewer of the eponymous fizzy yellow alcoholic beverage. <b>3M</b> says that it may spend $2bn on acquisitions in 2010, while <b>Campbell Soup</b> is considering a $2.3bn bid for United Biscuits. <b>Washington Post</b> was the biggest riser on the S&P because of the potential undervaluation of its education business. <b>S&P 500 - Risers</b> Washington Post Co. (WPO) $368.78 +6.07% Micron Technology Inc. (MU) $7.36 +3.37% Avon Products Inc. (AVP) $29.79 +2.72% Supervalu Inc. (SVU) $10.31 +2.28% <b>S&P 500 - Fallers</b> Titanium Metals Corp. (TIE) $18.46 -4.50% FLIR Systems Inc. (FLIR) $25.24 -4.25% Intuit Inc. (INTU) $42.83 -3.97% Cummins Inc. (CMI) $76.50 -3.79% <b>Dow Jones I.A - Risers</b> Wal-Mart Stores Inc. (WMT) $51.14 +1.83% Merck & Co. Inc. (MRK) $34.97 +1.54% Pfizer Inc. (PFE) $16.10 +1.13% Exxon Mobil Corp. (XOM) $59.50 +1.04% <b>Dow Jones I.A - Fallers</b> Caterpillar Inc. (CAT) $66.84 -2.93% Cisco Systems Inc. (CSCO) $21.70 -2.38% Alcoa Inc. (AA) $10.37 -2.08% Boeing Co. (BA) $63.26 -2.07%
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