Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WALL STREET
DOW CLOSES DOWN NEARLY 100 POINTS Wall Street extended its monthlong retreat yesterday as inflation fears kept investors on edge following hefty losses last week, the worst so far in 2006. A late-day selloff dragged the Dow Jones industrials down nearly 100 points and put the Nasdaq composite index at a seven-month low.
Investors have been reluctant to buy stocks ever since the Federal Reserve said in early May that record oil prices could require higher interest rates to keep prices from climbing elsewhere.
– Associated Press
MERGERS AND ACQUISITIONS
MIRANT WITHDRAWS PROPOSAL TO BUY NRG ENERGY Mirant Corporation yesterday withdrew its $7.9 billion hostile bid for rival power company NRG Energy Incorporated, saying it’s disappointed NRG was unwilling to discuss the proposal.
The withdrawal followed growing criticism of the acquisition from Mirant shareholders, including hedge fund Pirate Capital LLC, run by activist investor Thomas Hudson Jr. In a press release yesterday, Mirant said that a long and contested pursuit isn’t in the best interests of Mirant and its shareholders and that it will continue its efforts to create value for shareholders.
– Dow Jones Newswires
