Sprint Drops T-Mobile Bid, Replaces CEO and Goes in New Direction
Sprint Drops T-Mobile Bid, Replaces CEO and Goes in New Direction
What to Watch Wednesday: Investors Monitor Consumer Sentiment
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Sprint reportedly drops discussions with T-Mobile US about acquiring the company. In addition to France's Iliad SA, which launched a $15 billion offer for 56.6% of T-Mobile, The Deal correspondent Andrew Bulkeley reveals the other main suitors for the company. As antitrust concerns likely played a large role in Sprint stepping away from a potential deal with T-Mobile, Bulkeley explains what companies would not face related challenges in seeking an agreement. Also, upon announcing it's named Marcelo Claure, founder of mobile phone distributor Brightstar, its new CEO, Bulkeley weighs in on what this says about the new direction Sprint is heading in.
In 'What to Watch on Wall Street' for Wednesday November 25, it's likely to be a quiet day on Wall Street ahead of the Thanksgiving holiday. But, we have a handful of economic reports coming out. The ones to pay attention to are MBA mortgage applications at 7 a.m. Eastern followed by durable goods orders, jobless claims, and personal income and spending shortly after. Then later in the morning, new home sales report comes out along with consumer sentiment. Last but not least, the EIA is set to release its weekly oil inventory data at 10:30 a.m. As earnings season tails off, the only company releasing its report before the market opens is Deere (DE)--the farm equipment manufacturer. Analysts surveyed by Thomson Reuters expect Deere to report earnings of $0.75 a share on revenue of $6.12 billion. Both profit and revenue are projected to decline from a year ago as the company has been struggling with weak conditions in the global farm sector. TheStreet's U-Jin Lee reports from Wall Street.
Stocks were at session lows by midday Tuesday as rising tensions in the Middle East gripped Wall Street. Earlier, the Turkish military shot down a Russian fighter jet on the Syrian side of the Turkey-Syria border, noting that the plane intentionally violated Turkish airspace. Activist investor Carl Icahn has disclosed a new 7.1% stake in Xerox (XRX) to become the company's second-largest shareholder. Icahn called the company's shares 'undervalued' and said he was looking to gain a position on the board. Consumer confidence in the U.S. fell to its lowest level in 14 months in November. Sentiment was hit by increasing pessimism over the labor market with a rising number of people saying that jobs were harder to find.
U.S. stocks opened lower Tuesday after a Russian jet is downed on the Turkey-Syrian border. Investors are worried about fresh global geopolitical tensions after Turkey shot down a jet fighter claimed by Russia near the Syrian border. Upscale jeweler Tiffany's (TIF) reported a surprise drop in quarterly sales as a strong dollar hurt tourist spending in the United States and reduced the value of sales from other markets. Campbell Soup's (CPB) fiscal first-quarter adjusted profit easily topped analysts' estimates and it increased its full-year earnings forecast, citing an improved margin outlook for the year. Campbell's like many food companies is adjusting its products to a changing consumer who is demanding more organic and natural options.
In 'What to Watch on Wall Street' for Tuesday November 24, a handful of companies are slated to report financial results. The day begins with Dollar Tree (DLTR), Campbell Soup (CPB), Tiffany (TIF) showing us how they did before the opening bell, along with Burlington Stores (BURL), DSW (DSW) and Chico's FAS (CHS). Then after the market close, Hewlett Packard Enterprise (HPE) and HP Inc. (HPQ) will tell us how they performed. They will report combined earnings. When Tiffany releases its third quarter fiscal 2015 earnings, analysts are expecting the jewelry retailer to earn $0.75 a share on $971 million in revenue. Profit is projected to fall from a year ago while revenue is anticipated to grow. Additionally, there are several things to look out for on the economic calendar. We get the third quarter preliminary numbers for GDP at 8:30 a.m. Eastern followed by the Redbook at 8:55. Then at 9:00 we get the S&P Case Shiller home price index and consumer confidence at 10. TheStreet's U-Jin Lee reports from Wall Street.
Stocks found it hard to commit to any direction to begin the week after a massive surge over the previous five trading sessions. The Dow was the worst performer, though briefly turned green earlier in the day. Athletic wear retailer Lululemon (LULU) jumped on unsubstantiated reports it was in talks to be acquired by Under Armour (UA). The latter has been trying to grow its women's clothing business. Oil had an up and down session, beginning sharply lower after Venezuelan oil minister predicted prices would drop to the mid-$20s unless OPEC cut production. Crude then rebounded after Saudi Arabia backed its commitment to stabilize oil markets. AIG (AIG) climbed after activist investor Carl Icahn insisted the company split into three separate public entities.
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