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Stock market today, Sept. 29, 2014: U.S. markets rebounded Friday, with biotech companies leading the charge. The markets got a strong shot in the arm after the U.S. Commerce Department revised GDP growth upward for the second quarter. The U.S. economy accelerated at its strongest pace in 30 months.
This morning, the U.S. dollar struck a six-year high against the yen and a 22-month high against the euro.
Here's what else you should know to make your Monday profitable:
- Cashing Out: With Pacific Investment Management Co. (Pimco) Founder Bill Gross jumping to Janus Capital (NYSE: JNS) to begin trading next week, Deutsche Bank (NYSE: DB) predicts that Pimco could see roughly 20% of its assets flow out of company funds in the next two years. According to current estimates, that equates to roughly $265 billion in outflows. Shares of Janus Capital were up more than 43% on Friday after news broke that Gross will soon be managing an unconstrained bond fund at the company. Pimco saw $10 billion in outflows on Friday alone, according to The Wall Street Journal.
- Merger Mania: Shares of Texas-based Athlon Energy Inc. (NYSE: ATHL) were up more than 24% this morning on news that the company would be purchased from Canadian energy producer Encana Corp. (NYSE: ECA) in a deal estimated at nearly $7.1 billion. The strategic acquisition gives Encana access to a large range of assets totaling roughly 140,000 acres in Texas's oil-rich Permian Basin.
- Another Big IPO: Restaurant and arcade Dave & Buster's Entertainment Inc. announced this morning it would price 5.88 million shares at a range of $16 to $18 in its initial public offering. The company had previously filed for an IPO in July 2011, but never followed through on the deal. Its ownership also considered a number of buyout offers earlier this year before deciding to go public. The company is expected to raise more than $100 million on the deal.
- Independence Day: Just weeks after Scotland voted narrowly to remain part of the United Kingdom, another freedom movement is gaining steam in Europe. The government of Catalonia, an eastern province of Spain that contains Barcelona, has planned to poll its more than five million voters in a nonbinding referendum on whether they seek independence. Spain's prime minister and his government in Madrid is planning an emergency meeting to block the vote in court.
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.