Monday Afternoon Business Brief
August 26, 2013, 1:25 PM
- While a handful of corporate deals have been providing a boost, a disappointing report on the economy has been keeping advances in check on Wall Street today. The government reported that orders for long-lasting manufactured goods plunged 7.3 percent last month, the steepest drop in nearly a year. The Dow was up about 15 points in afternoon trading, while the S&P 500 was up two and the Nasdaq was about 20 points higher.
- Stock exchange operator BATS Global Markets is buying Direct Edge to create the nation's second-biggest stock exchange. BATS says the new company will account for about 21 percent of the approximately 6.5 billion shares that are traded daily on exchanges. It would leapfrog the Nasdaq to rank behind the New York Stock Exchange.
- Amgen shares have surged higher today after the Biotech drugmaker announced over the weekend that it will buy cancer drug maker Onyx Pharmaceuticals. The $10 billion cash deal would give Amgen three approved cancer treatments and several others in clinical trials. Amgen shares were up more than 8 percent.
- News that members of the Pritzker family have agreed to buy TMS International has sent the company's stock up 12 percent. Pittsburgh-based TMS provides industrial services to steel mills. The deal is valued at $1 billion. The Pritzker family operates a global industrial conglomerate and founded the Hyatt hotel chain.
- A federal judge has approved a deal to dismiss a discrimination lawsuit against celebrity cook Paula Deen. Former restaurant manager Lisa Jackson had accused Deen and her brother of race discrimination and sexual harassment. Both sides agreed to pay their own court costs and attorney fees. No other terms were disclosed. Deen's comments during a deposition in the case in which she acknowledged having used racial slurs led the Food Network and other business partners to cut ties with her.
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