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Newspaper publisher the New York Times sold more than half its 17 percent stake in the company that owns the Boston Red Sox, according to a filing with the Securities and Exchange Commission Friday.
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Newspaper publisher the New York Times sold more than half its 17 percent stake in the company that owns the Boston Red Sox, according to a filing with the Securities and Exchange Commission Friday.
Three separate buyers, whose names have not been disclosed, together paid $117 million in cash for 390 of its 700 shares in Fenway Sports Group. The New York Times [NYT 8.71 
-0.01 (-0.11%) 
] is looking for buyers of the remaining shares.
-0.01 (-0.11%) ] is looking for buyers of the remaining shares.The sale is one the company has been trying to make since 2008, when revenue at its core newspaper businesses took a hit, jeopardizing its ability to manage its debt.
The sale will be reflected as a pretax gain of about $64 million in its third quarter. Web-hosting company Go Daddy Group announced on Friday it is being bought by a private equity consortium led by KKR
 |
The private equity buyers, which also include Technology Crossover ventures, wouldn't say how much the deal is worth but a person close to the situation said it's about $2.25 billion. About half of that amount is debt, the Wall Street Journal reported.
"We are partnering with KKR, Silver Lake and TCV because of their technology expertise, their understanding of Web based businesses and because their values align with ours," Go Daddy CEO and founder Bob Parsons said in a statement. "We believe, together, we will take the company to the next level, especially when it comes to accelerating international growth."
Go Daddy filed to go public in 2006, but withdrew its IPO due to poor market conditions.
Qatalyst Partners served as the exclusive advisor to Go Daddy in connection with the transaction.
Barclays Capital, Deutsche Bank Securities and RBC Capital Markets acted as financial advisors and, along with KKR Capital Markets, they or their affiliates provided financing commitments for the transaction.
Newspaper publisher the New York Times sold more than half its 17 percent stake in the company that owns the Boston Red Sox, according to a filing with the Securities and Exchange Commission Friday?
A. TRUE
B. FALSE
B. FALSE
Go Daddy filed to go public in 2006, but withdrew its IPO due to poor market conditions?
A. TRUE
B. FALSE
B. FALSE
The Dow finished lower Friday after Caterpillar's profit missed estimates, but stocks overall closed the week in positive territory following a handful of robust earnings and a finalized bailout package for Greece.
Major U.S. Indexes |
| Last | Change | Today's % Change | 1 Week % Change | YTD % Change | |
| Dow | 12681.16 | -43.25 | -0.34% | 1.61% | 9.53% |
| NASDAQ | 2858.83 | 24.40 | 0.86% | 2.47% | 7.76% |
| S&P 500 | 1345.01 | 1.21 | 0.09% | 2.19% | 6.95% |
| Russell 2000 | 841.79 | 0.53 | 0.06% | 1.57% | 7.42% |
| CBOE VIX | 17.47 | -0.09 | -0.51% | -10.55% | -1.58% |
The Dow Jones Industrial Average slipped 43.25 points, or 0.34 percent, to finish at 12,681.16, led by Caterpillar [CAT 105.15 -6.45 (-5.78%) ] and Verizon [VZ 36.74 -0.83 (-2.21%) ] . McDonald's [MCD 88.56 
2.02 (+2.33%) ] was among the biggest blue-chip gainers.
-6.45 (-5.78%) ] and Verizon [VZ 36.74 -0.83 (-2.21%) ] . McDonald's [MCD 88.56 2.02 (+2.33%) ] was among the biggest blue-chip gainers. The S&P 500 gained 1.21 points, or 0.09 percent to close at 1,345.01.
The tech-heavy Nasdaq rose 24.40 points, or 0.86 percent, to end at 2,858.83.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, finished below 18.
For the week, the Dow gained 1.61 percent, the S&P rose 2.19 percent, while the Nasdaq added 2.47 percent.
