Nov. 11 - Summary: News Corp revenue miss, Sotheby's upside surprise, Shire buys VirPharma for $4.2bln; activist Icahn's Transocean win; Possible banks chatroom change. Bobbi Rebell reports.
A big miss for Rupert Murdoch's News Corp in its first quarter after its split from the entertainment assets. The publishing company, whose properties include the Wall Street Journal and the Times of London, reported a steeper-than-expected decline in revenue blaming lower ad revenue at its newspapers. A pretty picture at Sotheby's. Revenue jumped much more than expected at the high end auction house and their per share losses were not as bad as had been feared. Light trading in the financial markets.. but still a fresh record for the Dow. The other major indexes also managing to post gains. The bond markets and government offices were closed for Veterans Day. Shares of ViroPharma soared on news London-listed Shire is buying the company for $4.2 billion. Billionaire activist investor Carl Icahn is tweeting again. He's happy to have reached an agreement with Transocean. The offshore driller will propose a $3 per share dividend, create an MLP, and recommend that Icahn associates have two board seats. Amazon is teaming up with the US postal service to deliver packages on Sundays. The goal: boost business in the shortened holiday retail season. Shares of Amazon were higher in Monday trading. Traders at some big banks could see major changes. Sources tell Reuters JPMorgan Chase, Credit Suisse, Citigroup and others are considering banning traders from online chatrooms over concerns about collusion and market manipulation, following the investigation into the rigging of a key interest rate. In Europe: the major country indexes closed higher, led by health care stocks.