Tuesday, January 31, 2023

Stocks Are Mixed in Quiet Trading

By on March 28, 2016

FILE - This Oct. 2, 2014, file photo, shows a Wall Street sign adjacent to the New York Stock Exchange. Stocks are edging mostly higher in early trading, Monday, March 28, 2016. Markets are generally quiet with trading closed across Europe for the Easter holiday. (AP Photo/Richard Drew, File)

A Wall Street sign adjacent to the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK – Stocks got a little help from an international hotel deal and dueling superheroes Monday, but they could only wobble to a split finish in a quiet day of trading.

Hotel chains Starwood and Marriott climbed after a Chinese insurance company made another offer to buy Starwood. Media giant Time Warner rose after “Batman v Superman: Dawn of Justice” had a super opening weekend.

Stocks flipped between small gains and losses for most of the day. Oil prices slipped and energy companies took modest losses. Mining and metals companies traded slightly higher.

Monday was the slowest trading day of 2016 for U.S. markets, and European exchanges were closed for the Easter holiday. Trading was closed in the U.S.Friday for the Good Friday holiday.

The Dow Jones industrial average rose 19.66 points, or 0.1 percent, to 17,535.39. The Standard & Poor’s 500 index added 1.11 points to 2,037.05, ending a three-day losing streak.

The Nasdaq composite index lost 6.72 points, or 0.1 percent, to 4,766.79. Stocks have flagged over the last few days after a five-week rally.

The bidding for the Starwood chain may have reached an end as a group of investors led by China’s Anbang Insurance Group offered to buy the company for $15 billion. Marriott agreed to buy Starwood for $12.2 billion last year and recently raised that offer to $14.41 billion. Starwood stock added $1.62, or 2 percent, to $83.75. It’s up 19 percent in the last two weeks.

Marriott rose $2.70, or 3.9 percent, to $71.34. JMP Securities analyst Whitney Stevenson said investors expect Marriott to give up on its pursuit of Starwood.

“They were probably at the limit of what they wanted to pay,” she said. “Marriott stock is up today because the market is assuming they do not overpay and collect the $470-ish million they get from the breakup fee and walk away from this thing.”

If Anbang does buy Starwood, that will be good news for smaller hotel companies, Stevenson said. Starwood and Marriott would have been the largest hotel chain in the world, and she said they could have “crushed” smaller competitors.

Time Warner climbed after “Batman v Superman” had one of the best opening weekends ever despite negative reviews and some skepticism from fans. It grossed about $424 million worldwide, including $170 million in the U.S. That was a good sign for Time Warner’s planned series of movies based on DC Comics characters.

Time Warner rose $2.53, or 3.6 percent, to $72.54. Also making gains were Netflix, which rose $2.85, or 2.9 percent, to $101.21, and retailer Dollar Tree, which added $2.32, or 3 percent, to $80.84.

Those and other consumer stocks rose after the government said Friday that the U.S. economy grew at a faster pace in the fourth quarter. And on Monday, the Commerce Department said consumer spending continued to grow in February, although for the third straight month, it rose by only a small amount.

Consumers have saved a lot of money as gas and heating prices have plunged, said Michael Scanlon, managing director and portfolio manager for John Hancock Asset Management. But he said people aren’t sure that prices will stay low, so they haven’t ramped up their spending. That has surprised experts.

“The fact that spending is growing in line with wages is showing how much more responsible the U.S. consumer is today,” he said. But Scanlon thinks consumers will start spending more soon.

On Friday the government said the economy grew 1.4 percent in the fourth quarter, above its previous estimate of 1 percent. Consumer spending and home construction kept the economy growing.

Benchmark U.S. crude fell seven cents to $39.39 a barrel in New York. Brent crude, used to price international oils, lost 17 cents to $40.27 a barrel in London. That weighed on energy companies. Hess lost $1.26, or 2.4 percent, to $50.84 and Devon Energy fell 63 cents, or 2.4 percent, to $25.84.

Noble Energy slumped after Israel’s Supreme Court struck down a deal that would have given Noble and other companies the right to start pumping natural gas from offshore deposits. The stock shed $2.65, or 8.2 percent, to $29.69.

Cosmetics giant Avon Products said it reached a deal with activist investors, including Barington Capital, that headed off a possible proxy fight. Avon stock rose 36 cents, or 8.4 percent, to $4.64.

Pandora Media skidded after the streaming music company announced a management shakeup. Co-founder Tim Westergren will replace Brian McAndrews as CEO. The stock tumbled $1.33, or 12.2 percent, to $9.60.

In other energy trading, wholesale gasoline was little changed at $1.47 a gallon. Heating oil fell 2 cents to $1.18 a gallon. Natural gas rose 4 cents, or 2.3 percent, to $1.85 per 1,000 cubic feet.

The price of gold fell $1.50 to $1,220.10 an ounce. Silver lost 1 cent to $15.19 an ounce. Copper rose 2 cents to $2.25 a pound.

Asian stocks were mostly lower. Seoul’s Kospi edged down 0.1 percent. Tokyo’s Nikkei 225 gained 0.8 percent.

Bond prices rose. The yield on the 10-year U.S. Treasury note dipped to 1.88 percent from 1.91 percent. The euro inched up to $1.1200 from $1.1177 lateThursday. The dollar rose to 113.28 yen from 112.81 yen.

The Associated Press

Puerto Rico Stocks

Company Symbol Price $ Change $ Change % Volume
Popular Inc. BPOP 28.10 +0.16 +0.57 285,536
Evertec Inc. EVTC 13.50 +0.08 +0.60 152,833
First BanCorp FBP 2.77 +0.08 +2.97 434,940
Triple-S GTS 24.30 -0.40 -1.62 200,193
OFG Bancorp OFG 6.99 +0.03 +0.43 331,260



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