Most European stock markets head for a solid finish to the week on Friday, with the benchmark Stoxx Europe 60 index flirting with the highest closing level in three months, after Scotland voted to stay within the United Kingdom.
Germany’s Siemens AG is preparing a buyout offer for U.S. oil equipment maker Dresser-Rand, that would trump a earlier offer from Switzerland’s Sulzer AG.
Oil’s slide continues on fears of a supply glut and a dollar rally.
Ford Werke GmbH, the German arm of Ford Motor Co. is cutting production at its Cologne factory on the back of lower demand in the second half of the year, the company said in a statement Friday. Ford said it would slow output of its compact Fiesta model in Cologne, to 1,550 vehicles per day, from output of around 1,850 just a few months ago.
Cantor Fitzgerald has initiated research coverage of Alibaba shares, before they begin trading on the NYSE, with a buy rating and price target that implies a 32% rise over the next 12 months.
A story published Thursday has been updated to correct the spelling of Vincent Viola, the CEO of Virtu Financial.
Chinese e-commerce giant Alibaba will debut this morning on the New York Stock Exchange as the biggest public offering of all time. The company founded by Jack Ma in 1999, will raise as much as $22 billion. The historic IPO is set to price at $68 a share, the higher end of their range of [...]
Lines are long around the world to snap up the new iPhone 6.
Italian fashion group Prada SpA, which has been struggling with a sharp slowdown in demand for its accessories, saw sales inch up slightly in the first half, but profits fell, as growth in the Americas and the Middle East offset a decline in its leather goods sales and overall weakness in Europe.
Scotland has rejected independence, but the democratic genie is now out of the bottle and things will never be the same in the U.K. and Europe, writes Darrell Delamaide.
Sen. Rand Paul made his first vote for military action, as Republicans increasingly campaign on national security issues.
ITT Educational Services is facing potential civil enforcement action from U.S. regulators, while the for-profit education company’s finances are under more scrutiny.
PARIS–French Finance Minister Michel Sapin Friday said he wants the country’s market regulator to open an investigation into a newspaper report that said Moody’s Investors Service Inc. had told the French government about an imminent change in France’s credit rating.
NEW YORK (MarketWatch) — Shares of Yahoo rallied 1.8% in premarket trade, after Cantor Fitzgerald raised his price target to $43 from $39, following the pricing of Alibaba’s initial public offering at $68 a share late Thursday. Analyst Youssef Squali said the IPO’s pricing should result in gross proceeds of $9.5 billion for Yahoo, which is selling 140 million shares in the IPO. That also means the rest of Yahoo’s stake in Alibaba of about 384 million shares, would be worth $34.5 billion at Squali’s 12-month price target of $90 a share for Alibaba’s stock, which is set to begin trading Friday morning. Through Thursday’s close, Yahoo’s stock had run up 18% since the end of July, but was up just 4.1% year to date while the SP 500 has gained 8.8%.
WASHINGTON (MarketWatch) — Richmond Fed President Jeffrey Lacker on Friday said he objects to the Federal Reserve’s plan not to sell mortgage-backed securities from its balance sheet when it comes time to normalize policy. “I believe this approach unnecessarily prolongs our interference in the allocation of credit. The Fed’s MBS holdings may put downward pressure on mortgage rates, compared to holding an equivalent amount of Treasury securities, but if so, then other borrowers would likely face higher interest rates,” he said. Lacker said he does support the planned approach to lifting interest rates, as well as the principle the Fed won’t hold more securities than necessary to implement monetary policy effectively. Lacker becomes a voting Federal Open Market Committee member next year.
NEW YORK (MarketWatch) — Cantor Fitzgerald initiated coverage of Alibaba Group Holding’s shares early Friday, the day they are set to begin trading on the NYSE, with a buy rating and $90 price target. The target represents a 32% premium over Alibaba’s initial public offering price of $68 a share, which was priced late Thursday. Analyst Youssef Squali believe the Chinese Internet retailing giant has the potential to dominate global online commerce over time, and that it was the best play on growing online consumption in China. “While the stock’s not cheap, we believe the company’s outsized growth and margin profiles, if sustained, should support higher valuation over time,” Squali wrote in a note to clients.