April 15 - Summary of business headlines: Stocks plunge on explosions at Boston marathon, Gold, Silver, Oil sink; Dish bids $25b for Sprint Nextel, Citi earnings beat forecasts. Bobbi Rebell reports.
TV AND WEB RESTRICTIONS~** FOR BOSTON MARATHON EXPLOSION FOOTAGE: NO ACCESS USA/CNN/AOL/YAHOO/WIRELESS AND MASSCHUSETTS STATE MEDIA MARKETS Wall Street took a tumble- The Dow down 265 points. The S&P 500 posting its worst day in more than 4 months- down more than 2 percent- following reports of explosions at the finish line of the Boston Marathon. Commodities dropping dramatically. Gold futures volume hit all time highs.. as gold prices plunged for the second straight session. Spot gold dropping more than 9 percent-its biggest one-day fall since 1983. Silver down sharply as well. Weaker than expected growth figures in China sparked a broad sell-off across markets earlier in the day- with the energy markets also hit particularly hard. Crude futures closing down close to 3 percent. In Europe, those lower gold prices pushed mining stocks to their worst day in a year and a half. The major country indexes all closing lower. Sprint Nextel shares were higher. Dish Network is offering to buy the number three US mobile services provider for more than $25 billion in cash and stock. That could derail a proposed acquisition of Sprint by Japan's Softbank. Dish also has a counter offer against Sprint for Clearwire- the wireless company majority owned by Sprint. Morningstar's Michael Hodel: SOUNDBITE: MICHAEL HODEL, ANALYST, MORNINGSTAR (ENGLISH) SAYING: 'Of the two Dish is the superior offer at least that is most likely to be the opinion of most Sprint shareholders. and I think that is basically because the Dish offer is giving Sprint shareholders a larger cash percentage, a larger cash amount up front and also I think the fact that the dish offer gives Sprint shareholders a little bit larger stake in the surviving entity may prove attractive to Sprint shareholders as well. " Sprint said only that it would evaluate the proposal. SoftBank could not be reached for comment. Shares of Genetic testing equipment maker Life Technologies jumped after it accepted a $13.6 billion cash buyout proposal from Thermo Fisher Scientific. The deal gets Thermo Fisher into the hot field of genetic sequencing. Citigroup reporting a higher than expected profit jump- thanks to strength in its securities and investment banking. Earnings rose at Charles Schwab on a 14 percent jump in revenue from its mutual funds and managed money businesses- but the results missed forecasts by a penny.