Entries in New York Stock Exchange (10)


Stocks Rise as Markets Open After Hurricane Sandy

Spencer Platt/Getty Images(NEW YORK) -- U.S. stocks opened up Wednesday morning after being closed for two days because of Hurricane Sandy -- the longest weather-related closure since the blizzard of 1888 struck New York.

The Dow Jones Industrial Average rose 0.49 percent to 13,172 after trading resumed at 9:30 A.M. eastern time, with Mayor Michael Bloomberg ringing the opening bell.

Concerned about safety, NYSE Euronext had decided to close trading due to Hurricane Sandy for the last two days, the first time in over 100 years that stock trading was closed for two straight days due to weather.

Guy LeBas, chief fixed income strategist with Janney Capital Markets, said from the perspective of the fixed income markets, “Sandy was little more than a blip, albeit a 1,000 mile wide one.”

The bond markets were open for a half day on Monday, with the lowest volume session in nearly four years, and were closed on Tuesday.

However, trading opened as usual in Tokyo and London.

“The challenge today will be the logistics of traders getting to the office, so activity is likely to be somewhat subdued, particularly in the morning,” LeBas said.  “Moreover, a lot of new issuance has been postponed, which has a further impact of slowing corporate and municipal bond trading activity.  The lasting impacts of Sandy are likely to be more economic in nature."

"Two days of lost productivity plus the expense of damaged infrastructure will have a negative short-term impact on economic growth, though in future months and quarters, the US economy should benefit from construction and rebuilding,” he continued.

Copyright 2012 ABC News Radio


NYSE Closes as Hurricane Sandy Approaches

Spencer Platt/Getty Images(NEW YORK) -- The New York Stock Exchange will be shut down on Monday as New York City prepares for Hurricane Sandy.

In a statement, NYSE Euronext, the company that runs the exchange, said: “We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority.”

The storm is expected to make landfall late Monday night in Atlantic City, N.J., bringing with it life-threatening storm surges, forceful winds and rainfall that could cripple transportation and leave millions without power.

Transit officials in New York City shut down the subway system at 7 p.m Sunday.  Other means of mass transportation into the city, including other railway and bus services, have also been suspended.

New York City Mayor Michael Bloomberg on Sunday ordered the evacuation of areas of lower Manhattan and the Rockaways.

"If you don't evacuate, you are not only endangering your life, you are also endangering the lives of the first responders who are going in to rescue you," Bloomberg said at a news conference.  "This is a serious and dangerous storm."

American Express, JP Morgan Chase and Citigroup are among many financial companies that decided to close operations in Lower Manhattan.  Many of the businesses are in the storm-evacuation zone.

A decision about whether the NYSE will remain shut down on Tuesday will be made later.

Copyright 2012 ABC News Radio


American Airlines' Parent Company to Be Delisted from NYSE

Joe Raedle/Getty Images(FORT WORTH, Texas) -- Soon after 2012 rolls around, shares of American Airlines will no longer be traded on the floor of the New York Stock Exchange.

The carrier's parent company, AMR Corporation, announced Thursday that the stock will be delisted before the market opens next Thursday, Jan. 5.  The stock exchange told AMR it was taking action after the average closing price of the company's stock dropped under $1 for 30 straight days.

AMR's delisting comes after it filed for Chapter 11 bankruptcy protection last month, "in order to achieve a cost and debt structure that is competitive in the airline industry."

Copyright 2011 ABC News Radio


'Anonymous' Hackers Group Threat to New York Stock Exchange

Comstock/Thinkstock(NEW YORK) -- Anonymous, the loosely-organized group of computer hackers that has taken credit for many of the world's most visible protests, threatened to "erase" the New York Stock Exchange from the Internet Monday.

The streets of downtown Manhattan have been crowded for several weeks now with members of the Occupy Wall Street movement, who say they're protesting corporate greed. Last week, an online message purportedly posted by Anonymous said the protest would spread to a hacking attack.

Wall Street shrugged off the threat this morning as the Dow Jones Industrial Average rose more than 250 points at the open.

