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
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,
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%
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
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