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Wall Street news today, July 1, 2014: U.S. stock markets were flat on Monday, but that represented good news as the second quarter came to a close. The S&P 500 and Nasdaq finished up for a sixth consecutive quarter, and the S&P 500 posted its best second-quarter gain since 2009.
Here's the Wall Street news that will be moving markets today:
- Cruise Control: Investors should expect to see shares of Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) on the move today. Auto manufacturers will announce domestic sales figures today for the first six months of 2014.
- You're Approved: The Federal Trade Commission has approved plans by Ireland-based Actavis Plc. (NYSE: ACT) to purchase specialty drug maker Forest Laboratories Inc. (NYSE: FRX) for approximately $25 billion. Conditions on the deal include a clause that will force Actavis to sell or dissolve their rights to four generic medications.
- Banks Behaving Badly: Shares of French banking giant BNP Paribas SA (OTCMKTS ADR: BNPQY) have slid by 12% on news that the company has pled guilty to criminal charges for violating international sanctions in Iran, Sudan, and other nations. The plea also includes a record fine of $8.8 billion, which has been deemed a major warning to other financial institutions over the status of U.S. sanctions.
- Go Directly to Jail: U.S. prosecutors will be seeking a nine-year sentence and $5 million fine for former Jefferies & Co. Managing Director Jesse Litvak during his sentencing hearing on July 23. Litvak was convicted this year of fraud in the only criminal case thus far regarding the trading of mortgage-backed securities. According to the court report, Litvak "perpetrated a multi-year, multi-victim, multimillion-dollar securities fraud scheme" and used funds targeted for a company bailout to spur investment in mortgage-backed securities.
- Today's Economic Calendar: Today's schedule features the Redbook, the Global Manufacturing PMI, Gallup's US ECI, and construction spending.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.