Midday movers: Barrick Gold, Sprint, Citigroup

Stocks are lower at midday as gold slumps for a second straight session.

By MSN Money Partner Apr 15, 2013 1:35PM
Image: Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

DISH Network (DISH) offered to acquire Sprint (S) for $25.5B, made up of $17.3B in cash and $8.2B in DISH stock. DISH calculated that Sprint shareholders would receive $7.00 per share, based upon DISH's closing price on April 12, and that its proposal represents an 18% premium over the merger bid made by SoftBank (SFTBF). Sprint shares advanced over 12% to trade at $7.00 near noon.

Citigroup (C) was the next big bank to report and its shares advanced 2.6% after its headline adjusted earnings per share and revenue beat consensus. 

Financials will continue to be in the spotlight this week as reports are expected from Goldman Sachs (GS), Morgan Stanley (MS) and Bank of America (BAC) as well.

As gold and crude oil, along with a number of other commodities, declined sharply, shares of some of the biggest names in energy and mining followed suit. Exxon Mobil (XOM) and Chevron (CVX) shares declined more than the broader market, as did BHP Billiton (BHP), Vale (VALE) and Rio Tinto (RIO).

Among the notable gainers was Theravance (THRX), which rose about 18% after the FDA posted documents for an advisory committee meeting scheduled later this week to discuss the new drug application for Breo Ellipta, a combination therapy for COPD from the company and partner GlaxoSmithKline (GSK). 

Also higher were shares of Life Technologies (LIFE), which rose 7.5% to trade at $73.12 near noon after agreeing to be acquired by Thermo Fisher for $76.00 in cash per share. Thermo Fisher also rose more than 2% following the deal announcement. 

Among the noteworthy losers were shares of several gold miners that declined 10% or more, including Barrick Gold (ABX) and Kinross Gold (KGC). 
2Comments
Apr 15, 2013 4:40PM
avatar
I have said this on past boards that it cost about $1,250.00 to dig one ounce of gold out of the ground and do not see gold ever going below this or miners would stop digging and therefore demand would increase then price would.
Apr 15, 2013 2:59PM
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Gold is off BIG TIME!

 

I understand gold as a hedge against inflation, but gold ahs moved up 300 percent during a period of cumulative inflation of maybe 25%.  Seems way way overdone, and the markets agree.  The gold pushers have pushed fear.  Sure, in my opinion we will have inflation due to the feds policies, but gold has moved AHEAD of the inflation.  What sense does it now make to buy gold AFTER the horse is out of the barn.  The market thinks NONE.   Gold has moved on speculation, just one more bubble.  And the gold pushers are happy to profit on people's fear and to create the bubble.  Think 1980.

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