Stocks started off August mixed
The closely-watched ISM index fell to 52.6 in July from 53.2 in June, slightly missing expectations. Any reading over 50 indicates an expansion in the manufacturing sector.
Constructions spending was down 0.6% in June. Economists had anticipated a 0.6% rise. Spending was up 0.3% on a year-over-year basis.
Stocks on the Move
Tesla Motors (TSLA) said today it is purchasing SolarCity (SCTY) in an all-stock deal for $2.6 billion. Elon Musk is the chairmen of both firms and he has large stakes in both. The pricing for the deal, which had been first floated in June, was determined by independent directors. Shares of Tesla were down slightly at midday while SolarCity shares were off 6%.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.