Market Roundup – Las Vegas Sand Corp (NYSE:LVS), Bank of America (NYSE:BAC), Pfizer (NYSE:PFE), Intel (NASDAQ:INTC), Massey Energy (NYSE:MEE)
The Fed is releasing the minutes from its March meeting later this afternoon at 2 o’clock Eastern. Investors will then pour over the language used to describe the economy and, from this, determine whether the Fed plans to adjust interest rates in the future. As always when it comes to Bernake’s delicate balancing act, there’s also been growing rumblings of inflation fears should the Federal Reserve continue to keep interest rates at all time low.
Compounding the potential rise in interest rates (or fear of inflation), stocks have opened the day lower on news that Greece may be planning to renegotiate the financial aid package deal. Greece may try to circumvent an International Monetary Fund contribution to the European Union deficit bailout program. This has also caused the Euro to suffer greatly in trading for the day.
Focusing on specific stocks, Las Vegas Sand Corp (NYSE:LVS) skyrocketed yesterday, breaking its 52-week high and finishing up nearly 9%. The hotel and casino company was up to 23.36 from 21.30. Today it has again broken it’s 52-week high, and at the time of writing is up 0.4%. Our premium subscribers will be pleased to hear this news, as writer Stanley Barnes predicted this rise in his latest edition to our Wall Street Elite newsletter. You can read a preview by clicking here.
In banking news, certain shareholders of Bank of America (NYSE:BAC) will be pleased to read that the mega-bank has announced its Board of Directors has approved dividends on preferred stock. Specific quarterly cash dividend amounts can be read through BofA’s press release, found here. In other news, B.of.A’s Merrill Lynch division is reporting that they’ve recently filled seven key positions in their overseas markets, as well as one New York position.
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The drug company Pfizer (NYSE:PFE) has been ordered to by a federal court in Connecticut to pay a $1.37 million jury award to Ms. Becky McClain. Ms. McClain, a former scientist at the drug maker, sued for wrongful termination after voicing concern that she’d been exposed to a virus used at the company’s Groton, CT plant. Pfizer has denying wrongdoing, but the jury sided with the whistleblower last week. The drug giant has also recently settled a lawsuit from a woman who claimed that, in 2002, her husband committed suicide as a result of side effects from prescription anti-seizure drug Neurontin. The drug maker has only released that it will pay ‘less than $400,000’ to settle the suit.
Though still above 2009 levels, sales of semiconductors fell in February an estimated 1.3%. Still, levels are significantly higher than a year ago – 56.2% higher, to be exact. The economic recession hit the multi-billion dollar industry hard in 2008, so even though month-to-month sales are down slightly, the annual figures are good news for major semiconductor companies like Intel Corporation (NASDAQ:INTC).
Finally, everyone here at Oakshire Financial’s thoughts are going out to the friends and family of the miners hurt and killed in the West Virginia mining accident. The Massey Energy Company (NYSE:MEE) shares dropped 8% after news broke of the tragic explosion that has killed an estimated 25 miners. Four workers are still missing, and rescue teams are working diligently to try and save the miners, who it appears were unable to make it to the mine’s rescue chamber. The situation has been described as ‘dire’.
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