On Thursday, the Dow Jones Industrial Average (DJIA) rose to its highest mark but other major indices shed a few points. Ahead of the Christmas celebration, mixed economic data left the benchmarks to sway just modestly, and investors took a wait and watch attitude.
Durable goods orders dropped below economist' expectations primarily due to 53.1% dip in commercial airplane orders. However, new orders for nondefense capital goods (apart from aircraft) increased 2.6%, which reflects higher spending and thus an economic recovery of sorts. Claims for first time unemployment benefits also fell to and consumer spending modestly moved up by 0.4%.
The DJIA rose 0.12% to close at 11,573.49. The S&P 500 dropped 0.16% to close at 1,256.77. The Nasdaq Composite Index edged down 0.22% to 2,665.60. On the New York Stock Exchange, declining stocks overshadowed the advancing ones as with 1,529 stocks that declined, 1,422 stocks ended the day in green with thin volumes.
Coming to mergers and acquisitions news, digital media company Sonic Solutions SNIC surged 29% after the company agreed to be acquired by Rovi Corp ROVI in a stock and cash transaction deal of around $720 million. Shares of Rovi Corp dropped 1.9%. Fabric and crafts retailer Jo-Ann Stores Inc JAS soared 31.9% to $60.19 after it agreed to a buyout by private equity firm Leonard Green & Partners. Verigy VRGY jumped 3.2% after Advantest Corp. ATE upped its takeover price by 23% to about $900 million.
On to earnings news, shares of Bed Bath & Beyond BBBY jumped 5.1% to $50.10 after posting better-than-expected fiscal third quarter earnings. The housewares retailer also raised its outlook for the rest of the year. Micron Technology MU dropped 4.1% after the company reported a fiscal first quarter decline in profits by 24% primarily due to soft demand for personal computers.
BED BATH&BEYOND (BBBY): Free Stock Analysis Report
JO-ANN STORES A (JAS): Free Stock Analysis Report
MICRON TECH (MU): Free Stock Analysis Report
ROVI CORP (ROVI): Free Stock Analysis Report
SONIC SOLUTIONS (SNIC): Free Stock Analysis Report
VERIGY LTD (VRGY): Free Stock Analysis Report
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