Stocks broke a three-day losing streak today with the Dow staging a triple-digit rally finding its footing above 15,000 again. Markets were buoyed at least in part by two encouraging pieces of economic data. Retail sales were up 0.6% in May, topping estimates which were for 0.5%. The Labor Department says there were 334,000 new weekly jobless claims. That also beat estimates which were for 350,000 new claims.
Both Gannett (GCI) and Belo (BLC) skyrocketed more than 25% on news that the former company is acquiring the latter. Gannett, the country's largest newspaper company will pay $1.5 billion for Belo with the goal of expanding its broadcast business. The purchase price represents a 28% premium on Belo's closing price yesterday. The deal will almost double Gannett's broadcasting assets to make it the fourth largest owner of major network affiliates.
Safeway (SWY) closed 7% higher after announcing late yesterday that it's getting out of Canada. Competitor Sobeys is buying the stores forRead More »from Stocks Break Losing Streak; Gannett and Belo Skyrocket on Deal