NEW YORK (Reuters) - Stocks managed to score modest gains on Friday, but the S&P 500 posted its biggest weekly drop since April as investors showed only mild enthusiasm after getting their first glimpses of earnings.
Reynolds American and Lorillard confirmed on Friday that they were working on a merger that will reshape Big Tobacco by bringing together two of the three largest US operators with a combined market capitalisation of $56bn.
To any rational investor, the stock of Cynk Technology looked like a loser. The company had no assets and no revenue. Regulatory filings listed a succession of chief executives and no other employees.
The European markets have been exuberant for months. Propelled by an improving economic climate, investors have been eager to make bold bets on risky assets such as Portuguese bonds, Spanish construction companies and Greek banks.
When the 54-year-old executive joins GM as an executive vice president in August, he will bring to Cadillac a respected record for rebuilding brands in the luxury-auto segment.