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Omar Venerio
Omar Venerio
Articles (1399) 

Wall Street Retreats on Friday

Belmond jumps on acquisition news

U.S. stocks were in negative territory on Friday morning on economic data from China, which showed industrial output and retail sales for November missed forecasts. The Dow Jones Industrial Average fell more than 450 points to 24,136, the S&P 500 index declined 1.59% to 2,608 and the Nasdaq Composite Index slid 0.46% to 6,965.

Shares of Belmond Ltd. (NYSE:BEL) skyrocketed 40% on Friday on news that LVMH Moet Hennessy Louis Vuitton SE (LVMUY) will buy the luxury hotel group in a deal valued at $3.2 billion, or $25 per share.

The company achieved $572 million in revenue and $140 million in earnings before interest, taxes, depreciation and amortization in the last 12 months.

The deal is expected to close in the first quarter of 2019.



Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.47%, France's CAC 40 declined 0.88%, Germany's Dax slipped 0.54% and Spain's IBEX 35 dipped 0.45%.

In Asia, Japan's Nikkei 225 fell 2.02%, India’s BSE Sensex jumped 0.09%, Hong Kong's Hang Seng lost 1.62% and China's Shanghai Composite fell 1.53%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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