TIF - Stock Market News: Tiffany Gets a Proposal; AT&T Gives In to Activist Investors
Investors were enthusiastic on Monday morning, sending some key benchmarks to new highs. On top of generally favorable earnings reports from multiple sectors of the economy, market participants are also optimistic that the Federal Reserve will continue its recent accommodative monetary policy by reducing interest rates when it meets later this week. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 131 points to 27,089. The S&P 500 (SNPINDEX: ^GSPC) climbed 17 points to a record of 3,040, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 71 points to 8,314.
Earnings reports continued to pour in, but some of the biggest moves were due to more strategic factors. Tiffany (NYSE: TIF) saw its stock soar in response to a buyout proposal, while AT&T (NYSE: T) agreed to take action that should appease activist investors looking for change from the telecom giant.
Shares of Tiffany jumped 30% after reports surfaced that the jewelry giant had gotten a buyout offer from LVMH (OTC: LVMUY), the owner of the Louis Vuitton brand. The value of the acquisition bid is reportedly about $14.5 billion, working out to about $120 per share in cash for Tiffany.