Billionaire activist investor, Carl Icahn, announced yesterday he sold his stake in Apple (APPL), citing concerns over the tech company’s prospects in China. Icahn still thinks the company is great however, he is concerned about Chinese regulators. Last year, Icahn, called it a “no brainer” to invest in Apple, predicting the company could be worth $1 trillion. Apple’s stock has fall 9 percent this week after the company reported a decline in revenue and a sizeable drop in iPhone sales.
On Thursday, Comcast (CMCSA) announced it will buy animation giant DreamWorks. Shareholders of DreamWorks will receive $41 in cash per share, roughly a 50% premium from where the stock was trading before the merger. When the marriage is completed DreamWorks will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango, and NBC Universal Brand Development. Comcast expects the deal will easily pass regulatory approval and will take effect by the end of this year.
Asia: Asian markets closed lower after Thursday’s Wall Street sell off.
Europe: European markets finished mixed on Thursday as investors eyed a rebound in oil prices, earnings, and the latest central bank decision from the Fed and the Bank of Japan.
U.S: U.S. markets closed lower as Apple’s decline dragged down markets. DJIA: -210.79 17,830.76 S&P: -19.34 2,075.81 NASDAQ: -57.85 4,805.29
Word of The Day:
An economic theory detailing the effects total spending in the economy has on output and inflation.
Dinner or Drink:
Weekend On The Beach
1/2 oz. Crown Royal® Canadian whisky
1/2 oz. peach schnapps
1/4 oz. sweet and sour mix
1/4 oz. apple schnapps
Mix the crown royal, apple and peach schnapps, and sweet and sour mix with ice cubes in a shaker and shake until well blended. Strain into a shot glass. Makes one serving.
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Have a safe and wonderful weekend, Ya’ll!