Nasdaq Stock Market Inc. shrugged off a swift rejection of its $5.1 billion bid to take over the London Stock Exchange Monday, saying it will make its offer directly to stockholders until the LSE board agrees to negotiate a deal. The London exchange, which has fought off a string of suitors, said Nasdaq’s $5.1 billion offer substantially undervalued the company.
Schwab selling wealth manager
Charles Schwab Corp. is selling wealth-management specialist U.S. Trust to Bank of America Corp. for $3.3 billion in cash, ending an ill-fated attempt to marry the discount stock brokerage’s do-it-yourself style with a service devoted to pampering multimillionaires.
Airbus hopes A320 will increase sales
Airbus plans to increase production of its A320 family of airliners, a company official said Monday, as the European aircraft maker bets on strong demand for its smaller planes to take the sting out of costly delays to its flagship A380 superjumbo. Airbus spokesman Justin Dubon confirmed the plans, which will see 32 of the single-aisle planes produced per month from January, instead of 30.
Economic indicators rise slightly
An indicator of future economic activity inched higher in October, a private research group said Monday, suggesting that recent weakness in the housing market hasn’t been severe enough to offset lower gas prices and a rising stock market. The Conference Board, an industry-backed research group based in New York, said its Index of Leading Economic Indicators rose 0.2 percent last month. The increase came in shy of analysts’ consensus forecast for a rise of 0.3 percent. The index stood at 138.3 versus 139.1 in January – its peak so far this year.
T-bill rates fall in Monday auction
Three-month Treasury bills sold Monday at a discount rate of 4.94 percent, down from 4.955 percent last week. Six-month bills were auctioned at a discount rate of 4.94 percent, the same as the three-month bills, and similarly down from 4.955 percent last week. For a $10,000 bill, the three-month price was $9,876.50 while a six-month bill sold for $9,751.63. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable rate mortgages, was 5.03 percent, the same as last week.
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