Techs were the biggest gainers for the week among S&P sectors, while telecoms were the only laggards. For the week, Cisco [CSCO 16.46 0.11 (+0.67%) ] was the biggest winner on the blue-chip index, while Caterpillar dragged.
0.11 (+0.67%) ] was the biggest winner on the blue-chip index, while Caterpillar dragged. 
Caterpillar [CAT 105.15 -6.45 (-5.78%) ] slumped after the Dow component posted earnings that fell short of estimates, despite reporting revenue that topped expectations and raising its forecast for the year to reflect the acquisition of Bucyrus.
-6.45 (-5.78%) ] slumped after the Dow component posted earnings that fell short of estimates, despite reporting revenue that topped expectations and raising its forecast for the year to reflect the acquisition of Bucyrus.Among other Dow giants, GE [GE 19.04 -0.12 (-0.63%) ] reported a robust rise in profit, helped by strong international demand its heavy equipment including jet engines and electric turbines. But shares still closed lower.
-0.12 (-0.63%) ] reported a robust rise in profit, helped by strong international demand its heavy equipment including jet engines and electric turbines. But shares still closed lower. Verizon [VZ 36.74 -0.83 (-2.21%) ] slipped even after the firm topped earnings estimates, boosted by the wireless communication firm's iPhone sale. The wireless communication company also announced that its current COO Lowell McAdam will take over from long-time CEO Ivan Seidenberg, on Aug. 1. Seidenberg will remain chairman.
-0.83 (-2.21%) ] slipped even after the firm topped earnings estimates, boosted by the wireless communication firm's iPhone sale. The wireless communication company also announced that its current COO Lowell McAdam will take over from long-time CEO Ivan Seidenberg, on Aug. 1. Seidenberg will remain chairman. Meanwhile, McDonald's [MCD 88.56 2.02 (+2.33%) ] gained to hit an all-time high, after the fast-food chain posted earnings that exceeded expectations.
2.02 (+2.33%) ] gained to hit an all-time high, after the fast-food chain posted earnings that exceeded expectations.Microsoft [MSFT 27.53 0.435 (+1.61%) ] reported earnings ahead of analyst forecasts on Thursday afternoon, helped by sales of its Office software and Xbox game consoles; but profit from its Windows operating system fell on weak PC sales. Meanwhile, Barclays raised its price target on the tech giant to $30 from $28.
0.435 (+1.61%) ] reported earnings ahead of analyst forecasts on Thursday afternoon, helped by sales of its Office software and Xbox game consoles; but profit from its Windows operating system fell on weak PC sales. Meanwhile, Barclays raised its price target on the tech giant to $30 from $28. Advanced Micro Devices [AMD 7.75 1.25 (+19.23%) ] surged almost 20 percent after the chipmaker said revenue is expected to increase, as it bets new processors will steal business from rival Intel [INTC 23.13 0.32 (+1.4%) ] . However, analysts were mixed on the stock—at least two brokerages raised their price targets on AMD while Barclays cut its price target to $8 from $10.
1.25 (+19.23%) ] surged almost 20 percent after the chipmaker said revenue is expected to increase, as it bets new processors will steal business from rival Intel [INTC 23.13 0.32 (+1.4%) ] . However, analysts were mixed on the stock—at least two brokerages raised their price targets on AMD while Barclays cut its price target to $8 from $10. Meanwhile, Apple [AAPL 393.30 6.01 (+1.55%) ] is in early talks to join the bidding for online video website Hulu, according to sources.
6.01 (+1.55%) ] is in early talks to join the bidding for online video website Hulu, according to sources. On the IPO front, Apollo Residential Mortgage [AMTG 18.65 -1.35 (-6.75%) ] tumbled in their market debut as investors continued to remain cautious of the housing market prospects.
-1.35 (-6.75%) ] tumbled in their market debut as investors continued to remain cautious of the housing market prospects. Meanwhile, Francesca's [FRAN 27.65 10.65 (+62.65%) ] skyrocketed more than 60 percent in their first day of trading, valuing the women's specialty retailer at about $1 billion.
