Stock market news today, June 12, 2014: The Dow Jones Industrial Average slipped for a second-straight session Thursday for the first time since mid-May. The S&P 500 and Nasdaq also finished in the red.
Here’s the scorecard from today’s trading session:
DOW: 16,733.33 (-0.66%)
S&P 500: 1,930.06 (-0.71%)
NASDAQ: 4,297.63 (-0.79%)
And here’s a roundup of the other top stock market news stories from today:
Top Stock Market News
- Oil Prices Soar: Oil prices jumped to the highest level this year on Thursday. According to multiple reports, Tikrit, Iraq, fell to an Al-Qaeda-linked group that is now advancing on Baghdad. Oil traders are greatly concerned that escalating violence across the country could significantly disrupt the flow of oil from OPEC’s second-largest producer.
- Bolstering the Drug Pipeline: Britain’s second-largest drugmaker AstraZeneca Plc. (NYSE ADR: AZN) has struck a deal to acquire rights to a drug from Synairgen Plc. (LON: SNG) for up to $232 million. The drug treats respiratory tract viral infections in people with severe asthma. The company will pay Synairgen an up-front fee of $7.5 million. Another $225 million could follow after additional developmental, regulatory, and commercial milestones are met.
- Mickelson Cleared: The New York Times reported that golf superstar Phil Mickelson did not engage in insider trading in The Clorox Co. (NYSE: CLX) stock. The suspicion centered on the exact timing of when billionaire investor Carl Icahn attempted an unsolicited takeover of the company in 2011. Although the Federal Bureau of Investigation and U.S. Securities and Exchange Commission found no evidence of wrongdoing for the golfer, they are still investigating Icahn and Las Vegas gambler William Walters over “well-timed” trades.
- Intel Loses: Chipmaker Intel Corp. (Nasdaq: INTC) lost its challenge against a fine of 1.06 billion euros ($1.44 billion) issued by the European Union five years ago. The EU had said Intel engaged in anti-competitive practices that were aimed at hurting its rival Advanced Micro Devices Inc. (NYSE: AMD). Intel shares fell only a slight 0.3% on the news, as the company had already paid the fine.
- Social Leader Out: Twitter stock (NYSE: TWTR) rose 3.6% on news that its Chief Operating Officer Ali Rowghani resigned this morning. The company told investors today that the position will be eliminated from the company. Early reports suggest that disappointing user engagement and struggling stock prices were central to the management shake-up.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only:
- Time to Profit from the “ASCO” Effect: We love the American Society of Clinical Oncology because of the so-called "ASCO Effect" - a hefty surge in cancer-focused biotech stocks that always accompanies the start of this group’s annual meeting. This year's ASCO turned us on to an important new trend - one that's shaping up as the next big profit opportunity in biotech.
- Europe's Unprecedented Rate-Slashing Gives Us a Classic Profit Play: The European Central Bank is attempting to employ "unconventional" policies to kick-start the economy. Using tactics never tried before, the ECB has just entered uncharted waters. But if we look at the history, we'll see the perfect opportunity to profit...
- The Secret to Making Money from Bioscience's "Scariest Event": In bioscience investing, binary catalysts are milestone events that signal a thumbs-up or thumbs-down for an experimental drug as it travels the regulatory process. The least understood – but the most profitable – of these catalysts are FDA Advisory Committee recommendations. They can make you rich. Here's how to play them profitably...
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.