US Stocks Mixed As Samsung Announces $8 Bn Harman Deal
Muhammad Rameez Published November 14, 2016 | 08:55 PM
NEW YORK, (UrduPoint / Pakistan Point News - 14th Nov, 2016 ) : Samsung's $8 billion offer for Harman International drove up shares in the auto electronics maker sharply while major US equities markets were little-changed early Monday.
About a half-hour into trading, the Dow Jones Industrial average was up 0.3 percent at 18,904.23, building on last week's record close on the back of a post-election rally. The broader S&P 500 was flat at 2,164.76 However the tech-rich Nasdaq was 0.1 percent lower at 5,229.71.
Major tech stocks fell, with microsoft down 0.9 percent, Apple down 0.8 percent, Google parent Alphabet down 2.5 percent. Embattled South Korean electronics giant samsung announced Monday it would buy the US car audio and connectivity electronics specialist Harman for $8 billion in cash, equal to nearly 30 percent above the Stamford, Connecticut company's closing price on Friday $87.
65.
Harman shares were up 25 percent to $109.68, close to Samsung's offer price. Drugmakers gave up early gains to fall into negative territory, with Pfizer losing 0.6 percent, Eli Lilly and Co down 0.2 percent and Johnson & Johnson down 0.8 percent.
Oil majors fell, with Exxon Mobil, Chevron and ConocoPhillips all down between 0.3 and 0.7 percent, with the noted exception of Marathon Petroleum, which rose 0.7 percent ahead of a dividend payment to shareholders.
Related Topics
Recent Stories
Agri experts stress quality seed at farm level to overcome food insecurity
ISSI, ISAS conclude first MoU between think-tanks of Pakistan, Singapore
US stocks rise on tech outlook as yen rebounds
IsDB, Arab Coordination Group, SFD join Global Partnership to raise $500 million ..
07 day anti-polio drive launches in Khairpur
Dr Mumtaz calls for strengthening NDMA, PDMA to tackle climate changes issues
Anti-polio campaign kicks off in 30 district of Balochistan
China strongly condemns perpetrators of atrocity in Gaza
Top Pak athletes to feature in 8th Jiu-Jitsu Asian Championship
Week-long anti-polio campaign inaugurated in RWP
Police launch 24/7 drive-through facility: SSP
SBP decides to keep policy rate unchanged at 22 per cent
More Stories From Business
-
Agri experts stress quality seed at farm level to overcome food insecurity
8 minutes ago -
US stocks rise on tech outlook as yen rebounds
7 minutes ago -
SBP decides to keep policy rate unchanged at 22 per cent
1 hour ago -
Cheema for tapping Pakistan-Kazakhstan trade potential
1 hour ago -
Poland can help Pakistan combat climate change challenges: Ambassador
2 hours ago -
Pakistan's envoy to Iran visit FPCCI
3 hours ago
-
PSX witnesses bearish trend, loses 1,047 points
1 hour ago -
Yen swings after hitting new 34-year low; stocks mixed
1 hour ago -
Rupee sheds 01 pasia against US dollar
1 hour ago -
Business community commends PM initiatives of economic betterment
3 hours ago -
RTO Peshawar surpasses revenue target of third quarter
3 hours ago -
Gold rates decrease by Rs 500 per tola to Rs 243,900
4 hours ago