Stocks Hold Steady After Yellen Nominated as Fed Chair
Stocks in the US started off on a positive note, after President Barack Obama nominated Fed vice Chair Janet Yellen to become the next head of the Federal Reserve. Yellen is known as a dove, were her policies are focused on driving growth using the extraordinary measures of quantitative easing. Yellen will likely keep the current program in place until economic data reflects accelerating growth.
In corporate news, shares in The Men’s Wearhouse (NYSE:MW) closed up 28% to their highest level in six years, after Jos. A. Bank Clothiers said it made a $48 per share cash offer for all of the outstanding stock in the retailer, representing a total equity value of approximately $2.3 billion, in a negotiated transaction. The proposal represents an approximate 42% premium to the closing price of Men’s Wearhouse common stock on September 17, 2013, the day before Jos. A. Bank made the proposal. Men’s Wearhouse immediately responded that they believe the bid was too low.
Taiwan was a higher throughout the trading session in the wake of the company’s September revenue report. TSM said revenue rose 28% over year ago levels to 55.38 billion New Taiwan dollars.
Costco’s (NASDAQ:COST) fiscal 4th quarter showed a net profit and revenue rise 1%. Costco’s net profit edged up 1.3% to $617 million as revenue rose 1% to $31.77 billion, although EPS of $1.40 missed expectations by $0.06. Membership fees grew 3.2% to $716 million and comparable sales rose 5%, including and excluding the negative impact of forex rates.
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