A weak start to 2014 continues for stock market

Published on NewsOK Modified: January 6, 2014 at 3:49 pm •  Published: January 6, 2014
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Company earnings reports also start coming out this week, providing another catalyst that may lift the market. Alcoa, a former Dow stock, will be one of the first major companies to report its fourth quarter earnings after the close of trading on Thursday.

"This downturn is persisting a little bit more than I would expect," said Jack Ablin, chief investment officer at BMO Private Bank. "Between the jobs report Friday and earnings results next week, we will have a much better idea of the drivers of the market."

Among the winners on Monday were men's clothing retailers Men's Wearhouse and Jos. A. Bank. Both stocks rose after Men's Wearhouse announced a $1.61 billion hostile bid early Monday for its smaller rival.

The offer came four months after Jos. A. Bank had made its own takeover bid for Men's Wearhouse. That offer was rejected and Men's Wearhouse bid for Jos. A. Bank instead. After failing to reach a deal, Men's Wearhouse is now going directly to its rival's shareholders.

Jos. A. Bank rose $2.46, or 4.5 percent, to $56.87. Men's Wearhouse climbed $1.09 cents, or 2.2 percent, to $51.68.

Satellite radio company sirius XM was another stock that rose on takeover news.

Sirius climbed 26 cents, or 7.3 percent, to $3.83 after Liberty Media said late Friday that it wants to take full ownership of the satellite radio company in a deal that would value Sirius at nearly $23 billion.

In government bond trading, the yield on the 10-year Treasury note fell to 2.96 percent from 3 percent on Friday.

Among other stocks making big moves:

— Best Buy, one of best performers in the S&P 500 last year, slipped $1.27, or 3.1 percent, to $39.41 after Hhgregg, a competitor, said it expects to report lower holiday sales.

— PetSmart fell $2.03, or 2.8 percent, to $69.76 after analysts at Deutsche Bank advised their clients to sell the company's stock, predicting the pet retailer will struggle as it faces increased competition.



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