U.S. markets vacillated between making gains and losses today, as investors continued to be cautious in taking new positions before the Fed meeting next week. An intra-day rally was quelled in the final hour, as the major indices pared their gains.
Oil was trading higher today after yesterday’s selloff, providing some optimism to the markets. Apple Inc (NASDAQ:AAPL) was also higher after a tough day on Wednesday.
There were two economic reports today of note. The Labor Department said that were 6,000 lower to a seasonally adjusted 275,000.
In addition, were down 1.8%, posting their largest drop since February, as petroleum costs and the price of other goods fell.
The Dow Jones Industrial Average finished the day 0.5% higher, the S&P 500 gained 0.5% and the Nasdaq was strongest of all, up 0.8%. Sectors were mixed, with healthcare stocks leading the way on the upside.
Barnes & Noble, Inc. (NYSE:BKS), Biogen Inc (NASDAQ:BIIB), and Con-Way Inc (NYSE:CNW) are three of today’s best stocks.
Barnes & Noble, Inc. (BKS)
One day after Barnes & Noble stock was crushed following a bad first quarter earnings report, BKS bounced back more than 8%. The book retailer posted a wider-than-expected net loss and suffered its fifth consecutive quarter of revenue decline.
However, Barnes & Noble does
, Ronald Boire, former CEO at Sears Canada Inc (TSE:SCC), who promises to turn the troubled company around.
BKS also reported that it has now formed an affiliation with Maker Media, publisher and producer of Maker Faire, and will launch a Mini Maker fair in Barnes & Noble stores throughout the U.S.
Biogen Inc (BIIB)
Biogen, a biotech company whose stock has performed poorly in 2015 while others in its sector have surged, came roaring back today after to finance a stock repurchase program for $5 billion, along with extra working capital.
The bonds will be issued under four different terms, with the longest being 30 years, with a yield of , according to Bloomberg.
Biogen also announced it has (OTCMKTS:MTZPY) to develop and commercialize a drug that will target various autoimmune diseases. Under the terms, BII will have worldwide rights to MT-1303, excluding Asia, for approximately $544 million.
BIIB stock was up 3% on the day.
Con-Way Inc (CNW)
CNW stock was a big winner today, surging over 33% higher after announcing on Wednesday that (NYSE:XPO), in a deal worth about $3 billion.
The terms of the deal are that XPO will purchase all outstanding shares of the trucking company for $47.60 per share — a 31.6% premium to CNW’s closing price on Tuesday.
CNW will become a subsidiary of XPO following the acquisition, which is expected to be completed in mid October.
As of this writing, Ethan Roberts does not hold a position in any of the aforementioned securities.
