The major market moving news for the day is as follows:
American Airlines (PINK:AAMRQ) and US airways (NYSE:LCC) announces Merger. The main motive of the merger is to create the world’s largest airline. The merged company will have a market value of $11 Billion. The current CEO of US airways (NYSE:LCC) Doug Parker will be the executive chairman of the merged company while the CEO of American Airlines Tom Horton will act as nonexecutive chairman. Share price of AMR Corporation (PINK: AAMRQ) is trading at $2.12 up 63.08% while the shares of US Airways (NYSE:LCC) is down 4.57% percent to close at $13.99.
General Motors Company (NYSE:GM) earnings for the previous year fell sharp though it made profit in the last quarter. Fourth quarter profit grew 89% while profit for the entire year sank 36%. The share is trading at $28.75 down about 3.21%.
Apple Inc. (NASDAQ:AAPL) announced their stock buyback could become more aggressive. The company is set to pay its third quarter dividend of $2.65 a share today. This could cost a total of $2.5 Billion.
Cisco Systems Inc. (NASDAQ:CSCO) announced their second quarter results where numbers beating the expectations marginally. Revenue for the quarter was $3.1 billion against $2.2 billion Quarter on Quarter. Stock is trading almost flat at $20.86 a share down by 0.71%.
Another company which has posted strong result is PepsiCo. Inc. (NYSE:PEP). Earnings per share stood at $1.09 a share against analyst’s estimates of $1.04. The company expects to grow at 7% during the current year. The company is adding another product to its umbrella called Kick Start which is positioned as breakfast drink. The shares are trading at $72.28 up by 1.09%
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