The first trading week of 2014 comes to a close with investors sending the markets lower for the first two trading days of the year.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for January 3, 2014.
The Dow Jones Industrial Average is trading close to even this week, while the Nasdaq and the S&P 500 were trading lower this week.
Crude oil futures are lower this week, trading above $94.00 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,237 an ounce in Friday afternoon trading.
In corporate news, Berkshire Hathaway (NYSE:BRK.A) announced that it was acquiring the chemical business unit of Phillips 66 (NYSE:PSX) for $1.4 billion in stock. Berkshire will pay for the unit with approximately 19 million Phillips 66 shares it already owns.
Uni-Pixel (UNXL) announced that CEO Reed Killion would be stepping down to pursue other interests. Killion said in a statement that the company is transitioning from the "innovation stage to a manufacturing and commercial production stage" and that the company would be better served by a CEO with more experience in these fields.
Cooper Tire (NYSE:CTB) officially terminated its $2.2 billion buyout agreement with Apollo Tyres. Apollo Tyres had agreed to acquire Cooper Tire in June for $35 per share, but has squabbled over the final purchase price following turbulent union negotiations and labor issues in China.
Crocs (NASDAQ:CROX) announced it had received a $200 million investment from Blackstone (NYSE:BX). The investment comes in the form of convertible preferred shares that yield 6% and can be converted into common shares in three years at $14.50 per share. As part of the deal, Blackstone has received two seats on the Board of Directors and CEO John McCarvel will retire.
This is the 'Weekly Market Wrap' for Friday January 3, 2014. Please join us on Monday for the Week Ahead Market Report.
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