Stocks on edge ahead of earnings; Dell gets it done; Ferrari races to IPO
Wall Street seems to have a case of the Monday blues. The bond market is closed for the Columbus day holiday but it's business as usual for equity traders. Stocks (^GSPC) are having a tough time making headway after last week's big gains as investors wait for earnings season to take off tomorrow.
Dell/EMC: Done Deal
EMC (EMC) The data storage firm is being bought by Dell and private equity firms Silver Lake and MSD partners for about $67 billion in cash and stock, or $33.15 a share.
Eli Lilly (LLY) is stopping development of its cholesterol drug evacetrapib because it was ineffective in clinical trials. The company also said it will take a fourth quarter charge of as much as $90 million for research and development costs for related to the drug.
Twitter (TWTR) employees could get hit with pink slips just a week after Jack Dorsey officially took the reins back at the social media company. Reports are surfacing that Twitter is set to announce company-wide layoffs this week as it struggles to stay more relevant. However, it's not clear yet how many of its 4,200 employees will be let go.
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Mattel (MAT) got the thumbs up from Barron’s. The financial newspaper is reporting that shares of the world's biggest toymaker could stage a comeback--rising 35% in a year thanks to a new brainier Barbie and its 7% dividend yield.
Ferrari IPO hits the road
Fiat Chrysler (FCAU) disclosed a $48 - $52 price range for the initial public offering of Ferrari, which it owns. An IPO in that range could value the luxury sportscar maker at close to $10 billion. The Italian/U.S. automaker plans to sell 10% of Ferrari, with 80% being distributed to Fiat Chrysler shareholders, and the remaining 10% staying with the Ferrari family. Ferrari shares will trade on the New York Stock Exchange under the ticker “RACE,” but no date has been set for its Wall Street debut.
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