A threat was first made on Oct. 5, as demonstrators massed on the streets in lower Manhattan. But a YouTube message posted shortly after that said, "Anonymous wouldn't attack NYSE on a HOLIDAY -- it is debatable if Anonymous would ever even attack NYSE."

However, a YouTube video posted on Saturday, using a computer-generated voice, said, "Many people refuse to accept that Operation Invade Wall Street is a reality. I am here to clarify that factions of Anonymous are going with the operation. Other factions are opposing it."

The flat, computer generated voice concluded, "Those who are going to be part of the attack have a message to the NYSE: We have you because we don't like you. We are all anonymous. We are all one legion. We do not forgive. We do not forget. NYSE, expect those of us who plan to destroy you."

Anonymous has previously taken credit for hacking attacks on Bank of America, Sony's PlayStation network and other companies. It was unclear whether the online threat intended to interfere with stock trading, or do anything to the homepage of NYSE Euronext, the parent company of the stock exchange.

Ray Pellecchia, a spokesman for NYSE Euronext, said, "We don't comment on security." Separately, a source said the exchange functioned normally throughout the trading day.

Copyright 2011 ABC News Radio


NYSE Board Rejects Nasdaq/ICE Offer, Backs Deutsche Merger

Comstock/Thinkstock(NEW YORK) -- The parent company of the New York Stock Exchange has rejected an $11.3 billion offer from Nasdaq and IntercontinentalExchange, paving the way for a possible merger with Germany's Deutsche Boerse.

The Frankfurt-based company originally made a $9.53 billion offer to buy the New York Stock Exchange, but the company’s offer has since risen to $9.68 billion, according to Bloomberg News. A deal with Nasdaq and IntercontinentalExchange would have been “highly conditional,” a statement by NYSE Euronext said Sunday, and would have required shareholders to “shoulder unacceptable risk.”

An agreement with Deutsche Boerse, NYSE Euronext said, would allow for more stability and growth.

Copyright 2011 ABC News Radio


Nasdaq Throws Hat in the Ring for Ownership of NYSE

Getty(NEW YORK) -- Nasdaq has prepared a $11.3 billion bid for the New York Stock Exchange, part of an effort to top a German rival's offer.

Nasdaq OMX Group Inc. and Intercontinental Exchange Inc. announced the solicited bid on Friday. The partnership has reportedly been working to draft a deal since February when the NYSE announced it was being purchased by Deutsche Börse AG for $9.5 billion.

The NYSE has confirmed that it received the new proposal and was in the process of reviewing it.

If the Nasdaq and ICE bid is successful, it would mean the Big Board, an icon of American capitalism, would remain in U.S. hands rather than being owned by a German company.

Copyright 2011 ABC News Radio


Wall Street Report: Stock Averages Up in Midday Trading

Comstock/Thinkstock(NEW YORK) -- The market saw strong gains in the first half of trading on Tuesday.

Bank of America is helping to lead the averages higher.  Its CEO, Brian Moynihan, is predicting a rise in profits in the years to come. Bank of America shares were up more than three percent.

Another plus for the markets: oil prices are down from Monday. Both Kuwait and Saudi Arabia confirm there are OPEC talks about raising oil output in hopes of countering the Libya effect.  Fighting in Libya and unrest in several other Arab nations has led to an oil price spike. Analysts say there's no real shortage in supplies yet.

Toyota says hybrid sales are up as more consumers look at energy efficient cars as gas prices rise.

More Americans are underwater, owing more on their mortgages than their homes are worth. The financial information firm CoreLogic says nearly 1 in 4 mortgaged homes was underwater in the last three months of 2010. Average home prices have fallen sharply in the past five years.

Copyright 2011 ABC News Radio


What's in a Name? It's an Issue in New York Stock Exchange Merger

Photo Courtesy - Getty Images(NEW YORK) -- The New York Stock Exchange and Deutsche Borse are both winners in the merger between the two large stock exchanges. Their costs will decrease as they share technology and resources to create the largest stock exchange in the world. And ideally, those cost savings will pass onto a larger pool of global investors.

