Stock Markets Tread Water; Ackman IPOs His SPAC, While HCA, Best Buy Celebrate Results
Wednesday gave investors another example of the bifurcated stock market that we've seen lately. Even though stocks got out to early gains across the board, different sectors gave up those gains and turned lower. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 62 points to 26,902. The S&P 500 (SNPINDEX: ^GSPC) rose a single point to 3,258, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost ground, falling 24 points to 10,657.
Special-purpose acquisition companies have taken the spotlight lately, and today, Bill Ackman and his Pershing Square hedge fund did an initial public offering of his SPAC. Meanwhile, earnings season continued, and both HCA Healthcare (NYSE: HCA) and Best Buy (NYSE: BBY) made shareholders happy with their respective results.
The Ackman SPAC, dubbed Pershing Square Tontine Holdings (NYSE: PSTH.U), came public and began trading Wednesday morning. The company offered IPO investors 200 million shares at $20 per share. Those who got in on the IPO were immediately rewarded, as the shares opened on the secondary market at $21.10 and have traded up as much as 8% on the day.
Source Fool.com
