|09-20-2014, 04:44 AM||#1|
U.S shares closed mixed on Alibaba shares
Britain`s main stock index made gains after voters in Scotland rejected a referendum to break from the U.K. Some warned that if Scotland left uncertainty over the future value of the British pound and government debt would have rattled the U.K economy.
Stocks were supported by favorable outcomes in two ‘risk events’ this week. The Federal Reserve reiterated its commitment to facilitating the U.S. economic recovery by maintaining its view on the timing of interest-rate hikes, as well as Scotland’s vote to remain part of the United Kingdom.
-The Dow Jones Industrial Average advanced 0.08% or 13.75 points to 17317.60
-The S&P 500 index shed 0.05% or 0.96 points to 2010.40
-The NASDAQ Composite Index plunged by 0.30% or 34.49 points to 4579.79 . As of 16:15 p.m. ET
One of the world’s biggest IPOs in history will debut within hours in New York. Alibaba Group Holding Ltd. priced Thursday at $68, toward the high end of expectations. That pricing values Alibaba at $168 billion, making it one of the largest U.S.-listed companies, with a larger market capitalization than Amazon.
However, order imbalances over the intensely hyped Alibaba IPO have so far delayed trading and could for another hour or more. But American depositary shares of Alibaba Group Holding Ltd., priced at $68, are expected to soar quickly once trades begin.
Early indications are shares would open at $80 to $83 range. That was revised to $82 to $85 range, then $84 to $87, then $86 to $88. then $87 to $89. NYSE officials said that shares may not begin trading until 11:30 a.m., two hours after Wall Street normally opens.
Yahoo Inc. shares were up 1.7%. Yahoo owns a large stake in Alibaba.
Shares of Concur Technologies Inc. surged 19% on news Germany-based SAP AGwill buy the software group in a deal valued at $8.3 billion. The Wall Street Journal said the deal was the largest in SAP’s history. U.S.-listed shares of SAP fell 4%.
Oracle Corp. fell 2.7% on Thursday’s news that Chief Executive Officer Larry Ellison is stepping down in favor of Safra Catz and Mark Hurd, who will serve as co-CEOs
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