As the 220-year-old NYSE and German stock exchange officially announced their merger Tuesday morning, Sen. Charles E. Schumer (D-N.Y.) said New York ought to come first in the new name.

"An outstanding issue that is important to me is the name of the new exchange," Schumer said in a statement. "NYSE is one of the most preeminent brands in the financial industry, and there is no reason it shouldn't come first in the new exchange's name."

During the press conference announcing the merger, Duncan Niederauer, CEO of the NYSE, said no decision has been made regarding a new name.

Sen. Schumer said if New York loses out, the merger process could be in jeopardy.

"If Deutsche Borse pushes any alternative name, it would be an indication that they are not viewing this deal as a merger of equals, and that could have negative consequences with regard to future decisions on the merger's implementations," said Schumer.

Reena Aggarwal, professor of business administration and finance at Georgetown University's McDonough School of Business in Washington, D.C., said many people like Schumer feel strongly regarding the name because of its symbolism.

"Countries see it as a prestige issue," said Aggarwal. "In the old days an exchange was a huge prestige issue for the country. And every country wanted to have an exchange."

But she said the NYSE has been facing business challenges. It has trouble attracting initial public offerings. She also said the merger will allow the NYSE to globalize. Even Schumer acknowledged that the merger was a positive business move.

"The New York Stock Exchange will be the crown jewel in this new operation, and the name of the new company should reflect that," said Schumer.

Schumer said he would keep an open mind until the name issue is settled.

Aggarwal said possible names under consideration have been rumored to be NYSE-DB or the Global Exchange.

"Certainly the NYSE has existed for a very long time and the name has been associated with American capitalism. So I can see that some people would have problems if that name goes away completely," Aggarwal said. "But from a business point of view, it doesn't matter so much, but countries see it as a prestige issue."

Copyright 2011 ABC News Radio 


German, New York Stock Exchanges Announce Merger

Photo Courtesy - Getty Images(NEW YORK) - The German stock exchange and the New York Stock Exchange officially announced their much-anticipated merger Tuesday, which results in the world's largest exchange operation.

In the deal, Deutsche Boerse will control 60 percent of the shares in the new company, with the NYSE becoming the minority shareholder at 40 percent.

In a joint press release, the two exchanges announced the formation of The Premier Global Exchange Group, which will have dual headquarters in New York and Frankfurt.

“This combination will create significant value for all stakeholders," Reto Francioni, chief executive officer of Deutsche Boerse, said in a joint press release. "This transaction brings together two of the most respected and successful exchange operators in the world to lead the way in global capital markets and set the standard for growth, quality and market reach."

NYSE Chief Executive Officer Duncan Niederauer said the company will become a global leader in the financial arena.

"This transaction is a catalyst for the development of a global capital markets community, delivering the best, most transparent, and innovative services for clients and issuers, wherever they are," said Niederauer. "Our respective shareholders will also benefit from a significantly enhanced growth profile, the opportunity to achieve substantial cost synergies, unparalleled cash flow generation, and very strong credit metrics.”

Combined, the companies brought in a net revenue of $5.4 billion in 2010 and a total EBITDA of $ 2.7 billion, the largest of any exchange in the world.

Copyright 2011 ABC News Radio


Germans in Talks to Acquire New York Stock Exchange

Photo Courtesy - Getty Images(NEW YORK) -- One of the crown jewels of U.S. capitalism may soon fall into foreign hands.

The New York Stock Exchange is in negotiations to be acquired by German stock exchange Deutsche Borse AG.

While both companies suggest it is a merger of equals, Deutsche Borse shareholders would control about 60 percent of the combined company.

News of the planned merger comes after years of consolidation among stock markets around the world, but the thought of the storied Wall Street exchange falling under German control might rankle some people, including members of Congress.

The Wall Street Journal reports Thursday that the acquisition is symbolic of New York's "fading dominance" as a global financial center.  The NYSE traces its history on Wall Street to 1792. 

Copyright 2011 ABC News Radio

ABC News Radio