U.S. stocks traded higher yesterday, getting a lift from a heavy round of merger announcements, including AT&T’s planned acquisition of Time Warner. The benchmark S&P 500 Index is now trading about 2% below its all-time high set on August 15th.
It seems this is merger week with the big merger of AT&T and Time Warner we are also seeing announcements from aerospace suppliers Rockwell Collins buying B/E Aerospace for $6.4 Billion, and TD Ameritrade Holdings has announced they will buy Scottrade for $4 Billion.
The maker of Kleenex, and Huggies diapers, Kimberly-Clark, saw their shares fall 5% after the company reported third-quarter earnings that missed consensus estimates and they cut their full-year guidance. The company expects its restructuring program, launched in 2014, to be complete by the end of 2016. The cost savings the company expected to see haven’t materialized.
The world's largest payments network operator, Visa, reported a 28 percent rise in quarterly profit as customers spent more using the network. Visa earned $1.93 Billion during the quarter which was a good surprise to investors who bid the stock higher.
General Motors Co.’s Buick has become the first domestic car brand in more than 30 years to be among the top three most reliable brands, while Tesla Motors Inc., ranked for the first time this year, has placed near bottom, Consumer Reports magazine said yesterday. GM’s Buick joined Toyota Motor Corp.’s Lexus and Toyota brands as the nonprofit magazine’s most reliable.
With Northwest Quadrant Wealth Management I’m Tyler Simones