27 May
Tropical Storm Beryl makes landfall on Fla. coast
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Breaking News- Yahoo buying Tumblr for $1.1 billion, vows not to screw it upBy Alexei Oreskovic and Jennifer Saba (Reuters) - Yahoo Inc said it is buying blogging service Tumblr for $1.1 billion cash, giving the struggling Internet pioneer a much-needed platform in social media to reach a younger generation of users. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. Yahoo made clear it was sensitive to concerns that it might damage Tumblr by making it less irreverent or more corporate. ...
- Wall St. inches up as deals provide support for rallyBy Leah Schnurr NEW YORK (Reuters) - Stocks rose slightly on Monday as acquisition activity gave support, but investors were hesitant to rush into the market with indexes hovering around record levels. Deals, including Yahoo's $1.1 billion bid for Tumblr, indicate that companies continue to search for growth through acquisitions, a bullish sign for stocks. Yahoo was up 1.2 percent at $26.83. The Dow industrials and the S&P 500 finished Friday at fresh record highs and the Nasdaq Composite is at its highest since late 2000. ...
- Morgan Stanley sued in 'pay-to-play' retirement plan case(Reuters) - Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal "pay-to-play" scheme. Skin Pathology Associates Inc. filed suit in federal court in Manhattan on May 16, accusing Morgan Stanley of violating federal laws governing retirement plans through its dealings with co-defendant ING Life Insurance and Annuity Co and other 401(k) service providers. ...
- Chesapeake Energy hires Anadarko executive as CEOBy Anna Driver (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and deepwater operations at Anadarko, to fill the post vacated by co-founder Aubrey McClendon in April. Shares of Chesapeake were up 4 percent as Lawler's appointment ends a three-month search for McClendon's replacement. ...
- Actavis to buy Warner Chilcott in $5 billion stock dealBy Caroline Humer (Reuters) - Generic drugmaker Actavis Inc, itself the subject of takeover speculation, said on Monday it would buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock to expand its branded drug portfolio, lower taxes and increase profits. Warner Chilcott brings a portfolio of branded women's health pharmaceuticals, such as the contraceptive patch to Actavis, which makes and sells drugs that are no longer under patent protection. ...
- Unclear whether Fed's bond buying has helped economy: Fisher(Reuters) - While the Federal Reserve's accommodative policies have boosted stocks and helped the rich, it is unclear whether they are doing enough for the broader U.S. economy, a top central bank official said on Monday. "We've made rich people richer...," Dallas Fed President Richard Fisher said on CNBC television. "Question is what have we done for working men and women in America?" Fisher, who has long opposed the Fed's bond-buying program and wants to reduce it, added he expects real gross domestic product growth of more than 2.5 percent by year end. ...
- Dell says cannot disclose more information to Icahn yet(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private. ...
- Blackstone, Pactera insiders make $680 million offerBy Greg Roumeliotis (Reuters) - Pactera Technology International Ltd said on Monday that Blackstone Group LP , together with the company's management, made a $680.3 million non-binding proposal to take China's largest technology outsourcing firm private. Pactera said it expected its board of directors to form a special committee of independent directors to consider the consortium's offer of $7.50 per share. Pactera shares surged 31.1 percent to $6.90. Suspicion over accounting standards has been a major drag on U.S. ...
- Biggest traders helping EU oil probe, not in it: sourcesLONDON (Reuters) - European investigators have asked top trading houses Glencore , Vitol and Gunvor to help with a probe into oil price manipulation, while not suggesting they are under investigation, industry sources said on Monday. Last week, European Commission authorities raided the London bureau of pricing agency Platts and the offices of oil majors Statoil , Royal Dutch Shell and BP in the biggest cross-border action since the probe into rigging of Libor benchmark interest rates. ...
- First flight nears, A350 could make Paris show flypastBy Tim Hepher PARIS (Reuters) - Airbus could steal the Paris air show with a flypast of its newest passenger jet, the A350, as confidence grows over a maiden flight some four weeks away. The timescales of its previous airliner launches suggests the European manufacturer could be ready to fly the aircraft in mid-June, depending on weather and ground trials, giving pilots a narrow time window to test the plane's basic characteristics in flight before the June 17-23 air show. ...
- Yahoo buying Tumblr for $1.1 billion, vows not to screw it up
