Stocks rose Monday as investors seemed heartened by a flurry of activity in the mergers and acquisitions space.
The Dow Jones industrial average gained 77 points, or 0.4%, to close at 18,223. The Standard & Poor’s 500 index increased 0.5% to 2151 and the Nasdaq composite index jumped 1% to 5310.
The gains came despite a slightly negative investor reaction to AT&T’s $85.4 billion deal for Time Warner, which was officially announced Saturday.
But traders were pleased at the sight of Rockwell Collins’ $6.4 billion acquisition of B/E Aerospace. Shares of B/E Aeropsace (BEAV) shot up more than 15% as Rockwell (COL) fell 6%
Other deals included TD Ameritrade’s $4 billion acquisition of rival Scottrade.
Meanwhile, cell phone services provider T-Mobile (TMUS) raised its profit outlook after adding 2 million net new customers in the third quarter. The company beat S&P Global Market Intelligence expectations on earnings per share.
Four months after Germany’s 11th post-war President, the popular Joachim Gauck announced he would not stand for another term, Merkel is struggling to find consensus over his replacement, exemplifying the splits within her own party and across the political spectrum
Gauck was nominated to the post of President, February 2012, by parties from across the political spectrum: Merkel’s CDU, her Bavarian sister party, the CSU and the opposition SPD, as well as the Alliance ’90/The Greens.
However, Gauck, aged 76, announced in June that he would not stand again in 2017, saying:
“I do not want to commit myself for a further period of five years when I cannot guarantee that I will have the adequate amount of energy and vitality that is required. How one considers one’s own age is a very individual, very personal question. This is the way I have answered it for myself.” Four months on — and with six months to go before the vote — Merkel has still not managed to find cross-party support for a single candidate to replace him and is facing the probability of each party putting forward its own candidate, further muddying the waters of next year’s federal election. No Candidate? Merkel is facing increasing criticism over her “open doors” policy for refugees and her popularity has plummeted. Relations with her own sister party, the Bavarian CSU have become strained over the migrant issue — Bavaria having borne the brunt of the migrant crisis, originally — and he coalition party, the SPD, has also voiced heavy criticism over her handling of the affair.
India will test fire the air-launched version of its Brahmos cruise missile, considered the world’s most formidable, in February next year. The 2.5 metric ton Brahmos air-to-ground missile will be fired from an IAF (Indian Air Force) Sukhoi-30 MKI fighter aircraft that has undergone modifications to accommodate the new weapon. A successful preliminary trial has already been carried out, and two more dummy trials are in the pipeline before the actual test, according to sources from the country’s Defense Research Laboratory.
The successful integration of the Brahmos with the Sukhoi-30 MKI marks a paradigm shift in the capability of the Indian Air Force, enabling it to destroy vital enemy installations from stand-off ranges. It will allow the country’s air force to attack targets protected by powerful air defense systems, within and beyond the pilot’s visibility range
An Indo-Russian joint venture between Brahmos Aerospace, Hindustan Aeronautics Limited and the Indian Air Force has been working to achieve this technological feat, which will go down in history as the first time a supersonic cruise missile has been integrated for use with a long-range fighter aircraft.
Other countries with Sukhoi-30s have been keenly monitoring the development, as they hope to acquire missiles of their own to pair with the Russian-made warplanes.
Overnight China’s customs data revealed that with imports from both Russia and Saudi Arabia posting modest declines in the past month, Angola once again became China’s largest crude supplier for the second time in September, taking the top position from Russia. China imported 4.19 million tonnes of oil from the southern African nation last month, up 45.8% from a year ago. That meant Angolan shipments stood at 1.02 million barrels per day, below 1.11 million bpd seen in August, the last time the country was the top exporter to China. according to Reuters
China imported record volumes of crude oil last month, eclipsing the United States as the world’s top buyer of foreign oil as Beijing’s state reserves shipped in cheap crude to fill new storage tanks. China’s Pivate “teapot” refiners boosted runs to a record 55.98% as of Sept. 29.
The amount of crude oil heading east from ports on Africa’s west coast is expected to reach a five-month high in September, partly driven by trading houses such as Trafigura and Gunvor, according to a Reuters survey.
India’s powerful salt-to-steel conglomerate, the Tata Group, said Monday it had replaced its chairman, Cyrus Mistry, amid growing investor concern about the uninspiring financial performance since he took over less than four years ago.
In a brief statement that sent shockwaves through India’s business circles, the normally staid conglomerate said the board was temporarily reinstating former chairman Ratan Tata, to serve as interim chairman
The company also said it has already established a search committee to identify a long-term successor for Mr Mistry, a process it said would be completed within the next four months.
The brief statement gave no explanation for the removal of Mr Mistry, whose family controls 18 percent of Tata Sons, the conglomerate’s holding company.