Monday, June 13, 2011

Wall Street Ends Little Changed, Sirius XM (NASDAQ: SIRI) Slumps

US stocks finished mixed on Monday as renewed worries about about Europe's debt crisis spooked investors.

The Dow Jones Industrial Average rose 1.06 points, or 0.01%, to finish at 11,952.97. The S&P 500 increased 0.85 points, or 0.07%, to close at 1,271.83. The Nasdaq Composite retreated 4.04 points, or 0.15%, to 2,639.69.

Credit agency Standard & Poor's on Monday downgraded its rating on Greece to "CCC." S&P also kept its negative outlook on Greece.

Wendy's/Arby's Group Inc. (NYSE: WEN) on Monday announced that it would sell Arby's Restaurant Group Inc. to a buyer formed by private equity firm Roark Capital Group in a deal valued at $430 million. Wendy's/Arby's will retain an 18.5% interest in Arby's. The deal comes after Wendy's/Arby's said it was exploring strategic alternatives for Arby's. Wendy's/Arby's Group expects that Arby's will be reported as a discontinued operation in Wendy's/Arby's Group's second quarter results. The transaction is expected to close in the third quarter. Shares of the company rose 4 cents, or 0.88%, to $4.56.

Timberland Co. (NYSE: TBL) on Monday agreed to be acquired by VF Corporation (NYSE: VFC) for $43 a share, representing a total enterprise value of about $2 billion net of cash acquired. The share price for Timberland represents a 10% premium to its three-month trading value. Shares of the company surged $13.21, or 44.05%, to $43.20.

Shares of Sirius XM Radio Inc. (NASDAQ: SIRI ) surged 9 cents, or 4.50%, to close at $1.91. 

European stocks closed higher. The UK FTSE rose 7.66 points, or 0.13% to 5,773.46. The German DAX and French CAC increased 0.22% and 0.07% respectively.

Asian stocks finished mixed. The Nikkei 225 fell 66.23 points, or 0.70%, to 9,448.21. The Hang Seng index of Hong Kong rose 87.71 points, or 0.39%, to 22,508.08.

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