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McClatchy-Tribune  06/25/2014 10:42 PM ET
Daily Wrap: Relief rally for old-school TV broadcasters [St. Louis Post-Dispatch :: ]

June 25--TODAY'S INDEXES -- Dow industrials 16,867.51 + 49.38

S&P 500 1959.53 + 9.55

Nasdaq 4379.76 + 29.40

SO LONG, UPSTART: Owners of broadcast TV stations enjoyed a relief rally after the Supreme Court ruled that Aereo is illegally capturing over-the-air signals and retransmitting them to subscribers. The ruling removes a threat to the billions of dollars in retransmission fees that the broadcasters collect every year from cable and satellite companies. CBS led all S&P 500 stocks by rising 6 percent. Owners of St. Louis' broadcast stations joined the hallelujah chorus, with gains of 5 percent for Tribune (channels 2 and 11), 4.5 percent for Meredith (Channel 4), 5 percent for Gannett (Channel 5) and 16 percent for Sinclair Broadcast Group (Channel 30).

CAN HEIDI DISPENSE PILLS?: Walgreens shares jumped 2 percent on news that the company is seriously studying a takeover of Allied Boots, which would give the company a tax-advantaged Swiss headquarters in a move known as a corporate inversion.

REFINERS PUNISHED: U.S. oil refinery shares hit the skids after the federal government made a limited exception to its ban on crude oil exports. The U.S. ban, coupled with a boom in domestic production, has helped inflate profit margins for the refiners, so they don't want to see it go away. Valero Energy shares fell 8 percent, Marathon Oil 2 percent and Phillips 66 4 percent. Pioneer Natural Resources, one of the companies that got an export permit, gained 5 percent.

LOCAL INDEX: The Bloomberg St. Louis Index gained 7.89 points to 912.40.

STL STOCKS GAINERS LOSERS

Monsanto 5.1% First Clover Leaf -4.2%

SunEdison 3.7% Boeing -1.6%

Belden 3.5% Amdocs -1.5%

LOCAL GAINER: Monsanto surged after beating earnings estimates and announcing it will buy back more shares than analysts had expected. Standard & Poor's isn't a fan, though: It lowered Monsanto's credit rating to BBB-plus from A-plus, saying the big stock buyback "would lead to a considerable increase in leverage and a significant deterioration in key credit measures."

ANALYST'S INSIGHTS: Justin Sebastiano of Brean Capital has a "hold" rating on Isle of Capri Casinos and considers its shares "fairly valued," but he says the company's fourth-quarter earnings report contained some bright spots, including the performance of its casino in Cape Girardeau, Mo. "Let us be clear, Isle Cape G still has a long way to go, in our opinion, but the revenue and EBITDA gains at the property surpassed our expectations," he writes. "It appears that Isle Cape G has started to better understand the market and customer now that they have a year under their belt."

THE DAY AHEAD: General Motors has called a 10 a.m. press conference in Wentzville to talk about its expansion at the local assembly plant. The automaker has been investing heavily in the Wentzville plant, which will start production this summer of the Chevy Colorado and GMC Canyon midsize pickups.

David Nicklaus is business columnist at the St. Louis Post-Dispatch. Subscribe to his Facebook page or follow him on Twitter @dnickbiz.

 

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