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Bob Carey
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  US Stocks Week Ended May 16, 2014
Posted Under: Weekly Market Commentary
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On Tuesday, the Dow Jones Industrial Average closed at an all-time high of 16,715.40 before shaving 224 points to close the week at 16,491.31. Overall markets were mixed, while small caps fared worse than most. However, last week, saw no shortage of deal news. Yesterday, it was announced that AT&T would acquire DirecTV for $48.5 billion. When asked why the telecommunications giant made the acquisition, Randall Stephenson, AT&T CEO said, "The last six years for AT&T have been about data, the future is about delivering video at scale." Hillshire Brands, maker of breakfast sausages, announced their intention to acquire Pinnacle Foods for $4.3 billion. Pinnacle is best known as the maker of Vlasic Pickles. Allergan, maker of Botox, rejected a hostile bid by Valeant Pharmaceuticals for the company. Allergan management said the offer substantially undervalues the company. Pfizer made little or no progress in their $120 billion deal for AstraZeneca. Since the deal was announce on April 21st, shares in Pfizer have fallen 5.63%. Finally in deal news, Darden Restaurants announced their decision to sell their ownership of Red Lobster. Golden Gate Capital will acquire Red Lobster for $2.1 billion. Lastly on Friday, it was announced that General Motors will pay a $35 million fine and admit fault to settle the government's investigation of their delayed recalls. Looking ahead to this week, Campbell Soup, Valspar, Urban Outfitters and Staples will all report earnings.
Posted on Monday, May 19, 2014 @ 8:17 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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