Tuesday, April 12, 2011

Wall Street Slips As Oil Plunges, Tyco International (NYSE: TYC) Soars

US stocks closed lower on Tuesday as a selloff in crude oil dented investor confidence..

The Dow Jones Industrial Average fell 117.53 points, or 0.95%, to finish at 12,263.58. The S&P 500 slipped 10.30 points, or 0.78%, to close at 1,314.16. The Nasdaq Composite dropped 26.72 points, or 0.96%, to 2,774.79.

Alcoa Inc. (NYSE: AA) on Monday reported that it swung to a first quarter profit of $308 million, or $0.27 per share, from a loss of $201 million, or $0.20 per share, in the year-ago period. Income from continuing operations attributable to Alcoa, as adjusted, for the first quarter was $317 million or $0.28 per share.Revenue rose 20% to $5.96 billion from $4.89 billion. Analysts, on average, expected the company to report earnings of $0.27 per share on revenue of $6.32 billion. Alcoa shares slumped $1.07, or 6.02%, to $16.70.

Shares of Tyco International Ltd. (NYSE: TYC) jumped $3.61, or 7.41%, to $52.33 after the Daily Telegraph newspaper reported that French engineering giant Schneider Electric has sent a letter outlining its interest in a $30 billion takeover of Tyco to create the world's leading maker of security systems.

Asian stocks finished lower. The Nikkei 225 fell 164.44 points, or 1.62%, to 9,555.26. The Hang Seng index of Hong Kong slumped 326.70 points, or 1.34%, to 23,976.37.

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