Market Focus

Tesla

Shares of Tesla revved higher after the electric car maker received a safety stamp of approval. Regulators reaffirmed the 5-star safety rating of Tesla’s Model S for 2014. That’s despite recent incidents where 3 of those models caught fire after crashing. Those fires are still under investigation. Tesla’s shares popped 5% to $151.25.

Blackstone

La Quinta has confidentially filed for an IPO. There are reports the hotel chain, owned by investment firm Blackstone, is seeking to raise as much as $4.5 billion in the offering. The price and the number of shares won’t be decided until after regulators review the filing. Shares of Blackstone ended the day slightly higher to $31.01.

Johnson & Johnson

There are reports out today that Carlyle Group is close to pulling off a deal with Johnson & Johnson to buy J&J’s blood unit. The transaction could be worth about $4 billion. The healthcare giant has been looking to sell the division because it’s a small player in a market led by big rivals like Roche and Siemens. Shares of Johnson & Johnson were up slightly to $92.06.

W.R. Grace

W.R. Grace has finally reached an agreement with bank lenders, which was the only remaining appeal left in the company’s bankruptcy settlement. The chemical maker will emerge after a 12-year stay in bankruptcy. It filed for Chapter 11 in 2001 after an asbestos leak led to lawsuits. Shares rose almost 4% to $98.53.

Calamp

Calamp posted solid profit and sales and beat analysts estimates when it reported quarterly results today, but shares of the satellite technology provider tumbled after the company disappointed investors with a weak profit outlook. The stock plunged 7% to $25.63.

Baxter

Baxter is recalling two of its injectable solutions after it found particles in the products. The healthcare company has warned of blockages and organ damage, but says it hasn’t received any reports yet. Despite the news, Baxter shares rose a fraction to $69.06.

Viacom & Time Warner

Time Warner reached a distribution deal with Viacom just a few days before the old contract was supposed to expire. The deal with Viacom, which is the parent of Nickelodeon and MTV is a sharp contrast to Time Warner’s battle with CBS last summer. Difficult negotiations led to a blackout of CBS programs on Time Warner Cable. Shares of Viacom were up a fraction on the news to $85.60. Time Warner Cable also rose 1% to $134.04.

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