Market Updates – Apple (NASDAQ:AAPL), Ford (NYSE:F), Citigroup (NYSE:C), Prudential PLC (LON:PRU), American International Group (NYSE:AIG)
Today starts with some poor economic indicators, as construction spending is down for the month of March 0.3% more than the anticipated 1.0% decline. February construction spending has also been adjusted, and it’s estimated spending declined 1.4%, which is 0.8% more than initially reported last month.
On the bright side of news, manufacturing activity is up in both the United States and world wide. Also, initial jobless claims in America have declined this month, and this combination of news has caused stocks to rise. Manufacturing activity is now at a six-year high, so the big news saturating the wiresis that the Dow is close to breaking 11,000, and may do so today.
The Apple (NASDAQ:AAPL) iPad ships this week to much fanfare and glowing reviews. Pre-sales for the sleek new laptop are very high, and buzz has been building regarding its launch for some time now. The tech company has been in the news a lot in the month of March and its market cap has risen to $213.9 billion, which makes it the third largest company in the world.
Automaker Ford (NYSE:F) has been doing very well recently, and has just set new records for sales for its China-branch. The America-based auto giant has seen both its joint-ventures and personal company sales in China climb to over 153,000 units for the first quarter, which is an 84% increase from last year. This includes sales from Jiangling Motors and Changan Ford Mazda. The largest US automobile manufacturer has seen its stock climb today based on this news.
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Citigroup (NYSE:C) is making more news after the Treasury announced last week that they’re selling off their share of the megabank. Citi is reporting that the initial offering of its new Primerica life insurance business has raised approximately $320.4 million in capital. The bank has sold approximately 21.4 million shares at $15 a piece. Citi is also offering shares of the private equity firm Warbur Pincus. The bank currently holds a 39% share of Primerica, which debuts on Thursday
To wrap things up, it’s being reported that the Prudential PLC (LON:PRU) deal to acquire American International Group (NYSE:AIG) Asian-based operations, AIA Group, could be in danger of falling through. Shareholders of the London-based Prudential have concerns over the price, and have held up the $35.5 billion dollar deal for AIA. The New York Post has reported that shareholders believe the company is overpaying in premiums for AIA, and are also concerned the financing will put too much pressure on the company.
That’s all for the day. Don’t forget to watch out for office pranks on this April Fools day, and we’ll see you tomorrow!
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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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