10.65 (+62.65%) ] skyrocketed more than 60 percent in their first day of trading, valuing the women's specialty retailer at about $1 billion. Volume was light with the consolidated tape of the NYSE at 3.13 billion shares, while 738 million shares changed hands on the floor.
Gold gained above the $1,600 level again as skepticism over Greece's bailout plan and concerns over the ongoing U.S. debt ceiling debate prompted investors to flee to the metal as a safe haven.
European banks and insurers rose after Greece’s private sector creditors agreed to take a 21 percent loss on their debt holdings as part of the Greek rescue plan.
European shares ended higher after the conclusion of a fresh euro zone debt deal.
With the clock ticking toward an August 2 deadline to raise the U.S. debt ceiling, the focus shifts to Washington where efforts to avoid a U.S. default enter crunch time. The main obstacle remains the issue of tax increases that Obama's Democrats demand and Republicans vehemently oppose.
House Speaker John Boehner, said an agreement is "not even close" but continues to seek a way to avert a U.S. default. At a news conference, Boehner said the House has "done its job" toward resolving the impasse over raising the government's debt limit and says it's time for the Senate to act.
On Tap Next Week:
MONDAY: Dallas Fed survey, USDA food prices outlook; Earnings from Texas Instruments, Broadcom, Netflix
TUESDAY: S&P Case-Shiller home price index, consumer confidence, new home sales, Richmond Fed survey, 2-yr note auction; Earnings from BP, Deutsche Bank, Ford, GlaxoSmithKline, 3M, UBS, UPS, US Steel, Amazon.com, Electronic Arts
WEDNESDAY: Weekly mortgage apps, durable goods orders, oil inventories, 5-yr note auction, Beige Book; Earnings from Boeing, ConocoPhillips, Aetna, AutoNation, Delta, Dow Chemical, Aflac, Symantec, Visa, WholeFoods
THURSDAY: Weekly jobless claims, pending home sales, Kansas City Fed survey, Richmond Fed Lacker speaks, 7-yr note auction, San Francisco Fed Williams speaks, money supply; Earnings from AstraZeneca, Credit Suisse, DuPont, ExxonMobil, Royal Dutch Shell, Sanofi, Bristol-Myers Squibb, DR Horton, Kellogg, Motorola Solutions, Sprint, Time Warner Cable, Chesapeake Energy, MetLife, Motorola Mobility, Starbucks
FRIDAY: Employment cost index, GDP, Chicago PMI, consumer sentiment, farm prices; Earnings from Chevron, Merck
TUESDAY: S&P Case-Shiller home price index, consumer confidence, new home sales, Richmond Fed survey, 2-yr note auction; Earnings from BP, Deutsche Bank, Ford, GlaxoSmithKline, 3M, UBS, UPS, US Steel, Amazon.com, Electronic Arts
WEDNESDAY: Weekly mortgage apps, durable goods orders, oil inventories, 5-yr note auction, Beige Book; Earnings from Boeing, ConocoPhillips, Aetna, AutoNation, Delta, Dow Chemical, Aflac, Symantec, Visa, WholeFoods
THURSDAY: Weekly jobless claims, pending home sales, Kansas City Fed survey, Richmond Fed Lacker speaks, 7-yr note auction, San Francisco Fed Williams speaks, money supply; Earnings from AstraZeneca, Credit Suisse, DuPont, ExxonMobil, Royal Dutch Shell, Sanofi, Bristol-Myers Squibb, DR Horton, Kellogg, Motorola Solutions, Sprint, Time Warner Cable, Chesapeake Energy, MetLife, Motorola Mobility, Starbucks
FRIDAY: Employment cost index, GDP, Chicago PMI, consumer sentiment, farm prices; Earnings from Chevron, Merck
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