Pepsi Challenge, Trade Rules Tightened, Home Sales Increase
PepsiCo took the $7.8 billion dollar challenge buying out both Pepsi Bottling and Pepsi Americas in a monstrous coup de tat providing the namesake firm more than 80% control of its North American beverage market. News of the SEC moving to tighten trading rules by banning the so called “flash orders” providing some firms a slight trading advantage hit the wires along with news of the 5th straight month of pending home sales growth. Stocks reacted by trading mixed for most of the day, with the lagging DJIA rocketing positive in the final minutes. The DJIA ended up +33.63 to 9320.19, the Nasdaq added +2.70 to 2011.31 and the S&P 500 advanced +3.02 to 1005.65.
Pulte Homes
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Stec Inc
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PowerRating) – News of the executives dumping shares sent the memory chip maker lower by 7.75% or $2.75 to $32.75/share.
PPL Corp
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PowerRating) – The Keystone’s state second largest utility company tumbled 13.18% or $4.48 to $29.50/share on word of a second quarter loss and the lowering of its 2010 forecast.
TRW Automotive
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PowerRating) – Raised its 2009 estimates and beat second quarter forecasts causing shares to climb 14.80% or $2.60 to $20.17.
Gold climbed $10.90 to $969.70, while oil dropped back 16 cents to $71.44 and the fear index VIX fell 2.62% to 24.89.
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